The world's richest banker, Goldman Sachs chief executive Lloyd Blankfein, thinks Australia's fretting about its economic circumstances is a bit of a laugh.
He doesn't know our economy.
1. South Australia is in debt 26% of GDP, Michigan has debt 18% GDP. Detroit is bankrupt and in less debt. Industry mix is about the same.
2. Australia has over inflated housing prices. Around 8 to 12% per year which has outpaced inflation and has not corrected properly since the GFC due to the rebound.
3. Australia has an aged population and large health care and welfare bill. Immigrants are becoming part of the welfare system and not working.
4. The commodities slowdown is going to cut Australia GDP by 30%.
5. If Australia experiences a recession like the US we will have a liquidity crisis in the housing sector.
blankfein from head of bad bank to nab, page-2
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