Im surpised that no-one has mentioned Japan's deflationary period during the 90's.
Massive asset inflation followed by massive asset deflation over a number of years which wiped out the gains made during the boom and a lot more.
This can and will happen again, this time possibly on a global scale.
A lot of people here place a lot of faith that China will continue to grow and expand. God help you all if it doesnt. Writing is on the wall, either you dont see the collapse in commodity prices or you dont want to believe in it ever happening.
Australians just like the rest of the Western world are over leveraged big time. What we are witnessing is a global unwind of leverage on a global scale.
