I’m Australian, this isn’t meant to be an alarmist or sensationalist post, but the economic situation in our country is a lot more serious than most of us think.
First off, the current economic situation.
Simply put, our economy is fucked. Our housing market is dangerously overleveraged and because of policies by our government at the time, we never experienced the correction the US and most of the rest of the world did during the 2008 Global Financial Crisis. And now the chickens are coming home to roost. Australians are up to their eyeballs in debt, almost half of the housing loans are interest only, it’s the reason the Reserve Bank of Australia hasn’t raised the interest rates since 2016. Because as soon as they do, even by 0.01%, tens of thousands of Australians are going to default on their mortgages. It’s no secret that our housing market is one of the most expensive in the world, and anyone living in our country already knows this. The market value of Australian homes is 4 times the GDP of the country. Our housing market is beyond the point of saving and the bubble is about to pop. And while our mainstream media is trying to convince us that it will deflate slowly, history paints a different picture.
And that’s just the start of our problems. It’s no secret that China is our biggest trading partner. We rely on China more than any other developed country in the world. And what is currently happening on the greater global stage? Our most important military ally has engaged in a trade war with China, and the effects of that trade war are starting to be felt. Chinese stocks are in freefall, and that’s only going to be the beginning of the negative effects from Trump’s hardline approach to dealing with China. It doesn’t take a genius to see that this is going to have a devastating effect on our economy.
Our biggest trading partner is having a financial gunfight with the USA, which is going to result in them buying less of our stuff. And still that isn’t the end of it. Mining is down. Commodities prices are down. Our manufacturing sector is almost dead. The only thing we have going for us at the moment is agriculture and that can’t prop up the entire economy. You wanna turn white? Read this article from last year. Our economy is teetering on the precipice.
You think I’m being dramatic? Well even the Australian MSM can no longer ignore it. With articles like this appearing almost on the daily. Our dollar is in serious trouble, anyone who knows the slightest bit about TA go look at the graphs in that article. Our country is in serious economic trouble. And we don’t know shit about it because our media is a duopoly that makes most of its money from their real estate arms. All signs are pointing to our dollar about to be worth a hell of a lot less than it currently is.
What can we do?
Since this is the crypto subreddit the solution to this impending economic shitstorm should be painfully obvious. Buy fucking Bitcoin. Not the solution for the country, for you. The country isn’t going to do shit for anyone of us except saddle us with debt and a cooked economy that is going to take generations to get out of, if ever. So we should be diversifying. Sure buying gold probably isn’t a stupid idea either, but if you think that is proof against state intervention, read a history book. Even then, gold still needs to be converted into cash to be useful, and anyone paying attention can see that Australia is gearing up for a war on cash that borders on tyrannical. The only way for us as individuals to protect our wealth at the moment is to convert it into cryptocurrency.
But Bitcoin is low at the moment!
No shit. But if you think it’s going to stay that way you are 1. In the wrong subreddit, and 2. No paying attention to the macro factors of crypto. Wall St is gearing up to enter. The bank that runs the world is getting involved. And not just American banks. Bitcoin may be low now but if you know anything about market cycles, you know that it’ll be back. Here is a good comparison of BTC a few years ago as opposed to now. It’s almost at the point where it’s irresponsible not to be buying bitcoin, and I’m not the only one that holds this opinion. Worst case scenario, bitcoin falls to USD 3k. What do you think is going to happen after that? Bitcoin and crypto aren’t going anywhere and you’re kidding yourself if you think that the value of bitcoin isn’t going to be much higher in the years to come.
Of course the RBA is telling people that Bitcoin is dead, probably because they don’t want Australians to dump their soon to be worthless fiat currency. In fact one any given day you’ll see a bunch of anti-crypto propaganda on our MSM. The same MSM that has been telling us all to buy as many houses as we can for the last 20 years. The same MSM that up until now hasn’t said shit about the direction our economy is heading in.
The writing’s on the wall people. If we keep our wealth in AUD it’s going to be worth considerably less sooner rather than later. Our property sector is going to crash, our dollar is going to crash, our personal wealth is going to be stripped away from us. If you want to avoid this, if you want to protect your wealth, ensure a future that isn’t financial hardship, then we really only have one choice. Buy bitcoin. Personally I am converting half my pay each week into BTC and just holding it. Not putting it into alts. Just btc. I’d advise you do the same as well. I understand that this sounds super risky. But if you read the articles I’ve linked to in this post I’m sure you’ll see that the only risky move is doing nothing. This isn’t a joke or a false alarm. The notion that our economy has always been fine up until now isn’t valid anymore. If you want to protect your personal wealth and purchasing power in the next few years, you really should be buying as much btc as you can while it is this low. This is what crypto is for, avoiding the negative financial downturns of specific countries. It’s a globally traded commodity that is accessible by anyone with a computer. Our economy tanking isn’t going to affect the price one bit.
I hope some of this has been useful. Listen to me, don’t listen to me, it’s your choice. But this is the digital age, there’s no excuse for ignorance anymore.