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12/07/21
13:37
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Originally posted by moorookamick:
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Excellent post blueballs. I agree that we have been in a sweet spot until the past two years when we started to squabble with China and Covid hit. When one looks at Ireland say in 2007 and then follow its woes up to a few years ago it went from being a happy go lucky country (with the exception of the 6 counties) to being a very financially stress/unhappy place ; so much so that Authorities had to fence the Cliffs of Moher to prevent Celtic Tiger victims from jumping. We live in a very volatile world where national fortunes can change dramatically within a year. Just look at the Change the US experienced between Sept 2007 & Sept 2008 in the USA and the global repercussions of the GFC that followed. In 2007 we had minimal debt , and only for Chinese raw materials demand and rhinese resource investments we too would have been recession like the European basket cases . This time around we simply can't rely on China baling us out . On the contrary our deteriorated relations with China indicate that China will do its utmost to bankrupt us . IMO if it senses an economic weakness it will sink out AUD and our increasing debt will do the rest. We simply need a bilaterally agreed economic plan to firewall our economy against such China aggression . Instead we have a bunch of stupid political egomaniacs who are prepared to sink Australia economically for self interest. I guess our pollies reflect our changing culture where self-interest is everything and bugger Australia! That is why, IMO, that many on these threads only consider GDP/Capita at the moment, not protecting Aus from a hostile China going forward and planning our economy to suit. As the saying goes: those who fail to plan, plan to fail.
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And to keep things in perspective, this is China's debt (from Microsoft Bing): 'China’s National Institution for Finance and Development, a government-linked think tank, put the nation’s overall debt at 270.1 per cent at the end of 2020, from 246.5 per cent of GDP at the end of 2019. China’s consumer debt is among the fastest growing segment of overall debt , particularly in the form of mortgage and consumer loans.'