Entrepreneur Matt Barrie warns Australia is on the brink of financial collapse

[ozcopper]

Multi-millionaire Matt Barrie predicts Australia could be heading for a financial meltdown on a similar scale to the Global Financial Crisis that hit America in 2008.

A leading tech entrepreneur has issued a dire economic warning predicting Australia is on the verge of a financial meltdown on a similar scale to the Global Financial Crisis that hit America in 2008.

Matt Barrie, the founder and CEO of labour hire company Freelancer.com, made the terrifying prediction on Australian online broadcaster ADH TV.

He said every Australian is realising ?there is something terribly wrong in this country? as mortgages, bills and cost of living skyrocket.

Mr Barrie went on to explain that house prices continue to rise because we are ?bringing more people into the country? forcing Australians to take on massive mortgages.

?We have 620,000 students brought into this country, and everybody knows they?re not students but a low-cost workforce that?s been brought in to prop up GDP and work in 7-11 or drive an Uber,? he said.

He compared the current economic climate in Australia to the Global Financial Crisis that was caused by the collapse of the housing market in America in 2008, when reckless lending and risk-taking by banks saw home prices surge and then inevitably crash.

?It?s exactly the global financial crisis which we saw in America, happening here in Australia today,? he said.

Mr Barrie said Australian household debts are now double the US, ?a country that you?d normally associate with credit cards and debt?.

?Households are basically at breaking point and mortgages are skyrocketing,? he said.

Alarmingly, he predicted Australia would experience a ?complete replay of the movie The Big Short?.

The movie, starring Christian Bale, Steve Carell and Ryan Gosling, shows how the 2008 financial crisis was triggered by the US housing bubble.

More: https://www.news.com.au/finance/economy/australian-economy/entrepreneur-matt-barrie-warns-australia-is-on-the-brink-of-financial-collapse/news-story/82f7f58731d57e045f68acd3cc33c04d

 

[STKR]

When the regular talking heads discuss this very thing, they seem like they're beating every dead horse on the carousel of Economic Doom. But we've reached a point where one merely needs to take a glance at the state of this country (and the world) to reach the same conclusions as Matt.

As much as I commend anyone willing to voice their concerns about this country and bleak future that lays ahead, Matt won't receive any credit from me for his analysis. In fact, I think he's missed the mark when it comes to the severity of the crisis.

2008 was child's play compared to 1929. And 1929 will sympathise with the crisis we're about to live through. This crisis is more than financial. This crisis is intended to decimate the very fabric of our existence and way of life, and rebuild it into a complete dystopian nightmare. 2008 would be a dream!

 

[Oddjob]

So Matt Barrie says:

"Mr Barrie went on to explain that house prices continue to rise because we are ?bringing more people into the country? forcing Australians to take on massive mortgages.

?We have 620,000 students brought into this country, and everybody knows they?re not students but a low-cost workforce that?s been brought in to prop up GDP and work in 7-11 or drive an Uber,? he said."

It's a bit rich for Matt to complain about Govt migration policy affect on the economy when he started a company that off-shores jobs that could probably be done in Aust, thus contributing to Australia's GDP.