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Crisis Moves To Pacific As "australia Faces Worse Crisis Than America"

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Just how in hell did they screw up their economy in the greatest prolonged commodity boom in living memory?

The place is dripping with commodities.

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Just how in hell did they screw up their economy in the greatest prolonged commodity boom in living memory?

The place is dripping with commodities.

Let me guess... was it Debt?

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Let me guess... was it Debt?

From my reading, that is exactly what it is! Japanese invested in OZ to escape low interest rates in Japan, and all that easy money flowing in went into pumping up the real estate market. House price soared, people went bonkers and bid like mad till many were in debt way beyond their incomes. It was more than just japanese money of course, but that was one spur to the boom. Government spending like drunken sailors and the drought disaster all combined have overshadowed commodity economy. Yes, the blew it! When played right, the commodity boom could have set OZ up for decades of prosperity. Out of control greed and foolishness at play :blink::(

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Just how in hell did they screw up their economy in the greatest prolonged commodity boom in living memory?

The place is dripping with commodities.

The place is also dripping with feckwits with credit cards ("get yourself a delinquent bankcard, make it ANZ" - aussie expats who remember the 80s might get it, the rest of you will forever be in the dark!). Australians do 'high on the hog' the way britains will never understand because we have far bigger houses to fill full of tasteful trash - and we are far better educated on average so we know the difference between a real antique and a reproduction! (to our financial detriment)

Also and this is yet to come, the credit squeeze is likely to have a seriously adverse impact on the commodities boom, since China and India will have nowhere to sell the results of their industrialisation.

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The place is also dripping with feckwits with credit cards ("get yourself a delinquent bankcard, make it ANZ" - aussie expats who remember the 80s might get it, the rest of you will forever be in the dark!). Australians do 'high on the hog' the way britains will never understand because we have far bigger houses to fill full of tasteful trash - and we are far better educated on average so we know the difference between a real antique and a reproduction! (to our financial detriment)

Also and this is yet to come, the credit squeeze is likely to have a seriously adverse impact on the commodities boom, since China and India will have nowhere to sell the results of their industrialisation.

Too true, and they are still at it

Have a look at some of the stuff here http://www.gainsville.com.au/product.asp?cat_id=4 - all you need to furnish your apartment in the Docklands or McMansion out in Narre Warren with some of the tasteless furniture that there has ever been.

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  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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