It won’t be as dramatic a week this week as last week was with four leading central banks meeting; our bank’s signalling a rate cut as soon as next month, and then the Europeans ruling out a rate rise sparking a major rise in the value of the US dollar, which was already on the turn.

It’s now a year since the US sub-prime mortgage crisis really hit with a vengeance. Shares have recently made new lows indicating the ride remains harrowing for investors.

The Reserve Bank board meets today and is not expected to cut interest rates, despite claims by some commentators that the economy is approaching "stall speed" to quote a commentary yesterday by brokers Goldman Sachs JBWere.

What’s worse: the state of the US banking industry, car industry or jobs market?

The credit crunch is a year old this week and with central banks in Australia, the US, UK and Europe meeting, there’s no sign of any relief on financial groups in those and other countries.

The Australian economy is in danger of slowing to the point where it drops into what’s called a growth recession, where a weak and sluggish domestic economy is only supported by the still strong export sector, thanks to rising prices for exports of iron ore, coking and thermal coal, oil and gas.

Things have been pretty good for the Australian economy over the last 15 years.

The iron ore, coal and steel booms are heading for the status of the last great boom/bubble as oil prices subside and other inflated investment areas (housing) bring economies around the world to their knees.

The contrast was telling: there was India’s central bank sending a strong signal that it will not tolerate high inflation by announcing a larger than expected increase in its key lending rate and threatening more measures to come.