Ah construction or, more to the point, lack of, via the AIG:
Look at employment and new orders:
If we break new orders down it is fugly:
Houses, apartments, offices, bridges and roads all going bust at once. A universal building bust that we warned about for a year yet here we are.
Unemployment is going higher, rates are going lower and QE is coming.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.