Message #7830

[weboflife]

I check in now and then but often don't have much to say. I like these boards...much less formal than elsewhere so it gives one a chance to breathe.

Australia has done quite well despite the global downturn but this is mainly due to China's hunger for our resources. Take away the mining sector and we're basically an advanced third-world country...no kidding. The resource sector has also cushioned house prices which by global standards are ridiculously high. Something will give eventually and the correction will wreak quite a bit of devastation unfortunately.

This is only because people have locked themselves into mortgages that have been hyper-inflated through greed. The same sort of scenario we've seen in most of the Western world so far, yet our economists somehow maintain that our greed is more noble and more sustainable than elsewhere. But that's human nature - we all like to see evil as existing externally to ourselves.