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David_Gerard comments on Optimal Employment - Less Wrong
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And to make it stranger - cash register prices (food, etc.) in AUD have approximately doubled in the last ten years, the time in which the dollar has grown to twice the size. So in USD or GBP, stuff has gone up in price by about four - but it doesn't feel like 4x in Australia.
We have a pile of first-world economies that are not in fact all that closely coupled, except when two countries both do similar stupid things, e.g. letting the financial sector run rampant.
FWIW, the idea that "letting the financial sector run rampant" was the cause of the current recession is not uncontroversial. I and others think poor monetary policy is much more to blame.