has the us lost control?, page-36

thanks prey,

and while on the topic of debt that you raised. I think I heard that the US is about 70% consumption in terms of economic activity and Australia 40%

But I believe this figure doesn't include buying a house. Here in Australia aren't we spending that 30% difference inflating our overpriced housing market which is artificially manipulated by the restriction of available land to build on?

At least Americans aren't as big a slave to their mortages like Australians are and are a bit more inclined to throw their money at new business ventures rather than bricks and mortar to make a buck. This is an unsustainable strategy for wealth creation. The ship has sailed on easy wealth (if you could call it that) creation via real estate in Australia