Tuesday, 6 June 2017

Steve Keen on the Australian Housing Crisis

Dr. Steve Keen is Professor of Economics, Politics and History at Kingston University, London.
He was one of the handful of economists to realize that a serious economic crisis was imminent, and to publicly warn of it, from as early as December 2005.

Top comment from You Tube link also worth considering:
In a few years , current house prices in Australia will be seen as the biggest fraud ever perpetrated on Aussie taxpayers. The govt and banks will be hung out to dry for encouraging such massive levels of debt, The thing that contributed mostly has been Chinese investors. These are not bad people some sold businesses to buy in Australia, some got a foothold by using 3 generations of family savings, and am sure a small number may have laundered money, it's been a case for some Chinese of, whatever it takes to get out of China. Nothing wrong with wanting to leave and seek, but every other Australian worker has borrowed big to keep up, super funds should not be discounted either, that's our super guys! Reality is all economies aren't going anywhere, workforces will shrink, wages will disappear. China too is desperate, by building a silk road to Europe , means crossing several countries if they can? , freight journeys will take longer and move less then ships. It will however keep the vast population working. To prevent the credit housing bubble from bursting there. I have never known Sydney to be so full of young people, struggling to pay rent and bills and dealing with the volatility of not having housing security. The govts of the past should be ashamed at what they have encouraged. The banks until recently lending to undocumented non residents, should be prosecuted never mind taxed!

[Posted at the SpookyWeather blog, June 6th, 2017.]

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