if you think we can avoid this we are living in a fools paradise
any fools out there???
lol
apparently steve Keen says it will happen within 2 years and he's betting his house on it..
read on v v v PROF. STEVE KEEN: This is the bursting of the bubble because some houses here were purchased for $950,000 sold in the last six months for $550,000.
PETER OVERTON: Economist Steve Keen has brought us to Seymour Way, Kellyville, in Sydney's north-west. In this one street, four houses have already been foreclosed and resold at nearly half-price. Is what we're seeing happening in America, coming our way?
PROF. STEVE KEEN: It has to because we've got ourselves in the same level of household debt as America as. It simply has to squeeze us the same way it has squeezed the Americans at some point, and if we think we're going to evade it I think we're living in a fool's paradise.
PETER OVERTON: What's your time frame?
PROF. STEVE KEEN: It certainly has to happen within the next two years. That, I would be willing to put, well, my house on.
