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We can add the Bank of England to the list of central banks (ECB, RBA) losing control of mortgage rates. http://www.bbc.co.uk/news/business-17234257 I really don't think the Australian banks are lying here...

Some figures explaining how Europe is affecting the cost of borrowings of the banks. Go to this webpage and look at Table 4 and Chart 4. http://www.aph.gov.au/library/pubs/rp/2008-09/09rp30.htm Note how since 1980 the financial sector's foreign debt has risen from nothing to 70% of GDP in...