When will the Australian riots begin?

We know that Australia is rolling over in a big way.  We could see it coming 10 miles away and I reported on it in these pages many times before it was obvious in the data.  We knew it was coming because government conned all the willing sheeple into buying ridiculously priced Ponzi houses via the assumption of large amounts of unpayable debt.  These are relatively modest looking homes.  I've seen them on House Hunters International many times and was always shocked at the prices and even more shocked at the people who had been conditioned to pay so much for them.  The people were convinced that the homes are "worth" 1-2 million Aussie bucks each when in fact they won't be be sellable for 1/10th of that amount as soon as the banks stop giving out loans to people who can't afford them. Repeat after me: you house is only worth what the next guy can borrow to pay you!  When the credit runs out, so will the high prices.  Don't believe it?  Go check out Detroit.  When the jobs run out, the credit will evaporate coincidentally.

Mish summarized today the state of the Australian economy in about as bleak of terms as one could imagine: "Expect an across the board retail and housing bloodbath because one is coming."  Ouch!  Even I am looking for some sugar coating on that nasty message.

Open email to all hard working Aussies:

G'day from the States.  Economati here.  It's like this: your banks are bankrupt because they made real estate loans to people who can't possibly pay them back.  The US has already shown you what the outcome will be: your lying politicians will bail out your scum bag bankers and the people will go aggro about it.  Nobody can say exactly when but it could be any tic of the clock.  The politicos will get the money to pay for these bail outs same as every other scumbag politician does: they will borrow it.  And when that doesn't work they will try to tax it from you.  And when you get aggro about that they will just print it up out of thin air which is nothing more than the sneaky inflation tax.

Do yourselves the biggest favor in the world: buy gold like you were a Greek!  Others have more time than you do because their housing bubbles weren't as bad as yours (and Canada's) are.  Mark my words, there is no way out of this than for those lying a$$holes that you voted into office than to debase your currency like it was their hobby.  Buy some gold and silver right now before the price goes much higher and save yourself from getting all your buying power wiped out.  And then next quarther buy some more.  Don't go all in at once; Aussie-dollar cost average your way into a position in over time.  Make this physical metal your savings instead of putting it into paper money where liars and con men can play with the value of it thus risking your eventual retirement.