Australia

The basic laws of physics have seemingly ceased to exist in Australia...water is no longer wet, the sky is no longer blue and home prices are not in a "speculative bubble," at least according to some conflicted commercial banking executives who are massively long Australian housing. 

Testifying before a parliamentary committee, the chief executives of National Australia Bank, Westpac Banking and Commonwealth Bank of Australia all said that while they are worried about elements of the housing market, prices aren’t over-inflated.  Per Bloomberg:

As 2016 drew to a close, even as US bank stocks posted some of the biggest gains since Mr. Trump got elected, it seemed their counterparts down-under aren’t doing that well! All signs point to a huge weakening in Aussie bank stocks in 2017. But the bigger question is: Will we hear a loud boom as banks down under go bust?

THE OMINOUS SIGNS

Australia has become the first widely microchipped nation, with Australians readily parting with $150 of their own money to pay for “fashionable” microchips under their skin – without stopping to think of the consequences.

 The following article by David Haggith was first published on The Great Recession Blog: