What we get from here is increasingly frenetic interpretations of US economic data as either pointing to economic lift off or obviously indicating a recrudescence of economic meltdown.
By the time the Fed actually does something presumably the economy will be in orbit with a load of very happy millionaires and the proletariat being smothered in ‘you’ve never had it so good’ comment in their media while Joe six pack still finds himself hacking out a living from 12 hours of paid employment.
Here in Australia our new government – slow moving and chock full of old men more concerned with PSA readings and incontinence pad prices – will hold off on doing absolutely anything for quite some time while our press continues the chorus ‘Never been a better time to buy Real Estate’
They may cull a few public servants, but they certainly wont be doing anything significant with the economy and their torpor wont be interrupted by the increasingly frenetic screams from the Solomon Lew end of the spectrum on retail, or maybe even the GMH end of the spectrum on globally exposed manufacturing.
The RBA (probably against its better judgement, but believing there is nothing elsewise they can do) cuts rates again…and again. It has no traction on either bringing down the AUD or sparking the punting masses into going out and spending. What it does do is spark real estate speculation into the tertiary stage, where an ageing cohort of property speculators in their glee develop the standard range of body growths and psychological idiosyncracies.
Australia’s papers are full of reports on the tertiary stage – There has never been a better time to buy, get your tickets for Dymphna! The dwindling few prepare to migrate or go to ground. The government wakened from its afternoon kip decides to join in the fun and begins to dance with the what appears (from outside Australia at least) to be an economic corpse.
It will only be when we gross ourselves out as a nation that we will be mature enough to actually start looking at ourselves again, and acting on that basis.
It wont be pretty but it needs to be. Everyone needs to make sure they know where the exit doors are that suit them and theirs the best.
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