Friday, October 10, 2008

Party is over.

We're going broke. The whole world not just me is going broke. At last. I have a reason to stop spending. No money.

Of course I never really had any money in the first place, instead I have been selling off the bricks in my house.

The Age says everyone else in Australia has done the same-I knew it- that's how they get those new expensive cars all the time- they're really driving around in converted bricks.

Says it all here:

And then there is the matter of the current account. Australia's ability consistently to import more than it exports, yet grow its economy for 17 consecutive years, has been the stuff of economic legend.

The consumption economy, however, has saddled us with a bucket of debt - most of which is held as home mortgages that banks have had to go to the global capital markets to provide.

Now that the party is over I reckon I might just sit here in a darkened room and wait till the lights go on again. Then borrow some more from our friendly benefactors- the bank- and spend again.

Till then- the party is over! See ya on the flip side!

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