© 2019 by Henry Thornton. 

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March 27, 2020


Firstly, I am sharing a piece of propaganda  sent to me by a girlfriend in Dubai that is currently doing the rounds in the Middle East.  It adheres to sound medical advice but I think it will make you smile … or get angry, considering the lack of internation...

March 22, 2020


William Gibson

As we all feel like characters in a surreal landscape at present – and I do wish someone would tell me what my character should be feeling – I’m reviewing the latest William Gibson novel ‘Agency’. Our present reality is threatened by forces and beha...

March 15, 2020


image: 'Bitcoin Mining and Field Recordings of Ethnic Minorities' (frame only). Liu Chuang. Courtesy of the artist and White Rabbit Gallery.

AND NOW, is the long-awaited exhibition that follows the previous White  Rabbit Gallery's ‘Then’ exhibitio...

March 8, 2020


Director: Autumn de Wilde

Screenwriter Eleanor Catton

Jane Austen novels are things of charm and this movie adaptation of her novel ‘Emma’ will not leave Austen fans wanting.

I must admit that after covering the Mardi Gras these last weeks, watching 'Emma' was a littl...

March 1, 2020

Our Blood Runs in the Street

Creator and Director: Shane Anthony

Cast: Andrew Fraser, Cassie Hamilton, David Helman, Eddie Orton, Sam Plummer, Ross Walker and Tim Walker.


February 23, 2020

Mardi Gras is like LGBTQ Christmas. Happy, friendly people all over town, lots of interstate and international visitors, apartments start playing dance music late into the night, supermarkets and the gyms become pick-up venues … well, maybe not quite Christmas but Sydn...

February 16, 2020

Oscars and Others …

Bong Joon-ho’s ‘Parasite’  was an obvious Oscar winner on quality and political depth, likewise the acting ability of Joaquin Phoenix in Todd Phillips’ ‘Joker’.  I didn’t see Rupert Goold’s ‘Judy’, but have been told by numerous others that Rene...

February 9, 2020

Art Express 2020

Art Express is always one of the most refreshing annual exhibitions held at AGNSW. It showcases a selection of outstanding student artworks developed for the art-making component of the HSC examination in Visual Arts and provides an insight into studen...

February 2, 2020

Grand Finale: Hofesh Shechter Company

Choreography and music by Hofesh Shechter

I first saw a Hofesh Shechter Company production in 2014. It was ‘Sun’ and it was preceded by a discussion with the artist, where Shechter spoke of his personal history and also gave a strong...

January 26, 2020


Even while queuing to enter 'Forget Me Not' we knew we were in for something different. This message was reinforced as we were repeatedly told that once the doors were closed we could not leave. Pupp...

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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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