Australian Media 4 Months Late On China Bust Warning

26 Oct

Top feature story at The Australian today:

‘Hard landing’ coming in China, warns Nouriel Roubini

AUSTRALIA faces the threat of a “hard landing” in China within two years and the growing risk of being hit by a double-dip global recession sparked by the European debt crisis, one of the world’s leading economists said yesterday.

Nouriel Roubini, from New York University and widely known as “Dr Doom” for predicting the global financial crisis of 2008, told the opening day of the Commonwealth Heads of Government Meeting business forum in Perth that China’s economic growth model was unsustainable, and he predicted a sharp slowdown in 2013.

The downturn would have a “major effect” on Australia by driving down commodity prices and denting economic growth.

As reported on way back in June:

China’s Economy At Risk Of “Hard Landing”, 60% Chance of Banking Crisis By Mid-2013

Nouriel Roubini, one of the dozen or so economists who predicted the GFC, has just given an ominous warning for all those – like Wayne Swan, the Treasury department, former Treasury secretary (and now personal adviser to Gillard) Ken Henry, and the RBA – who are blindly banking on a never-ending China boom, with continuous record high terms-of-trade, to get us out of their $1.59 million per hour Interest-only debt hole.

The Australian mainstream media continues its fine record of keeping us ill- and under-informed.

5 Responses to “Australian Media 4 Months Late On China Bust Warning”

  1. bushbunny October 26, 2011 at 9:33 pm #

    Well that made my day, LOL. It is reported that the USA owes China billions. But no worries Ms Gillard & Co are going to sort out the EU crisis first. Make them stand up and be accountable. What’s next, eh?

  2. Twodogs October 26, 2011 at 9:58 pm #

    What’s worse is that if he didn’t speak at CHOGM, would Gillard and Swan have even known about this prediction? So not only is Swan innumerate, but illiterate as well!!

    • bushbunny October 26, 2011 at 10:03 pm #

      Agree Twodogs, but I have problems believing they didn’t know, and that it is just a case of grand standing. If we knew, why didn’t they?
      Same as the Green agenda. Countries are cutting subsidies for solar and wind turbines. Now that takes a lot of cheek really, as carbon credits will suffer, again. Don’t invest in Silex, they have just made a 31 million dollars loss. (They are the optic fiber and cold fusion manufacturers for nuclear plants.

  3. Still Tomorrow's Serf October 27, 2011 at 1:37 pm #


    And don’t forget Solyndra in the US has just filed for Chapter 11 Bankruptcy (after receiving $500 million in subsidies).

    And of course, the Germans have finally come to their senses after many deluded “Green” years putting useless solar cells on their roofs (at massive Taxpayer expense, of course)

    And Wind turbines (at around $25 million each) There’s nothing so lonesome, morbid or drear, as to glance left passing Lake George en route to the last Anti Carbon X Rally, only to see upwards of 80 or 90 stationary Windmills dotting the distant skyline. (How many you ask- count them yourself next time past) 80 times about $25 million equals TWO BILLION DOLLARS. (sitting there doing NOTHING except attracting a massive, taxpayer funded subsidy)

    The lunatics have taken over the asylum…

  4. Twodogs October 27, 2011 at 6:14 pm #

    More like the wolves looking after the sheep pen. Rather rich wolves too, I suspect. The question is, who are the lambs?


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