This time last year many economists were predicting that financial and housing markets worldwide would collapse and a prolonged recession and high unemployment in Australia. Those predictions have still not come to fruition with Australia’s economy recovering surprisingly well. On the weekly edition of WilmFront my guest finance expert Andrew Abrahamian explains why the predictions of economic doom were so off the mark.
Andrew explains that the main factor keeping Australia’s and other western economies afloat is central banks printing more money, or as it’s termed quantitative easing. This is why Australian housing prices have defied expectations and kept rising despite the covid lockdowns and economic disruptions. Andrew believes that the crypto markets and bitcoin, in particular, will continue to surge as government-backed currencies continue to lose value with the window to regulate them clearly closed.