There's a massive bubble about to pop and the biggest loser of it will be Aust. Residential property. The prices will plunge to depths most would have thought not possible.
2012 is not the end of the world as a few would have you believe, I suppose they might still say it is after reading this, but It is simply the beginning of the end for Western Society as we know it.
The power will be in the East, it's happening now, all big companies are running factories out of Asia, one legit for Western auditors and multiple dodgey with slave labour in the background for 1/8 of the cost to pay the same person in the western world. These were all the manufacturing jobs lost in the 80's that caused our last recession
In the 90's we had a tech crash because all the big companies decided to use cheap labour in India to do all our IT work, and this continues with the same companies using call centers in Manilla now.
The biggest surprise of all is about to start, back office operational jobs, non customer facing roles are starting to transition to those 3 countries that will result in massive job losses here.
Result will be that people won't be able to afford existing mortgages which will bring the whole economy and housing market to it's knees.
You've only got to look at companies like ANZ who don't care about Australia any more, it's all about Asia, the cheap labour and chasing the Asian dollar via mortgages and loans etc, why would the bother with Australia, seriously! Why do you think ANZ were quoted in an article today by Tweets on this forum suggesting shares are going to outperform property, by a long shot if you ask me
It will be these companies that are going to be worth investing into in the future IMO, cheap labour and chasing the Asian money, and Australia, its economy and housing market will slowly be brought to it's knees, it's going to get interesting punters, think about it, happy to be proven wrong, but its started, funny thing is people know and talk about the fact its started, but most aren't quite sure what's going on, but it's Australia's CREDIT bubble, and it's coming to a street, neighbor, and friends near you.
all in Bassy's opinion
DYOR
Australia is Different!
www.youtube.com/watch?v=CroTAVVcr9k 7 Dec 2010 - 3 min - Uploaded by SuitablyIronic Explains why Australia does not have a housing bubble like the rest of the world.
