Due to the recent sub prime crisis in America the worldwide backlash has started. This is good news for me being a Brit down under.

After being hammered on the exchange rate recently (£1 = $2.32ish) it is now back up to the respectable £1=$2.5 as of the tail end of last year

Saying that, I met a bloke in Sydney the other week who was telling me when he first moved out here it was closer to £1 = $3.5! Wow.
On the flip side I do a fair bit of work online, so a weak USD$ does mean that earnings drop from one particular source, thus why it is always good to be deeply embedded in a market with a decent currency ie. the good old British Pound!

The worrying thing is how the world markets have reacted to what is in effect quite a small part of the whole problem, with the real fun starting later this year and into 2008. It is worth a read of this article which gives a great insight into the credit issues and housing bubble across the pond. Fun times ahead!