The Pickering Post
Friday, 15th December 2017

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LITTLE INTEREST IN LITTLE INTEREST CUT

Larry Pickering

Four-time Walkley Award winning political commentator and Churchill Fellow, has returned to the fray over concern that the integrity of news dissemination is continually being threatened by a partisan media.

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Has anyone noticed that banks have lately been ignoring whatever the RBA sets as an interest rate? The cash rate makes no difference when it’s this low anyway. And whatever Morrison suggests is the reason, it can be safely ignored.

Debt and deficit across the world’s nations has been allowed to drift without reparation simply because they are paying close to no interest on loans. And that’s a very dangerous scenario.

Turnbull and Shorten have been photocopying each other’s so-called path to solvency with a 10 year plan. The problem is that their 10 year plans are predicated on the same nonsense ... an annual GDP growth rate of five per cent.The fact is if they or anyone else achieves better than three per cent in any one of the next ten years, they should be doing cartwheels. 

No actual 10 year plan exists, it’s simply a phrase that keeps the horses quiet.

For the RBA to lower the rate by 0.25 per cent of one point to less than two per cent is an                                                            exercise in fiscal futility.

Historically there has always been a link between the interest rate and the inflation rate. 

Quite simple really, a low inflation rate represents a lack of growth in the economy which is then stimulated by a lowering of the interest rate, which among other indices encourages investors back to the Stock Exchange and investment in growth.

                                                      Glenn Stevens, RBA Governor 

When economic activity gets up a head of steam, resulting in a higher inflation rate, then the interest rate is increased to take the heat out of the economy and stem rising inflation (or a higher cost of living).

The trouble is when the interest rate is at or near zero there is insufficient room to move to make a difference. Thus the banks have been ignoring the RBA rate settings and finding other solutions to the problem of a lack of growth without the benefit of at least seven or eight percentage points of meaningful interest rates to play with.

Of course the greatest danger is that when interest rates do eventually return to a workable level the housing market will cool off leaving the banks with insufficient equity in the family home because all these new homeowners have taken advantage of the previously low interest rates... and now monthly payments are far in excess of what the poor homeowner originally bargained for.

                                                                        Evicted

The banks are at liberty to then send the homeowner a bill for $100,000 or whatever they say they need to make up the equity difference or they will sell the home from under your feet.

If you try to sell your home yourself you will likely find there are no buyers because not only has the cost of borrowing money risen but the price you will need to cover the loan and the Bank’s demand for a greater equity in your devalued home will be well above what purchasers are prepared to pay.

You think the banks won’t do that to a long term customer? Think again. They have done that before, and they will do it again. Banks gladly foreclosed and sold family homes at ridiculous giveaway prices during the latest GFC.

Don’t expect to remain friends with anyone if ever there is a sum greater than ten grand involved.

Then when the housing market is in decline (the banks couldn’t give a stuff about that either) it affects the economy across the board because the housing approval figure is always a sign of a sick or healthy economy. 

From white goods to lawnmowers, rotary clotheslines and furnishings, it all stops dead without housing approvals.

It was housing loans (sub prime) that started the latest world-wide recession but Kevin Rudd had Costello’s surplus to chuck around, mostly unnecessarily.

But if a recession looms, due to dumb politicians, there may not be an effective level of interest rate to combat it.

And even if there was, this time around, again due to dumb politicians like Rudd and the current mob, there is no surplus with which to stimulate anything! 

The cupboard is bare, as is Obama’s, and he can’t be expected to assist in case of a new GFC. He is far too busy increasing the US debt above $20 trillion by financially supporting known Islamic terrorist groups around the world.

So don’t rejoice too loudly at Glenn Stevens’ miniscule rate cut,

... you know, the one that is being ignored.



Comments

Get rid of the corrupt jewish banks and remove the world's greatest SCAM.

in theory an excellent idea. but in practice, i wouldn't trust any of them not to get around it somehow. no matter how long I live, I will never be able to understand (don't want to) the outright primitive cruelty of some people. and in people who are actively involved with animals, it's unforgivable and - I am serious - deserving of a firing squad.

Yes Lights the Greyhound guys have not done well. Rather than strip them, I think they should do what Horses racing does and make them train at the racetrack. Trained, housed fed, treated etc. that would allow stewards to watch over procedures and keep it tight. What do you think of that little light that just arrived in the thoughts?

