australia's great housing bubble, page-32

Booz.. at least I will be able to buy one for 10c on the dollar.

The biggest problem with all this debt is in the past it used to be able to depreciate through inflation of asset value.. this doesn't happen in the way it used too over the last 30 odd years under the fractional reserve lending system... The US isn't inflating its debt away anymore but it is accumulating debt at a remarkable rate.
Australia has now taken on this example as debt will double under this government and tax will increase.

An interesting decade ahead I think.