First, we have some developments on the other side of the pond, with the Australian Central Bank lowering its rates by 100 basis points (1%), the most since 1991, and a major Russian investment bank is calling for a 20% depreciation of the Ruble, to boost exports.

It might be a good idea, depending on how export dependent the Russian economy is. It would boost local and export oriented industries.

On more general metrics of the credit crunch, Calculated Risk’s credit crisis indicators show little progress, and the fact that the rates on Treasuries have fallen off a cliff, with people getting virtually nothing (0.05%) for 3 months T-Bills, 2.68% on 10 year notes (a near record), and 3.17% for a 30 year note (a record).

Basically, this means that investors are paying the government to hold their money safe for them.

For what it’s worth, people are not trusting anything, including much in the way of US and European sovereign debt, with the cost of swaps to insure that debt skyrocketing.

In energy, we have OPEC deferring a production cut, and so oil is now firmly below $50/bbl, and retail gasoline falling to $1.812/gal, a price I never thought that I would see again, and the 76th straight daily drop.

Meanwhile, the the dollar has weakened though there is downward pressure on the Yuan from rumors that the Chinese will actively move to push the value down to boost their economy.