Can Australia’s Housing Bust Morph into a Financial Crisis?

Wolf Richter wolfstreet.com, http://www.amazon.com/author/wolfrichter

As the housing bust in Australia progresses in its methodical manner, will it trigger a mortgage crisis that hits the big four banks, and the remainder of Australia’s financial system to the point where there’s a banking panic and a financial crisis in Australia? And what will this do to the global financial system? (12 minutes)