A once-in-a-generation financial disaster is looming — and everyday Aussies will be caught up in the fiasco, an Australian economist has warned.
Former Coalition policy adviser John Adams made the grim prediction today after the US bond market experienced an inversion of the “one year to 10 year” yield curve.
Mr Adams said that inversion followed two or more quarters of negative economic growth — the most telling sign of an impending US recession.
And he told news.com.au it was not a question of if Australia would be affected — but rather when and to what extent.
By Alexis Carey