As Australia and New Zealand this week took the last step out on the precipice of fiscal self immolation it is clear that the strands of property and financial engineering mania I have been describing for you in the “Yarns from Down Under” series (see FSO archives) are now fully entwined. The funeral pyre for our property and credit markets has been lit. As usual the executioner, always seeking anonymity behind the traditional executioner’s mask is the Four Pillars, the oligarchic federally protected banks of Australia and New Zealand.
For this evening’s performance folks, we bring you live from the Opera House Down Under the fabled Fat Ladies playing Brünnhilde in this long running economic cycle’s “Ride of the Valkyries”, Act III from Wagner’s Die Walkure.
Ride of the Valkyries is probably best known to you as the music used by the 1979 movie “Apocalypse Now”. In real life it is one of the world’s great operas. In Valkyries, Brünnhilde is traditionally represented as a large lady wearing a Viking winged or horned helmet, an especially appropriate metaphor. Before this performance is over, many will feel those horns. In the opera-house, the “Ride”, which takes around eight minutes, begins when the curtain rises to reveal a mountain peak where four of the eight Valkyrie sisters of Brünnhilde have gathered in preparation for the transportation of fallen heroes to Valhalla. This too is part of our story as some heroes of the great property bubble in Australia and New Zealand are already fallen and merely await disposal. Others are queuing to get to the mountain, still blissfully unaware of the purpose of the Valkyrie sisters. Many more will be coming.
You don’t have to worry about missing this show. Unlike its 8 minute pop in Die Walkure, our story of the conflagration of the Down Under property bubble is booked solid for 8 years and will likely have several encores!
Our operatic stars are now making their long overdue debut appearances, headlining sellout performances in Sydney, Brisbane and Melbourne, and in an international simulcast taking to the stage across the ditch in New Zealand where they are appearing not by any means exclusively in Auckland, Wellington and that redoubt of fiscal rectitude in New Zealand’s Deep South, Christchurch.