Is Australia on the Verge of Economic Collapse?
As Australia continues to be fairly oblivious to the sub-prime meltdown in the US, and at best, in quiet denial of the country’s own looming disaster, the country has now just had 10 consecutive negative days on the Stock Exchange making it the worst losing run in 17 years.
Australians on the street seem to think that the country is immune to the credit crunch occurring but every day, more and more cracks are appearing. Over $55 billion was wiped out in superannuation managed funds and on Thursday, the market plunged 2.5% in the 1st 15 minutes of trading. Yes, panic is starting to creep in and particularly when authority figures like the head of the Reserve Bank says “There is no need to panic”, a little gong in my head starts gonging as the impending feeling of dread precipitates over the mass consciousness.
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