Yes, absolutely, if only this country had the right person/people to carry out such correction. In the meantime, I don't care how many people go out of business in however many States, in order to stop the cruelty permanently. I don't believe the fairy stories about 'good' trainers. In a parallel universe, I'd shoot them all.

From Cory.How rotten are the ABC? The film they showed of the children being abused in the Don Dale Home is old. It has come to court and the case is now closed.Anything to dirty the waters for the coming NT elections

There have been two significant stories broadcast by the ABC over the last week or so that I’d like to briefly discuss today.

Firstly, the Four Corners story on juvenile detention in the Northern Territory (NT) which aired last week. There is no doubt that the broadcast images were confronting, resulting in the Prime Minister establishing a Royal Commission (RC) within hours of them going to air.

The officer originally chosen to head up the RC has now resigned and two others have been appointed in his place. The appropriateness of the appointments is the subject of debate but suffice it to say that, in the case of one appointee, I am most surprised that ancestry seems a more important qualification than judicial experience.

The fact that he had already rendered his verdict via social media prior to his appointment may also concern some but this seems to have been excused by many as emotive intemperance. Perhaps not the ideal characteristic for an independent reviewer of a highly charged matter, however, the decision of appointment has been taken by the Prime Minister and the Attorney-General and we are reliant on their prudence and judgment in this instance.

However, subsequent to the program, new evidence has emerged via an interview with NT Corrections Commissioner Mark Payne that the ABC presented footage of incidents that had already been investigated and characterised it as ‘news’. The ABC program also seemed to ignore the serious injury and damage that juvenile corrections officers have suffered as a result of violent offenders under their custody, which could assist in placing context around some of their actions.

Such information gives me cause to question why the ABC chose now to present their story. Could it have anything to do with the Northern Territory election due this month?

Surely, such a politically charged program wouldn’t present events that occurred under a previous Labor administration; events that had already been investigated and resolved by a court of law, as new material damning of a conservative government just weeks out from an election?

The mere thought of such a thing happening should alarm anyone who values the charter of independence of our ABC.

Our national broadcaster also chose to devote an entire episode of their flagship news program 7.30 to allegations of inappropriate behaviour by Cardinal George Pell. It was filled with dramatic re-enactments and sinister claims without a single counter view presented.

How the ABC can justify such a smear in the absence of any charges beggars belief. Nonetheless, they tried to when they released a statement on 28 July which stated:

“There is a clear public interest case for reporting on this matter. Cardinal George Pell is a significant public figure, a senior figure in the Catholic Church, and he also has had direct responsibility for the Church’s response on the issue of child sex abuse.”

Now, whether or not you agree that broadcasting unsubstantiated 40-year-old allegations designed to smear a public figure is appropriate, one must surely contrast the treatment by the ABC of George Pell with their treatment of another high-profile individual.

You may recall that a couple of years ago a ‘senior Labor figure’ was the subject of rape allegations dating back to the 1980s. The allegations were investigated by Victorian police who found there was no case to answer and no charges were laid. The law did its job.

The media also did its job, choosing not to publicly smear this politician by mentioning his name in any of the stories that reported on the matter before the police investigation concluded. As far as I can recall, the coverage given to the entire tale by the major media outlets was minimal; one can logically presume because it would seriously damage the accused and the allegations were unproven.

Sound familiar: unproven allegations dating back decades and personally damaging to the accused? Much like the smears broadcast last week by 7 30, however the Labor figure is protected and the Catholic cleric is publically vilified.

How could such different treatment be handed out by our billion dollar taxpayer-funded independent national broadcaster? Unfortunately, the answer is so clear to anyone who wants to see: the ABC’s bias is out of control. I only hope the new Managing Director, Michelle Guthrie, is willing to do something about it.

Until next week.


Cory Bernardi

What is our current money?
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Let's recap, shall we.....
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"Within the U.S. there is a debt free money already available that circumvents bank lending, it's called "legal tender". Legal tender (public money*1) is not borrowed, loaned or spent into circulation and the only legal way to get it, is by your demonstrated productivity and public demand for the medium............."
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http://carl-random-thoughts.blogspot.com.au/

I've only got a University Degree in Commerce, but I s'pose on the basis that I got it 40 or more years ago might mean that I'm out of date. For instance I understood that the RBA set the official rate for inter bank lending, which has nothing to do with the cost of finance for the bank. The interbank rate only comes into effect if a bank runs out of liquidity and has to top up by borrowing through the Reserve Bank. Gee, I'd better tell my economist friends too, because I learned this obvious error from them.

