another big hit for the us dollar ...., page-9

Ophir

Its not the total debt that matters, its the debt measured against income that measures the ability to pay. Australia's ability to pay is presumptive on our continued income levels, if our income falls .....what looks sustainable becomes totally unsustainable very quickly.

From the government terms our private debt levels are likely to mean that tax revenues fall catastrophically very quickly, so we warp form being able to balance our budgets to being in deep deep trouble over night

This is what happened to Spain

http://blogs.wsj.com/economics/2011/12/09/eu-debt-story-isnt-simple-morality-tale/?mod=google_news_blog

Its to simplistic to look at debt in total terms, you must look at a countries entire balance sheet. People look at China's reserves and refuse to look at the debt, they also look at Australia's government debt and refuse to look a the private debt levels.

We are a country of economic imbeciles who are happily led by the nose by anyone with a website as long as they are American