Will Australia follow the US???

I was flicking through the weekend (February 14-15, 2009) edition of the Sydney Morning Herald business section (i very rearly read the paper) and all the headings are doom and gloom eg:

"Advantage Chinalco: West loses credit race",
"Rio Tinto Board may face investor backlash",
"Not happy Tom: SHareholders fear china deal will erode value",
"Centro cuts assest values by 10%",
"Telecom NZ eyes tie up as AAPT Profit Slumps 59%"
"Zero hour looms as OZ Writes off $2.8b"

and thats just the first couple of pages.
Then turnign to page 13 is an article written by Chris Zappone syaing that there has been a large increase in home loans. "Home Loan Approvals gained the most in almost 9 years in December as lower interest rates and government handouts lured byers back into the market.

My question is: Is this what happened in the US?
The Banks are throwing money at people to buy homes, but so many people are getting laid off and it will be harder to find jobs, people cant repay their loans because their outa work, there will be alot of forclosures the situation will start get worse the government has to start bailing out the banks because they will start to lose to much money???

Any thoughts on this??

[edit on 16/2/2009 by wycky]

Unfortunately my friend I think it will. Actually I know it will. We are not immune to the global financial crisis. It looks like we are following the blueprint of the UK and the US. We won't be as bad as them because we are not as big, but we will get burnt badly.

There was an argument that China would cushion our fall. But that argument has flown out the window.

I found this prediction on LEAP 2020, I had never even heard of them untill recently. I was snooping around, and came across thier website after news hit here in the USA that we almost lost the world back in September 2008 Of course mainstream media here is not reporting on it. All thatis said and done. But what I found out while snooping was this European LEAP 2020 knew what was going to happen in the USA. They predicted it to the month. They are now predicting the pound's demise.

Watch them and what they say.

On the future of the British pound, the verdict of the Europeans is clear-cut: 86 percent estimate that it has no future as an international currency…

www.europe2020.org...

reply to post by burntheships


You do realise that Australia doesn't have the British pound? We do have our own currency?

The USA owns Australia so of course we will go down with them


You can thank our arse sucking governments, past and present, for this.


res

Sometimes, I just cant understand the Australian mentality.
Australia is either really confused, or completely out of touch with whats going on outside their borders, upsettingly it reminds me of late 90's America, how it felt it was its own world.

Australia, compares EVERYTHING it does, to the US.
We are always trying to get feedback as to wether we muster up compared to America,

'' How did the the diggers fight today with US, were we up to par? ''

And its no different with this economic crap.

'' Will we follow the US ''

I heard today on the news, stating Japan was in its worst downturn since WW2, and we were saying that Japan suffered a recession in the 90's and we avoided it,

It stated we are soley dependant on China, and we should be ok.

HELLO? China is in a downturn to,

Why do we always feel the need to have to compare, and prepare our selves based on everyone else.

The basic reality is,

The US, Japan, China... they are all going under due to the SAME problems.
Bankers greed. This is causing a ripple effect like no other, I just cant understand why our economists still believe we'll be ok, and have goten through recessions before.

News flash,

BHP, Rio Tinto, Norlisk, Newmont, our biggest miners have all closed some plants or made large Layoffs.
Our banks are making layoffs.
Interest rates are plummeting.
Unemployment rates are climbing.

Time to face up to reality, we are a member of the planet, and the planet is facing an econimic meltdown.

Stop deluding ourselves!, prepare.

reply to post by resistancia


The USA is owned too by the way. We are all owned. There are no longer countries, just corporations and wealthy individuals.

Originally posted by dingleberry77
reply to post by resistancia

 

The USA is owned too by the way. We are all owned. There are no longer countries, just corporations and wealthy individuals.

Yes you got that 100% correct....it's called globalisation



cheers all
res

[edit on 16-2-2009 by resistancia]

reply to post by Agit8dChop


Hi Agit....yeppers we are all gonna go down.

In all reality there is no escape, all countries rely ion each other economically and therefore it will be a domino effect, in my opinion anyway.


cheers all
res

reply to post by dingleberry77


Yes as I understand you are on the Aussie Dollar. I was just politley referring a source of information...these folks at LEAP 2020 have been right on the money. I am not affiliated with them in any way.

I hope the best for eveyone! Especially Australia. Have some dear friends that live there...some the lived there and have now moved to of all places...Canada!

reply to post by burntheships


Cool, just checking.

Had a look at that site and it's very interesting. Don't understand half of it, but the stuff I do understand I find scary.

Interesting times ahead for everyone.

Canada? I was very close to moving there at one stage. Canadians are very similar to Aussies in many ways.

Well yes...Canada is not quite on the same page. But that could be seen in a totally positive light now. My friends...well they came to USA first, wife has dual citizenship due to her dad being an American, in the service.
They could not find work here...moving on to Canada. The best people in the world mate. The best. I love em so...I also have a dear friend in Canada. Wow these are interesting times! But too much!