http://business.financialpost.com/2...a-leveraged-time-bomb-waiting-to-blow-socgen/ Interesting article for the doom and gloomer's out there. A few key quotes: “We repeat the prognosis we gave this time last year that Australia is a leveraged time bomb waiting to blow. It is not a CDO, but a CDO squared. All we have in Australia is, at its simplest, a credit bubble built upon a commodity boom dependent for its sustenance on an even greater credit bubble in China. Yet even with Australia having enjoyed a commodity export boom it still managed to rack up a current account deficit of 4% of GDP last year! Australians have been living beyond their very ample means for a long, long time. Of all the economic bubbles I have seen over the last 30 years in this industry, this one is even more obvious than the rather prominent nose on my increasingly haggard face. And its ultimate fate is obvious to me too." “Although a Chinese bumpy/hard landing will bring Australia to its knees, what will really deliver that killer crunching kick into the solar plexus will be all too familiar to followers of credit fuelled economic bubbles. What will send Australia into a deep recession after 22 years is the collapse in its grotesquely over-valued housing market. "