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Steve Keen has just started his 225km trek from Australia's capital, Canberra, to it's highest peak, Mount Kosciuszko, to fulfill the famous bet with Rory Robertson over house prices.
Keen claimed that, just as Japanese house prices had fallen 40% since its Bubble Economy burst in 1990, so too would Australian house prices. In October 2008, Robertson challenged him to a bet that this would never happen at a debate in the Parliamentary Library, where the loser would have to walk from Parliament House to Mt Kosciuszko.
Keen notes that Roberston may one day have to follow in his footsteps. “My call was always over the longer term—when house prices fall, they fall a lot slower than share prices. The government has simply delayed the inevitable by engineering this latest bubble.”
Steve Keen has just started his 225km trek from Australia's capital, Canberra, to it's highest peak, Mount Kosciuszko, to fulfill the famous bet with Rory Robertson over house prices.
Keen claimed that, just as Japanese house prices had fallen 40% since its Bubble Economy burst in 1990, so too would Australian house prices. In October 2008, Robertson challenged him to a bet that this would never happen at a debate in the Parliamentary Library, where the loser would have to walk from Parliament House to Mt Kosciuszko.
Keen notes that Roberston may one day have to follow in his footsteps. “My call was always over the longer term—when house prices fall, they fall a lot slower than share prices. The government has simply delayed the inevitable by engineering this latest bubble.”