The blogosphere talks over the financial crisis and how it will affect Australia and the Asia Pacific region.

Taking the long view in Asia as the US financial crisis unfolds. Taking the long view, the medium-to-long term impact of the U.S. financial crisis on Asia is likely to be muted. In the next 18 months or so we may expect a dip in aggregate economic performance in a period of international uncertainty, exacerbated by inflation in most countries due to higher fuel and food prices, and likely worsening existing welfare differentials within and across countries in Asia. — In Asia

Why is Australia so opposed to debt? In the USA, Lawrence Summers tells us that “the case for a fiscal stimulus is stronger than at any time in my professional lifetime”. And most people – other than a few crazy republicans – agree with him. Paul Krugman and Greg Mankiw both add their voice: counter-cyclical measures are needed immediately. The same applies to the UK and Europe.

So why is the Australian Political Left and so much of the popular media still so debt-allergic? Why do our fiscal authorities refuse to respond to the imminent threat of a recession? And why are they so reluctant to finance new infrastructure investment at a time when new private investment has a very high risk premium? — Fred Argy on Club Troppo

Chewing the fat. If America fails to rescue itself will we soon have to re-learn the dark art of 20th century working class cooking? Are things really going to get that bad? According to CNN it’s already happening in the UK, where people are buying up big on cheap meat like livers and pig’s feet. There is even talk of seeking out forgotten recipes for gruel. — Wicking on Club Troppo

And today on Crikey’s blog network…

Pollytics graphs the quarterly Newspoll figures… Andrew Bartlett writes that Peter Costello denies his own superannuation legacy… Eleri Harris on the Crikey team blog makes a plea to keep our bike lanes sacred… Anna Rose on our eco blog Rooted replies to the Garnuat report with a Future 62-year old’s views on the economy and climate… sports blogger Charlie Happell says ruthless Storm fans are fanning the flames of Melbourne-Sydney rivalry and Crikey editor Jonathan Green writes about Wall St, madmen and martinis.