The supremely optimistic Polyanna style Pre-election Fiscal Update released by Treasury had three assumptions. One was that there was an “orderly resolution of the Greek debt crisis”.

But with the Greek Prime Minister just announcing that there would be a referendum on the bailout package and the markets responding by panicking, it is abundantly clear that Treasury’s assumption just flew out the window (to change the metaphor).

So the major political parties will go on debating the finer details of their different policies while Rome burns (well Athens actually) and France and US and New Zealand and all those who trade in our connected world.

When we have a financial system based on issuing money supply as interest bearing debt why are we surprised when the debt compounds? Why are we surprised when everyone is in debt? It is time to understand that we have come to the end of economic growth on this planet and we need a new economic system which works for everyone.

Deirdre