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I don't think the new PM is going to try and bring down house prices!; Another few years added on to the crash....
Topic Started: 16 Sep 2015, 10:34 AM (2,383 Views)
Loki
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Are house prices set by the PM's office now?


“Talk sense to a fool and he calls you foolish.” - Euripides
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The Whole Truth
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createdby
16 Sep 2015, 09:01 PM
Dunno why he grabbed the leadership on the eve of the worst incoming recession in Australia's modern history.
Perhaps he's a Malcom Fraser, come to give us all a big serve of austerity. Life wasn't meant to be easy you know.

Excerpts from an in depths interview some years back.

Quote:
 

Like all potential Australian prime ministers, Turnbull is a friend of the United States and a supporter of the alliance. Yet his view of contemporary America is far from gushing. Turnbull thinks American politics is becoming “profoundly dysfunctional”. ..

Turnbull regards the debate in Australia about the rise of China as much more primitive and intolerant than the debate in the United States. “You know, the debate here seems to be for the most part, ‘Gee whiz, it’s fantastic they’re buying all our stuff.’” While, as he puts it, “all the galahs in the petshop” are talking about the rise of China, most blithely believe that China’s economic growth will make no difference to the Asia–Pacific strategic balance...

In May 2011, on the ABC’s Lateline, Turnbull explained the argument for Coalition policy like this: If you believe that there is not going to be any global action (on climate change) and that the rest of the world will just say it’s all too hard and we’ll just let the planet get hotter and hotter, and, you know, heaven help our future generations – if you take that grim, fatalistic view of the future and you want to abandon all activity, a scheme like [direct action] is easier to stop. 


https://www.themonthly.com.au/issue/2012/april/1337744204/robert-manne/one-morning-malcolm
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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Trollie
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createdby
16 Sep 2015, 09:33 PM
Hot money collapses with a collapse in currency.

In the 90's, Jap Yen fell from 120 to the dollar in 1990 to 60 Yen to the dollar in 1995.

Jap investors got spooked and got out of Gold Coast apartments, never to return again.

The losses are massive. If you spend 120 million Yen in 1990 to buy a million dollar gold coast apartment. it would have reduced to 60 million Yen in 1995. If the property tanked from 1 million to 750,000, your capital is down to 40 million Yen.

120 million yen to 40 million yen in 5 years will spook the speculators.

Same thing is happening to Chiners with collapse in Yuan from 7 to the dollar to 4 Yuan to the dollar from 2011 to 2015.

Bulltards would argue the cheaper Aussie just incentivises the Chinese to invest more since the currency is now stronger and can buy more Aussie

But it didn't happen to the Japanese in the 90's though. Why?

Because other shit goes down with a collapse in the Aussie, like recession and tanking of property market. That would spook investors more.
According to your many socks, it doesn't matter if a currency devalues as long as you go full retard and just stick to measuring it in the one which looks the best.
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Ex BP Golly
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Trollie
18 Sep 2015, 08:48 PM
According to your many socks, it doesn't matter if a currency devalues as long as you go full retard and just stick to measuring it in the one which looks the best.
Deep breaths, and keep squeezing out contracts for debt accumulation.

It suits you
Edited by Ex BP Golly, 18 Sep 2015, 09:24 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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