Australian MSM, Prepare for Global finacial crash

Well people it's here,they are finally accepting that things aren't as good as they make out.

Prices have already started to slide around the country and last week the Australian Bureau of Statistics reported the biggest quarterly rise in unemployment for 7 years, with the economy shedding 14,000 jobs in the three months to the end of August. Unemployment is regarded as a key catalyst for falling prices.

Wait til the retail sector dies over xmas,unemployment figures will sky rocket.

China is the only country in the world where property is more expensive relative to average incomes than Australia and ripe for a fall - an event that would be disastrous for Australia's economy because we rely on China for 20% of our exports.

Too many countries are relying on china to pull them through,maybe its time to rethink.

au.smallbusiness.yahoo.com...

Almost time for popcorn.

reply to post by iceblue20-12

when the real reality of debt hits, its going to be one hell of a ride
good luck everyone

reply to post by UniverSoul


Yep well for the msm to be reporting finacial doom you know they cant hide it anymore,watch the pace pick up.
ABC lateline business is on at the moment,more doom.

Originally posted by iceblue20-12
reply to post by UniverSoul

 

Yep well for the msm to be reporting finacial doom you know they cant hide it anymore,watch the pace pick up.
ABC lateline business is on at the moment,more doom.

no kidding, i watch the news a lot and havent really seen any reality when it comes to financial issues.
your right it will be impossible to hide in the coming months.
i just switched over. rio tinto ceo

Mate we are seeing to much of that,big fat cats walking away from companys with pockets full of cash,while they close the doors and send the work offshore.
Watch the flying kangaroo,major shaftings coming.

Originally posted by iceblue20-12
Mate we are seeing to much of that,big fat cats walking away from companys with pockets full of cash,while they close the doors and send the work offshore.
Watch the flying kangaroo,major shaftings coming.

haha its a joke.
they get huge bonuses and the companys make huge profits but they cant agree to small pay increases/better conditions.
and i cant even guess the amount of times ive heard of another company selling out its employees. oh yeah we all know where qantas is heading. but its spreading to almost every industry. no one is safe

This isn't good.

Why can't we go back to the good old fashioned barter system? Seriously. Isn't obvious to everyone by now that the current financial systems the world has in place are worthless because of the greed of the few big players in the world?

I'll give you 1 cow for 2 pigs. Seems like a fair trade.

They argue that having cash in the bank is a sensible move if you believe economists who are forecasting property-price falls of up to 50 per cent.

50%!

Imagine those who owe $500,000 and their house is now only worth half that! They can't even sell it to get out of debt!

Never believed in owning a "dream home" myself. It's called a dream because you have to be asleep to believe it. I always knew it was a scam to manipulate people into working as hard as they can for their entire lives, but this is still very cruel to those who fell for it.

reply to post by NuclearPaul


Living and renting in Sydney at the moment, I can confirm that house prices are ridiculously high, rents are the same too. My wife and I want to buy but even on our combined incomes we can't afford to buy in Sydney. Currently we are looking up the Blue Mountains where prices haven't skyrocketed quite so much.

Trouble is, I want to hold off buying until the inevitable crash, but I'm getting rather restless waiting for it.

Originally posted by Taupin Desciple
This isn't good.

Why can't we go back to the good old fashioned barter system? Seriously. Isn't obvious to everyone by now that the current financial systems the world has in place are worthless because of the greed of the few big players in the world?

I'll give you 1 cow for 2 pigs. Seems like a fair trade.

i dont think it will be to long before were back to that system
well i hope

Currently a student who has started full-time work in Sydney and I'm planning on buying a property with the girlfriend in the next couple of years to move into. Looking into purchasing something in the Hills district because it's close to her work but now thinking otherwise.

reply to post by UniverSoul


If we're all broke, this is where it'll end up.

Those of us with a "F.U." attitude will go out and figure a way to survive. This in turn will cause others to come and join in.

Of course, it'll be interesting when the gov comes by to say " you cant be here".

Originally posted by nahsik
Currently a student who has started full-time work in Sydney and I'm planning on buying a property with the girlfriend in the next couple of years to move into. Looking into purchasing something in the Hills district because it's close to her work but now thinking otherwise.

I advise strongly against the Hills District - that's where I am and it's completely unaffordable now.

Originally posted by NuclearPaul

They argue that having cash in the bank is a sensible move if you believe economists who are forecasting property-price falls of up to 50 per cent.

50%!

