-
Don't count on China. The problem is that that crash I was talking about, is likely to hit around September/October. The reason the markets have rallied recently is because they figure that with how bad the markets are, that QE3 (quantitative easing 3- ie printing more money which is how we've averted a global financial meltdown which would make the great depression look like a few bad days before payday and also one of the reasons why the cost of living is skyrocketting) will take place. One the global market goes, China, who holds a heap of these debts, goes under with it.
Oncve China goes under, the basket which we've put all our eggs in with the mining boom, goes with it. To further complicate things, as we're no longer self sufficient like we were before the reforms of Hawke and Keating, we completely lack the self sufficiency needed to be able to support ourselves and diversify our economy.
The problem is that the $1.4Q (quadrillion) in global derivative debts now appear to be classed as uninsurable, considering the recent spike in credit default swaps- far higher than at the height of the GFC in 2008. There was an article in the London Telegraph quoting bankers who fears some banks going under within weeks (September/October). Let's see people call LaRouche off the planet when this hits as hard as he's been saying for quite some time now heh.
-
So the English translation for the above is ... ' basically we are f&$/!@?:confused:
-
Yes and no. The solution is what the world did economically to get out of the great depression (the original Brenton Woods scheme). The problem though is that those who would completely lose out as a result (ie the very people who got us into this mess to begin with) keep blocking it.
-
back up to just under 1.07 today
-
As of 7th September, according to xe.com, these are the current rates for AU$1
- US$ - 1.0592 (up)
- GB£ - 0.6625 (way up)
- JP¥ - 81.707 (almost unchanged)
- EU€ - 0.7535 (up)
- NZ$ - 1.2798 (way up)
-
got slapped back down to 1.03-1.04 today due to the stock & other news
-
The Aussie dollar is now trading at 99.98 US cents.
The news sites (more specifically news.com.au) are running articles stating "Are the good times over? Say goodbye to cheaper overseas holidays and online shopping - the Aussie dollar has once again hit parity with the US".
Yeah riiiiiight... just because we're at parity doesn't mean squat as we pay on average 140% more for goods than most other developed countries :rolleyes: Try and stop me from buying online ;)
-
Yeah it needs to go below 80 cents to make me stop online shopping from USA :P
-
In the past month I have bought about 25 Transformers, all from overseas! Looks like I got them at the right time!!:D
-
Auspost is already below 98 cents...
