© 2019 by Henry Thornton. 

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December 20, 2019

Check out Pete's 2018 exhibition of EcoArt here.

Geoffrey Blainey

Oil paint on canvas

550 cm X 750 cm

Signed bottom left, 2019

Geoffrey is the artist's great friend, in my view one of the great historians of Australia with a wonderful feel for matters economic.  As well as...

December 11, 2019

These images come from my journey from untrained teenage religious painter (earliest image) to a more fulltime practitioner. Most are fairly standard landscapes, though two are obvious precursors to recent EconArt, documented separately and linked here. 


October 17, 2019

Modern Crucifixion

 Oil on canvas board

24 '' x 16 "

Signed, Left Hand Side

Cardinal Pell's trial, where he was declared guilty by a jury of pedophile actions, was a deeply curious event. I expect appeal before by three judges will present a more believable judgment o...

May 11, 2017

The Hon Scott Morrison          

Treasurer of Australia
Parliament House
Canberra, ACT, 2600

Dear Treasurer

Aspects of economic policy

Congratulations on your 'Plan B' budget.  A great pity you were not allowed by the opposition and the Senate to do mor...

February 7, 2017

Screaming headlines today based on the latest News poll, which makes Tony Abbott look relatively successful.  If Mr Turnbull and his cabinet are surprised,  they might consider the following:

* When Mr T qualified his challenge, he said it was justified by the poll...

October 18, 2016

A lifetime's hard work, mostly pro bono. 'Thank your mother for the rabbit' type of activity.



1. Practitioner

1.1  On the edge of chaos, 1995

Biographical account of the rise and fall of a central banker

1.2  Money, Prices and Output, 1975.   [Link to be pro...

October 17, 2016

Biographical talk about Australia's financial system, presented at Melbourne University in June 1995. For young RBAers: be careful how much courage you bring to your work; and will you be supported by your bosses if you overrstep the mark?


October 17, 2016

My new red peddle car was stolen on my first day at kindergarten. I was an average performer at school, below average after a severe viral illness suffered in year ten. The effects of this illness however made me a far better footballer, a reasonable net outcome I thou...

October 2, 2016

Martin Wolf reviews for The Economist a book by Sebastian Mallaby about the life and times of Alan Greenspan.

Paul Volcker was the brave man who crushed (goods and services) inflation. Alan Greenspan 


September 14, 2016

Larry Summers has said: ‘If interest rates are negative, all the verities are up for grabs'

Mervyn King has warned: ‘The economy is behaving in ways we did not expect, and new ideas will be needed if we are to prevent a repetition of the Great Recession and restore pros...

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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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