A week can be a long time....

....especially in economics at present.


Last Tuesday the RBA seriously considered increasing interest rates. Thankfully for those of us not in the only game in town (i.e. mining) they held off. These are the top business headlines one week on:

• Anger Over Credit Rating Resurfaces in Washington
• Markets brace for more economic pain 
• A World of Worries: Markets Fall, New Recession Feared 
• Debt crisis: Silvio Berlusconi unveils reforms to avert Italian crisis
• Painfully won super gains wiped away

Where are all those economists predicting 3 more rate rises this year? Presumably not spending their trading profits on a beach somewhere. Crying into their beers perhaps?

Or are they happy to sit back and count the number of press cuttings they've had recently? (It doesn't matter what you say as long as it makes the media. And scary stories sell more papers.) Oh, no, wait, here they are:

• http://www.theage.com.au/business/double-rate-cut-tipped-for-september-20110808-1ii9g.html

I just wish I'd switched my super into cash a week earlier.