Since Krugman has some concern with Canada's position
"And what the Canadian example shows is that this can work. Canada is prosperous, economically stable (although I worry about high household debt [ http://krugman.blogs.nytimes.com/2011/03/04/oy-canada-2/ ]and what looks like a major housing bubble) and has successfully pursued policies well to the left of those south of the border: single-payer health insurance, more generous aid to the poor, higher overall taxation."
and as the others there also apply to Australia vs USA, I guess he could have a concern with Australia's position, too.
Image from Krugman's link above
Two of the images in .. 4102.0 - Australian Social Trends, 2014 Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 06/05/2014
[ Though perhaps the 'since mid 2007' below could be a bit of a caveat to Australian concern ]
Debt compared with income
Income is an important consideration when deciding on a household's capacity to make loan repayments in full and on time. Household debt increased more rapidly than household income from early in 1993 until the middle of 2007. Since mid 2007 (and the GFC), household debt has tended to rise in line with household income. At the end of 2013, the amount that households owed was nearly 1.8 times the amount of disposable income households received during 2013.
SIZE OF HOUSEHOLD DEBT COMPARED WITH ANNUAL INCOME(a)(b)
[ ese two are adjacent inside ]
SIZE OF HOUSEHOLD DEBT COMPARED WITH ANNUAL INCOME(a) in Australia, Canada, France and Italy
There is some concern of prominence in Australia, too.
RBA Governor voices concerns over low interest rate ‘bubble’
4 September 2014
Reserve Bank of Australia Governor Glenn Stevens has voiced his concerns about a correction in Australia’s housing market and the effect low interest rates are having on the market.
Mr Stevens spoke about the creation of asset bubbles in the current low-interest rate environment at the recent Committee for Economic Development of Australia (CEDA) lunch in Adelaide.
His concerns were that despite assurances from the four big banks that current house prices and levels of household debt are sustainable, popular markets in cities like Sydney and Melbourne were in danger of creating a housing bubble.
"As for things that monetary policy should try to avoid, we are also cognisant of the fact that monetary policy does work initially by affecting financial risk-taking behaviour," Mr Stevens said.
"In our efforts to stimulate growth in the real economy, we don't want to foster too much build-up of risk in the financial sector, such that people are over-extended. That could leave the economy exposed to nasty shocks in the future.
"The more prudent approach is to try to avoid, so far as we can, that particular boom-bust cycle," he said
"It is stating the obvious that at present, while we may desire to see a faster reduction in the rate of unemployment, further inflating an already elevated level of housing prices seems an unwise route to try to achieve that."
REINSW President Malcolm Gunning said the RBA made the correct decision to keep interest rates at 2.5 per cent, but warned consumers of the potential increase.
“We must once again caution those seeking to take out a mortgage to ensure that they are realistic with their abilities to service debt. Interest rates will not remain at these record lows and future interest rate increases must be factored in,” Mr Gunning said.
Gawd, those on iHub, lol, we all know them, who have been gleefully dancing the Australian doomsday now/anytime/really! tomorrow housing bubble trouble jive FOR YEARS, and all those advertisement? things!!! on sooooo many internet sites, even on YouTubes, must be salivating in HOPE and anticipation that finally, after some 10 years, they just might be able to say "I told you so". To them, IF ever, i say, "Off the pot, Sot, you said years ago it was going to happen then. Didn't you."
Scots Are Told ‘Painful’ Split Would Follow a Yes Vote
By STEPHEN CASTLESEPT. 15, 2014
ABERDEEN, Scotland — With Scotland’s independence referendum apparently too close to call, Prime Minister David Cameron on Monday used his final speech to Scots before Thursday’s vote to warn that there would be no turning back from a “painful divorce” from Britain.
“There’s no going back from this, no rerun,” Mr. Cameron told supporters in the northeastern city of Aberdeen, the heart of Scotland’s oil industry. “If Scotland votes yes, the U.K. will split, and we will go our separate ways forever.”
He added, “Independence would not be a trial separation, it would be a painful divorce.”
His message came hours after the leader of the campaign for independence, Alex Salmond, Scotland’s first minister, told Scots that the vote would be their last say on their constitutional future for many years.
Related Coverage
Many Questions Arise From Scottish Independence VoteSEPT. 15, 2014 “Yes” and “no” campaign posters in Edinburgh, Scotland, on Sunday. The Scottish independence vote is set for Thursday. Cameron Under Pressure as Scotland Vote NearsSEPT. 14, 2014 Bracing for Change on Scotland’s Border, Whatever the Referendum ResultSEPT. 13, 2014
Speaking in Edinburgh alongside business leaders, Mr. Salmond described the referendum as a “once-in-a-lifetime opportunity for Scotland.” He argued that, freed from London, Scotland would be able to pursue distinct, and more social-democratic, policies — one of his central messages to Scots, who in recent decades have tilted to the left of England, throughout the campaign.
VIDEO Prime Minister David Cameron of Britain visited Scotland on Monday, three days before an independence referendum, to tell Scots why they should remain a part of the United Kingdom. Publish Date September 16, 2014. Image CreditAndy Rain/European Pressphoto Agency
Mr. Cameron, though, blended appeals not to “break this family apart” with emphasis on the economic risks of independence, saying that there would be no currency union with an independent Scotland. He pointed out that, after a yes vote, more than half of all mortgages in Scotland would be held by foreign banks. He also rejected the assertion that the yes campaign was more positive in tone, arguing that it was about “dividing people.”