Imagine those who owe $500,000 and their house is now only worth half that! They can't even sell it to get out of debt!

Never believed in owning a "dream home" myself. It's called a dream because you have to be asleep to believe it. I always knew it was a scam to manipulate people into working as hard as they can for their entire lives, but this is still very cruel to those who fell for it.

Many of these folks with the half mil home were stupid and didnt pay attention to details.

When we bought a home about 10 years ago, we were given a nearly 170k line of credit. We went and looked at some brand new digs in places. Some were freakin mansions almost.

There was one with an AWESOME kitchen!!!!

Going home on day, we thought, "hey, 170k is 1700 bucks a month mortgage"!

That was the wet blanket.

We ended up in a 40 year old brick (older but nice) in a nice quite neighborhood. One income plus a crappy job would keep the doors open.....just barely.

We found this out!

This is the reason we did what we did. Never take more than you can afford IF THINGS GO WRONG!

Originally posted by felonius
reply to post by UniverSoul

 

If we're all broke, this is where it'll end up.

Those of us with a "F.U." attitude will go out and figure a way to survive. This in turn will cause others to come and join in.

Of course, it'll be interesting when the gov comes by to say " you cant be here".

we will always adapt. i just wish we could use our f.u attitude now and fight tptb before it gets to where we are heading.
we will hopefully say f.u. to the government and their authoritys!

Good find OP. I moved from Sydney to Canberra in Jan 2008 as I won a cushy job in the public service and bought an older style unit in Canberra for a price that is now right on double of what it sold for around 2001/02. Ridiculous! As a mortgage holder myself, I agree property prices are gonna go downhill, so the RBA should start moving interest rates down too. We have some of the highest in the developed world. I guess they need to sure up the banks before the crash where Australia won't escape this time round. We rely heavily on China as the article points out, I also wonder how our mining boom will continue when China hits the skids eh?

reply to post by NuclearPaul


ITs not that far off, I live in the U.S. the property value on my home and land, decresed by 25% so far in the last two years, its coming, hold onto you a##

Thank you all for your comments.Everyone has made great valid points.
So many people chasing the dream,overcapitalized, overspent,went for the extras when they couldnt afford it,an endless line of credit,easy to attain,gives some a false sense of wealth.
Now the dream is two people working full time just to pay the bills,never mind starting a family, no time and too expensive!
If you are looking at buying right now hold off, only weeks away from a big crash and this time there will be no recovery,the spiral will continue downwards for months.
I for one have prepared for this,I closed down my landscape construction business 12 months ago and took a job running a dairy farm for wages,at the time i was Mad,Lunatic,Out of my mind,conspiracy freak etc etc,now that the building industry has died off some have changed their tune and commended me.
People like Gerald Celante trend forecaster, cop a lot of flack,yet have a look at where we are.He has been pretty much spot on with this.
Owning a home is Truly a dream,even if you pay it off you have only bought a title.You never 'really' own it,the crown does,just ask the farmers being taken over by coal seam gas companys drilling on their land,you will soon see there are different meanings to the word 'ownership'.

Originally posted by Rossa
reply to post by NuclearPaul

 

ITs not that far off, I live in the U.S. the property value on my home and land, decresed by 25% so far in the last two years, its coming, hold onto you a##

How much did you pay?

Our house was less than 90k. Its up a fair bit now. I guess more people are thinking my way?

I personally cant wait for the housing crash where i live it freaking insane.

Rent alone for an basic 3 bedroom low set house is in the high 300's to high 400's on average, said house has a sale price of mid 500k price

With the industry boom here people are renting out caravans for dam well $200 per week as no joke there is no hotel motel that is avaible in the town. I had to look for a room for a rep that was coming to town, one place told me the whole 60 rooms are rented out to one of the companys working here atm and less only about 10 rooms where been used, the receptionest said they rented them for emergeny stand by for workers that have to come and go on emergency basis.

Its getting to the stage her small business are basically up in arms as they cant afford the wages these large companys which inturn means people are been forced out of town due to not been literally been able to afford to live here. or small workshops spend the time training apprentices only to loose them to said large companys.

The town is Gladstone QLD

oh and another off topic thing we now have a large area of harbour and river closed to fishing due to something causing sealife here to have legions sores on them also blinded and dying, few months ago they tried to blame all the fresh water from a heavy few months of rain thing is the fish in question was a barramundi these fish are quite and home living in fresh water.

Our town is screwed and ive lived here all my life of 29 years