Minack: The AUD, housing, rates, iron ore, bubbles and more

Minack: The AUD, housing, rates, iron ore, bubbles and more. The biggest bubble out there is central bank credibility. If Draghi was a stock he'd be on a P/E of 200! Yellen's on 100. When that bubble pops, all hell will break loose again... The problem is the next crisis will not be in the periphery and it will not be in the banks; it will be economic and it will be in the core. The big problem is the internal competitive imbalances in Europe. The problem's not [that] the euro is too high against the dollar, it's not that the euro is too high against the yen. The problem is that the French franc is too high against the deutschemark, and Mr Draghi can't fix that. From the resulting economic stress you're getting political blowback. You're getting fringe parties flourishing everywhere. There are whole landmines of elections coming up in the next 18 months, any one of which could throw up a result that could get the crisis back as front page news. Read the full interview: (VIEW LINK)