I’ve been down on Australia since they laid a punitive tax on their major industry, mining. Immediately after that tax was hiked, all the major mining companies announced they were scaling back or canceling their expansion plans, so there goes that source of income. Now, courtesy of BusinessInsider, there’s this fun chart showing the extent of Australia’s housing bubble. Whoo boy, should be fun times down under.
UPDATE: Just noticed that the chart’s dated 2009. I don’t believe the Aussie housing market has corrected yet, in which case it’s even more overdue for a crash, but I’ll check.
greenback in big trouble. CD$ going to 1.20 real soon.
Best deck chair on a sinking regatta. There is only one stable store of value when the fiat currencies all break down like they’re Italian sports cars, and it rhymes with SOLD.
Chinatown – how is the Greenback in trouble if it is about to strengthen against the CAD by 15 % ?