THE first real hint that something was wrong came in February last year. People started using the word “subprime” and talking about defaults in the US mortgage market.
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The long-proposed theory of ‘decoupling’ is also breaking down, and market watchers are less convinced the Australian economy can withstand a US recession, despite China’s economic strength.
» Doubts surface on nation’s ability to withstand recession – The Age, 19th January 2008