As the vote approaches, campaigning has intensified, with politicians, sports personalities and musicians on both sides of the issue trying to sway public opinion.
Messages in the Outer Hebrides from both sides of the independence referendum campaign. Voting is Thursday. Credit Cathal Mcnaughton/Reuters
David Beckham, a former captain of England’s national soccer team, announced support for pro-union campaigners who were planning to demonstrate in central London.
Even Queen Elizabeth II appeared to enter the debate, albeit in an elliptical manner.
VIDEO On Sept. 18, Scotland is scheduled to vote on seceding from Britain. We take a look at the issues at stake for the Scottish people. Video Credit By Carrie Halperin on Publish Date August 6, 2014. Image CreditAndy Rain/European Pressphoto Agency
The British news media reported that the queen had told an onlooker after attending church near her Balmoral estate in the Scottish Highlands on Sunday that she hoped “people will think very carefully about the future.”
Shocked by opinion polls showing that the vote could go either way, the no campaign has been pushed into a drastic late change of tactics. Last week, the leaders of Britain’s three main political parties set aside parliamentary duties to campaign in Scotland.
They agreed on an accelerated timetable for giving Scotland more powers to govern itself if Scots reject independence. That was a striking reversal for Mr. Cameron, who prevented such an option from being placed on the ballot for the referendum.
But while the three parties have agreed in principle to move swiftly to give more power to the Scottish Parliament, they have yet to agree on the details.
Responding to Mr. Cameron’s speech, Mr. Salmond issued a statement saying that “the next time he comes to Scotland it will not be to love-bomb or engage in desperate last-minute scaremongering.” It continued, “It will be to engage in serious post-referendum talks.”
Scotland's faultlines: what the Yes and No camps think of their country's future
Date September 18, 2014 - 6:58PM
Dara Doyle, Ben Sills and Svenja O'Donnell
A statue of Scottish King Robert the Bruce looks out over a misty morning in Stirling, Scotland. Photo: Getty
Scotland is divided on critical issues about the country's future: a look at the positions of the Yes and No camps.
Currency
Yes Alex Salmond says the pound is just as much as Scotland's currency as the rest of Britain. The Bank of England will continue to decide monetary policy day to day, with Scotland seeking input in the bank's remit and governance.
No If Scotland leaves the United Kingdom it loses the pound. It says Salmond can't guarantee what money Scots would use, and it's not clear if an independent Scotland would seek to adopt the euro.
North Sea oil
Yes Since the 1970s, the oil and gas in the North Sea has contributed £300 billion in tax receipts to the British Treasury. The industry will produce jobs and revenue until "well after 2055". An independent Scotland would set up a Norwegian-style oil fund.
No Even with oil, Scotland has run a deficit in 20 of the last 21 years, so every penny is already spent on public services like schools, hospitals and pensions, according to Better Together. And nobody knows how much oil is left.
Wealth
Yes The nationalists say independence would mean Scots would be better off by £1000 a year after 15 years.
No Every person in Scotland will be £1400 worse off if the country breaks away from Britain.
Nuclear weapons
Yes The British government has based nuclear weapons in Scotland for almost 50 years. Salmond says that following a vote for independence, he would make agreement on the "speediest safe removal of nuclear weapons a priority".
No British Defence Secretary Philip Hammond says relocation of the Trident weapons would cost "billions of pounds, perhaps tens of billions of pounds" and take at least a decade.
NATO
Yes Scotland will apply to join NATO and its position within the alliance will be similar to the majority of members that don't possess or host nuclear weapons. The plan changed after the SNP ditched its policy of opposing membership in the alliance in 2012.
No Scotland will be more vulnerable to terrorist attacks in a "very dangerous and insecure world" if it votes for independence, Prime Minister David Cameron said. An independent Scotland would have to reapply to join NATO, and it would have to join with the caveat of refusing to have a nuclear deterrent.
Pensions
Yes There will be no change for Scottish pensioners or members of existing retirement funds. The Scottish government will take on its "fair share" of the liabilities of British-wide pension schemes.
No Scotland faces a demographic time bomb and there would be cuts to pensions if it became independent. The pensions of 1 million Scots are guaranteed by the British welfare system. Spending on pensions is higher in Scotland.
European Union
Yes Scotland will be able to win recognition as an independent EU member state by March 2016 because it's already part of the bloc, its people are already EU citizens and it already complies with EU laws.
NoFormer President of the European Commission Jose Manuel Barroso has said an independent Scotland would not be able to simply remain an EU member. Spain may also veto Scotland's membership given its concerns over Catalonia's aspirations.
National Health Service
Yes Independence would be the best route for Scotland to preserve the NHS, as the Conservatives ("in bed with Labour") support the "creeping privatisation" of the NHS.
No NHS spending is protected as a devolved issue to Scotland already. "The only person who could, if they wanted to, introduce more private provision into the NHS in Scotland is Alex Salmond." Better Together says Britain subsidises spending in Scotland to the tune of £200 a year per person.
It seems the Bloomberg at the bottom refers to this one which it seems basically the SMH has made a bit easier to read by leaving out some 'small' detail, in places.
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