Another thing distinguises Australians from Japanese. Japanese save money while Australians go into debt. If you think the economic downturn in Japan has been bad it will be nothing compared to what will happen in western countries such as Australia and the US whose economies are so heavily dependent on the consumer and virtually all jobs are in service industries. How many people do you know who are in jobs that actually produce something rather than try to sell you something. So many Jobs in this country are now non essential. Globalisation has fatally weakened western economies and this will be evident for all to see in the next 10 years.
Someone from Al Queda was quoted that the US economy is a giant dot com, are we that different. Expect real estate values in Sydney to fall 60% plus in the next ten years.
