© 2019 by Henry Thornton. 

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November 17, 2019

The Irishman

Director: Martin Scorsese

It really came down to a choice between the latest ‘Charlie’s Angels’ movie or Martin Scorsese’s ‘The Irishman’. A trashy fictional film about glamorous girls and guns … or pseudo historical movie by a grand master of film, capturin...

November 16, 2019

At last, a discussion of George Pell's guilt or otherwise that a simple non-lawyer like me can understand.  Written by Peter Baldwin, he uses the logic of the probability of the issues of accusations of Cardinal Pell's accuser and reports of 20 reliable members of the...

November 10, 2019

Ladies in Black

A Genesian Theatre Company Production

from the novel ‘Women in Black’ by Madeleine St John

Stage and book adaption  by Carolyn Burns

Directed by Debbie Smith

Music and Lyrics by Tim Finn

What I truly love about this charming musical ‘Ladies in Black’, based o...

November 9, 2019

Shocking fires to add to the woes of severe drought in Queensland and New South Wales. Hope the firies, helped if necessary by armed forces, can get it all under control, but it looks like being a long, hot summer.

‘Weak, Risky and Unpopular’ is the headline in the Aus...

November 4, 2019

It has rained in NSW and in some places in decent quantities. Let’s hope there is more to come so the drought is broken. Sky News nicely covered some hilarious behaviour.  The bloke pretending to swim in what looked like a foot of water took the palm for me.

President T...

November 3, 2019

The Marriage of Figaro


Rom Com 17th Century-Style

Figaro's (Paolo Bordogna) outrageously imaginative solutions to his and fiancée Susanna’s (Stacey Alleaume) romantic dilemmas form the core narrative of ‘The Marriage of Figaro’. This operatic romp about sex and pol...

October 27, 2019

Natives Go Wild

Conceived and Written by Rhoda Roberts AO

Director Chelsea McGuffin

'Step right up into a wild world of mystery. A mistold tale of circus and wonder. A twisted history unleashed, and a famous freak show unmasked. Be enraptured by the dark truth of P.T. Bar...

October 26, 2019

During the Global Crisis of 2007-08, Australian cash interest rates were as low as 3 %.  Now at a time of a slow economy, not yet in dire straits, cash interest rates are near zero, leaving almost no monetary ammunition in case of a real crisis. Worse still, such low i...

October 20, 2019

White Rabbit – Then

Sweeping social change at the end of the 20th Century meant that Chinese artists at the start of the 21st  found themselves in a world that had been utterly transformed …

The artists of this period exploded with provocative creativity, celebrating a...

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The next financial crisis ... is inevitable

The weekend AFR's article reporting the GFC work to save our financial system was interesting. RBA chief Glenn Steven is reported as saying something like: 'We flooded the system with liquidity'. (An action recommended by Bagehot all those years ago.)

Coincidentally, this week's Economist looks at the global equivalent under the heading 'Has finance been fixed?'

It concludes: 'Policymakers have made the economy safer, but they still have plenty of lessons to learn. And fracturing geopolitics make globalised finance even harder to deal with. A decade after Lehman failed, finance has a worrying amount to fix.'

Deep within the article is a statement I have not heard before.

'The Fed acted as lender of last resort to the world, offering foreigners $1trn of liquidity.

[other sources say total swaps were more like $ 11 trn]   Since then, offshore dollar debts have roughly doubled. In the next crisis, America’s political system is unlikely to let the Fed act as the backstop to this vast system, even after Donald Trump leaves the White House.'

This is a truly scary remark.

Comments welcome. Contact Henry here.



Who is Henry

 Henry Then...

"Henry Thornton (1760-1815) was a banker, M.P., philanthropist, and a leading figure in the influential group of Evangelicals that was known as the Clapham set. His 'Enquiry into the Nature and Effects of the Paper Credit of Great Britain (1802)' is an amazing performance. "...it anticipates in some points the analytic developments of a century to come. No other performance of the period will bear comparison with it, though several, among them Ricardo's, met with much greater success at the time as well as later... He was one of those men who see things clearly and who express with unassuming simplicity what they see."

This is the judgment of Joseph Schumpeter, one of the twentieth century's finest economists, in his monumental 'History of Economic Analysis', Allen and Unwin, 1954, p.689.


Henry Now...


Henry Thornton is the nom de plume of a prominent economist. Like his predecessor the modern Henry Thornton has been a banker and an advisor to M.P.s although he is not a politician himself. He is no evangelist but is keenly interested in a wide range of economic, social and political issues... 

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