From The Age:
A FEW days before Christmas, the world suddenly shrank. The distances from one side of the globe to another did not change. Rather, the value of the goods and services we 6.25 billion people produce was abruptly reduced. At one stroke, the real value of the world’s output was slashed by roughly $A8000 billion. That’s like suddenly losing China. It’s something we should notice.
The agent of death was not global famine, but a long-awaited report to the World Bank by a team headed by former Australian Statistician Dennis Trewin. Its mission was to carry out a rigorous comparison of the prices of goods and services throughout the world. Its findings have caused a shock.[Full Text]