© 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 his Australian history he has written an acclaimed book about the causes of war and another, called The Great Seesaw about the swings of optimism and pessimism...

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 of 'Not guilty'. But even so, a modern crucifixion will have been perpetrated.

Now we are awaiting a possible review by Australia's High court. If the verdict...

September 8, 2018

When God is reduced to The Cosmic Therapist and we combat the culture wars' defeat of Christian conservatives with a middle-class moralism that prescribes being happy with oneself and nice to others, as Rod Dreher's The Benedict Option  argues, we are bringing knives to a gunfight

Review of The Benedict Option: A Strategy for Christians in a Post-Christian Nation
by Rod Dreher
Sentinel, 2017, 288 pages, $30.99


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 provided]

New wine in old bottles, the role of 'monetary disequilibrium'.

1.3  Reflections on Central Banking, 1988.  

On leaving the RBA - a failed central banker who...

October 4, 2016

Henry’s readers are no doubt aware that ASX: MINING has comfortably outperformed all other sectors, especially the BANKS & TELCO. The reason that the Raff can think of for the outperformance of the likes of BHP and South32 is that stocks in this sector got sold down heavily and it would seem that investors have jumped the gun seeing rosy times near at hand. Rosy times reflected in a positive change in dynamics are probably not...

September 22, 2016

It seems Oil Shale production has peaked in the US and according to some, has started to decline, leading one to muse that US energy dependency is back on the table, and the search for secure oil supplies will be restarted, or so a recent contributor to David Stockman’s ‘Contra Corner’ writes.  This comes as no surprise to me since the West, and now the East, continue to believe that petroleum is biological in origin and thus...

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 prosperity’, (The End of Alchemy, P 6)

Robert Gordon notes in  The Rise and Fall of American Growth the much slower growth of USA productivity than in the ‘successful...

September 1, 2016

Spring cleaning and Henry has moved house to a new web service; Henry’s Spring as it were, to coin a hackneyed phrase.

So we have survived another federal election and I have to say that the winning margin of one seat in the House of Representatives with an increase in independents in the Senate means our ‘lurch-to-the-left’ Liberal National Party will find it difficult to enact new legislation. And then on the other hand if th...

August 21, 2016

Another big week of private sector economists and businesspersons pleading with the Turnbull government to behave like a serious government.  Paul Keating’s heroic effort to turn the budget deficit into a surplus to head off ‘Banana Republic #1’ cannot be overemphasised.  Now we are definitively heading to ‘Banana Republic #2’ and this means our children and grandchildren will be left with a pile of debt they cannot repay. So...

August 20, 2016

Henry's editor, Pete Jonson, has recently decisively wound back his corporate involvement. He is now fulfilling the promise he made to himself as a young part-time landscape painter that he would, later in life, spend more time painting. This time has arrived; and Pete has been painting seriously for several years now, gradually devoting more and more time to this most pleasurable activity.

Pete recently opened his first exhibi...

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Hope for theTurnbull government?


Paul Kelly's fine column in the Oz today says the Turnbull government is showing signs of learning about governing. This leads into a far wider discussion.


' Malcolm Turnbull and Scott Morrison have enjoyed their best week since the election — but not before time.


'The key to the hope they have generated is a capacity to negotiate, compromise and implement. This week’s boost to government morale underlines how far expectations and media pessimism about the Prime Minister had sunk.


'Turnbull desperately needed some wins, and this week he got them. Suddenly, the super-pessimists have been checked. Suddenly, the idea of a doomed outfit seems less certain. Understand what has happened: Turnbull and his Treasurer have seeded the notion they might just be able to govern, not govern brilliantly or perfectly or for optimal policy because these are false tests in the current parliament, but muddle along with incremental gains, hold the show together, exert some political leverage, have some policy wins and display the judgment to discern what is achievable and what is not'.

More here. (17/9)


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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