More Pressure on Education
Mish has a post that starts about the economic down turn is Australia, which if you look at their housing bubble, well, it seems to be universal across the country. I did a post on Australia earlier in the year where I had search a couple lending institutions there and they offered 105 and 106% mortgages. The affordability index there from demographia was above 5, or severely unaffordable, practically everywhere. The Australia dollar has gotten much stronger over the years and I would expect it to give back a lot of the gains due to the degree of the housing bubble there.
But, Australia's problems weren't the reason I highlighted this post. The second half of the post mentions high numbers of private school students returning to the public school system. What a disaster for education. I suspect this is going to play out around the world as the well-to-do also struggle with the changing financial system.