US taking lumps now, others will follow later

I have reported on the credit bubbles in Canada and Australia several times in the past.  These countries are widely reported to be in good shape because they are huge commodity exporters but if you actually review the data you will see that both of these countries have HUGE credit bubbles (much of it in the housing sector of course).  Australia’s housing bubble is 20% greater per capita than ours was!  It has not popped yet and neither has Canada’s massive credit bubble, but I assure you that the bust is coming and when it arrives they will get hurt even more than the US has been hurt by our credit bubble.  The world has literally years of de-leveraging ahead of it IMO.

http://globaleconomicanalysis.blogspot.com/2010/03/canadian-credit-bubble-in-pictures.html