Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Moominoid who wrote (7917)	8/29/2001 6:19:01 AM
From: SunSunM	Read Replies (1) of 74559

Found the article I was referring to on the net, here are the quotes: >> My money is no good in Australia, or so I discovered when I looked into buying a home here. No, I wasn't considering abandoning my place in New York City and taking up residence among the kangaroos. But it did occur to me that an older house along the coast near Darwin might make a good investment. ... The local real estate agent, however, had disappointing news: It is now against the law for a foreigner to purchase a home in Australia. I contacted a friend--a member of Australia's parliament--and told him about this. There must be some mistake, he huffed. Australia has always encouraged foreign investment. Two days later, he wrote me an apology. The law was a new one that he hadn't known about. ... Fear is almost always the driving force when nations shut themselves off. Many Australians worry that their country could become too dependent on the rest of the world and lose control over its individual destiny. Some point to the nation's increasing reliance on foreign money. Australia's net external debt now stands at $268 billion, an amount equivalent to $14,100 for every Aussie. << worth.com

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