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  1. #1
    Senior Member AirborneSapper7's Avatar
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    May 2007
    South West Florida (Behind friendly lines but still in Occupied Territory)

    Chinese Fuel Big OZ Property Boom And Dollar Collapse

    Chinese Fuel Big OZ Property Boom And Dollar Collapse

    From Our Australian Correspondent

    Australia is in the grip of a Chinese fuelled property boom whilst the rest of the world languishes in financial crisis.

    The Chinese government has given its more well-heeled middle class citizens the green light to dump its US dollars into Australian top-end luxury property.

    As of March 2009, the Australian Treasurer, Mr. Wayne Swan, through the Australian, Australian Foreign Investment Board (FIRB), opened the floodgates to the Australian residential property market by removing restrictions on foreigners buying property in Australia.

    Previously, only foreigners with permanent residency could buy Australian residential property without FIRB approval. Now, anyone with a temporary residency visa is eligible to buy without reference to the Australian government.

    The policy move has been squarely aimed at Chinese hot money earned from years of exporting cheap consumer goods to the USA.

    The Australian's Treasurer's reason for the move was to add to the government's own stimulus package efforts which has helped the nation's economy largely shrug off the global financial crisis.

    Critics say the Australian FIRB policy change was, in fact, a consolation prize for it having earlier this year rejected the Chinese Aluminium Corporation of China (Chinalco) tilt to buy Rio Tinto. It is understood the Chinese were furious at being blocked in making the $19.5 billion investment. China is set to replace Japan as Australia's biggest export market.

    The high-end, luxury Australian property market is currently red hot with China money pouring into hard assets before, what some analysts say is, the coming US dollar collapse.

    Residents in the elite up-market CIty of Booroondara in Melbourne, Australia's second largest city, are furious over the flood of US dollars which is distorting and pushing them out of the market and instantly Asianizing their neighbourhoods. Australia has a population of 21 million with a similar land mass to the Untied States. The China's population is 1.3 billion and only a short flight away from Australia's two populous cities cities Melbourne and Sydney.

    The newly-adopted open door policy by the Australian government has many Australians infuriated over the distorting, disburbing financial and social effects it is having on the society.

    More informed Australians are pointing the finger at the US Federal Reserve. Citing the cause and effect of the Fed's irresponsible money printing and abusing it's global reserve currency status. They claim the Fed is exporting inflation pressures and America's growing problems to far-flung nations around the globe. Hot China money is an effect of the Fed's irresponsible actions.

    Recent reports indicate the Chinese government is so concerned about the imminent US dollar collapse, that it's also encouraging its citizens to buy gold and silver. Until recently, such purchases were restricted transactions for Chinese citizenry. Since the change, Chinese banks have been inundated by worried Chinese buying Gold and Silver. The price of gold is currently over $1,000 and silver is over $17 per ounce.

    Chinese authorities are encouraging wealthier Chinese citizens to invest offshore in stable nations. To fuel such investing, China recently eased its longstanding restrictions on its citizens sending money offshore. Australia's commodity-rich economy is of value to China, and therefore it is considered a favoured investment nation in which park plentiful but dodgy US dollars.

    The Australian currency is a commodity currency. When the US dollar falls, the Aussie traditionally rises. One US dollar currently buys AUD$1.13 - down form $1.40 last year. Currency traders expect parity by early next year, or in the event of a US dollar collapse.

    Add to all these ominous signs China's stated intent to default on what it claims are fraudulent derivate contracts hustled by bankrupt Wall Street banks. Critics of US monetary and fiscal policy say a dollar collapse is inevitable. China clearly thinks the dollar is in danger and expressing same...not by words, but buy its actions.

    Is the unlikely Australian residential property market boom the latest canary in the mine for the US dollar? Some would say so.

    Chinese Buyers Fuel Top End Property Boom ... -fvga.html

    Rio Tinto Announces Its Deal With Chinalco Is Dead ... 491886.htm
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  2. #2
    Senior Member Rockfish's Avatar
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    Jun 2005
    From FLA to GA as of 04/01/07
    Now, anyone with a temporary residency visa is eligible to buy without reference to the Australian government
    Big friggin mistake
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