Read the latest report today at http://www.telegraph.co.uk/financeGLG-chief-Emmanuel-Roman-warns-thousands-of-hedge-funds-on-brink-of-failure-financial-crisis.

"Thousands of hedge funds on brink of failure.... We’re now paying the price for the biggest asset and credit bubble in history," Professor Nouriel Roubini, a former US Treasury and presidential adviser.

As you point out, we have had to import skilled workers and I wonder what will happen when unemployment starts to creep up..because many of the people who have come into Australia are now permanent residents and will most likely stay in Australia even if they lose their jobs. As this happens migration will be cut back and probably the last major pillar supporting the real estate sector will be removed.

Of course we have our agricultural sector but we have mismanaged that as well. (over farming, salinity problems, destruction of the Murray etc)

I am not intending to be gloomy about Australia's future, but I think we do need to stop talking about being "the lucky country" and imagining we are somehow immune from problems many other countries face. Although our politicians say Australia is better prepared to handle the global slowdown better than most other developed countries, I think actually the opposite is probably correct and we could be in for a wake up call.

To this we have dysfunctional employer/employee job matching marketing the 'middle man' employment agency system is a self serving obsticle to employment. Hence unemployment is unwitting bipartisan policy, with the labor party being involved with global socialism and the liberals into global corporatism both parties just wanting lower wages and conditions for lower and middle Aus. So then inflation is at 5% and pollies are not worried about it because unemployment is going to go up with wage demand stifled.

The economic growth has been an illusion for years we are borrowing from the rest of the world to employ people in jobs that have no inkling to resources or industrials. Most of us are on the gravy train whether we like it or not.

These spivy Aus leaders have placed Aus in a dangerous position we have deindustrialised and have to purchase our food and defense needs - forget ANZUS we have NZ palming its defense needs and excess population onto us, and the USA selling big ticket offensive weapons to protect USA interests not Aus defensive needs - we can't run the submarines we have because we don't have the crews and they don't work that well anyway.

On the issue of housing growth, instead of industrialising our housing for export we import people and lots of the materials to build houses for them in Aus - this simple abject policising has severly dislocated our society.

Future technology will make the cost of labour irrelevant and therefore large populations will be surplus to need if there is not enough materials and energy to go around. In other words you only need materials and energy not people, if you have too many people to supply to you have riots etc.

We do not have the abilty or political will to create growth by withdrawing domestically into our economy to shield ourselves from global turmoil, which would also allow export of surpluses to the needy yet we have the potential to do so.

Complaceny in ancient societies lead to their taking over, I dont see any thing different for the future for Aus.

I would hazard a guess that the Treasury was NOT happy about the 10 odd billion cash bonanza to the plebs, so that they can spend it on keeping people employed in other countries, as well as the smokes, grog, pokies and overpriced petrol.

Aus deindustrialised and so giving vouchers to buy Aus goods to keep aussies in jobs cannot apply and we are clearly in trouble following an ideology of not being able to defend, feed, clothe etc our people expecting the rest of the world to do it for us.

The Aus banks have been allowed to dip into the Future Fund, and maybe recognised as the first bail out of banks, good old Aus leading the way. Where is the APRA on this one?

The RBA is an unwitting partner of Govt policy viz interest rates going full speed in reverse shows lack of foresight, these guys are real amateurs have now got to consider the guarantee of bank deposits to prevent external and internal capital flight. Good luck on that one.

Who cares what happened behind the scenes with the latest Aus parliamentary bull market, we know the results thus far and we know that Aus have ineffective opposition in Malcolm Turnbull who will probably be Prime Minister in a couple of years.

What next with these people? Democracy at work, although we might have to bring our own pencils to the next Federal and State polling booths.