The Australian Media flabbergast me. They are too fkn dumb to work out why so many of us voted for P.H.O.N. We put her there as a Sentinal , a watch dog because no longer do we trust the Liberals , and why should we , Turnbull and his Libertarian Lawyer Clique in Parliament are now a copy of the old Australia party , remember Siddons and Chipp. Wd havd to make sure that PHON get more Senate support next election, because if we can't get Bernadi Conservativses with a nice high profile with the Punters , then shes all we,ve got.

Here's the tip. . ISIS will not pull any stunts in the USA until after the election . Then if Clinton gets in , within 4 weeks there will be a big hit , to get demands, and if so , Watch Clinton cave in.

1 pm News 2GB . Got their priorities right . First item. Same sex marriage . Then terrorist knife murder and 6 injured in thd London Attack . HERE IS A TIP 2GB , GET THE 22 Y.O FEMALE , GETUP LEFTIES OUT OF YOUR NEWS ROOM , SPEND A BIT MORE , AND HIRE EXPERIENCED NEWS STAFF. PLENTY AVAILABLE. .

The report that led to the demise of dog racing is deeply flawed. The report by McHugh was reliant on old archived evidence provided by animal activists. The industry had undertaken measures to clean up the practices of a few rotten apples. No...I repeat nobody has been caught or charged since the changes put in place. We are losing our rights everyday and we sit on our hands and let people like Baird proclaim Islam is a religion of peace and that his Health Minister caught red handed lying to us, is still the best person for the job. Mal puts Hendy into cushy job for the boys. These dictators are thumbing their noses at us. Democracy is very sick and needs correction.

Thanks Pablo.

R56, On Principal,I don't believe it is up to a State or Federal Government to sell off assets that belong to the People without a Mandate. The Greyhound matter is a different story, being a clear animal cruelty matter that needs immediate action and resolution. That sums up what I was trying to get across.

Pablo.. I see where you are coming from but I am not worried whether he sells Wentworth Park or not. If it stops the cruelty to these dogs, then I am all for it.

Baird will make money for NSW if he sells the land, or the cruelty dished out to greyhounds to make money for the trainer...I know what I prefer.

R56. I totally agree with your assessment and sentiment for the Industry. They had ample opportunity to do the right thing and stop these cruel practices. I was just questioning his underling motives. Let us see when the dust settles, how much the State Government sells off to Developers.

A Crisis Worse than ISIS? Bail-Ins Begin
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While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. Poverty also kills.
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At the end of November, an Italian pensioner hanged himself after his entire €100,000 savings were confiscated in a bank “rescue” scheme. He left a suicide note blaming the bank, where he had been a customer for 50 years and had invested in bank-issued bonds. But he might better have blamed the EU and the G20’s Financial Stability Board, which have imposed an “Orderly Resolution” regime that keeps insolvent banks afloat by confiscating the savings of investors and depositors. Some 130,000 shareholders and junior bond holders suffered losses in the “rescue.”
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Read on –
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http://wakeupfromyourslumber.com/a-crisis-worse-than-isis-bail-ins-begin/
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Australia Plans Cyprus-Style “Bail-In” Of Banks In 2013-14 Budget
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https://barnabyisright.com/tag/bail-in/

london killer tasered? why was he not dispatched with multiple 9mm projectiles? against SOP to engage a knife attack with unreliable non lethal methods. see all the utube videos of officers being overcome in the 18 foot kill zone trying to draw a weapon on an advancing assailant with a knife.

Pablo, the people who run the greyhound industry (the Board) have known for decades what had been occurring and they had been told to clean up their industry many times, and they did nothing.
Same as the 'good' trainers, they did nothing so how can you call them 'good' trainers?

Whether it is a land grab (Baird has said it is not) or not, it was just blatant cruelty that was happening, and when I saw the young, 'live' bait squirming on a butcher's hook and the dog being zapped with a cattle prod I just felt anger.

Sorry, but I am with Baird 100%.

Telegraph UK....UK ISIL supergrass claims terror group planning simultaneous attacks in England, France and Germany.