There is an even more interesting parallel concerning Kevin Rudd that has me intrigued. That is with David Longe, the former New Zealand prime minister.

Those with long memories may recall that in 1984, when Longe was elected, NZ was, as usual, up to its ears in debt. Longe then decided to play silly buggers about nuclear powered US warships going into New Zealand ports. The yanks in retailiation, kicked NZ out of ANZUS, and then Wall Street decided that it would be a great occasion to call in the NZ foreign debt. I can't remember exactly, but I believe that NZ housing interest rates went up to 26%, and many thousands lost their homes.

Let us assume that Labor sweep the board, winning a large majority in the Reps and even one in the Senate. In our case the outcome could be even more interesting.

In the new year Rudd proceeds to withdraw our troops from Iraq, despite American protests that it constitutes desertion in the face of the enemy.

Wall Street then decides to remind Australia of the golden rule of capitalism, and calls in our foreign debt.

(For those who do not know, the golden rule of capitalism is that the guy that has the gold makes the rules.)

Housing interest rates go through the roof, the economy collapses, and there are mass mortgage defaults.

Then, in March, at the height of the crisis, the Senate refuses supply, forcing Rudd to a House of Reps election, which puts Labor out of power for a generation.

(For those who don't realise it, the new senators do not take their place until 1/7/08.)

I wish I understood economics (sometimes).

It seems to me that after the 1929 crash, societies reorganised themselves once again around monetary economics. To be sure, economics was re-tuned somewhat to compensate for the chaos, but essentially I think it has grown to become the same monster that it was back then - and worse.

Oh, I'm not suggesting that any other "ism" will work any better in the long run. They all fail if they allow, even encourage the greediest and most corruptible people to get the leadership jobs. It seems to be built into all systems of governance. It seems to be something they all have in common.

I often wonder why, with all our collective intelligence, we have not dreamed up a system of exchange that more nearly expresses universal value - and dispenses with the idea of something for nothing - of which I confess I have been a lifelong devotee.

Must it all begin again from scratch? Is there no other way?

Maybe something based on truly scientific principles - thermodynamics is a good basis, because it tells the truth about the limits to our existence. Something that measures energy as true wealth. Something that doesn't obsessively value growth, but allows for a natural wax and wane while dispensing with the need for conflict, war and suffering.

Am I asking too much? Is it too hard?

I don't have the answer, although I lay awake at night thinking about it. Maybe it's because oldies like me only have the past for guidance.

From the north came a man called Rudd
Who was out for Howard’s blood
I’m a nice guy; my name is Kev
Vote for me, me too he said
They did but the dollar came down with a mighty thud.