This article from The Daily Reckoning really got my stomach churning, and I haven't got a mortgage, thank God..
I speak to many people and most of them are families with young children and a mortgage hanging over them. Insurance for the house is a must when it's a mortgage and the majority of people have the breadwinnner-man of the family insured for his life so the wife and children will have the house paid off. However, as I speak to them I ask if they also have the husband's 'wages' insured or the 'mortgage' insured, and I can't tell you how many blank looks I get...Oh we can't afford those extras...is the usual mantra I hear. I respond with something like, well what if hubby were to break his leg or come down with a serious/terminal illness...what would happen to the mortgage payments?...I tell them that when my nephew had his wages insured a few years back, he had a very serious car accident and was totally incapacitated, HOWEVER, he did get his insurance payments equivalent to what he was earning and this was on top of the RTA -Road Traffic Accident -compensation payments. He was fully able to continue supporting his wife and children and the home.
My fear with all of this is that it's so much easier for sharia banking to take a hold of our economies. So many people will go for their loans of low interest etc. I do not agree with the Govt bailing out these mortgage holders, as I really believe they (the mortgagees)should spend that little bit extra on insuring their mortgage which will cover the repayment loans for 9-12 months or wages insurance which will cover for 1-2 years. I realise that life is tough enough as it is without extra expense but isn't it time people started taking a real responsibility for themselves instead of always expecting the governments to bail them out and keep them afloat....However, having said that, I also understand that the governments are not doing this out of the goodness of their dear little black hearts. It is a way to keep people in prison as the DailyR suggests.
I could go one further and suggest that this dollar business, the bailouts, the sharia banking etc. has been one long planned for scheme (conspiracy) by the islamists themselves and they have been pulling the strings of the stupid little puppets that are known as the rulers of countries, the governments themselves. Talk about stealth...they sure do have patience and are willing to have long-term plans and we already know of the population jihad, the arson jihad, and every other jihad that is in the making or has been put into place over the years. Someone once suggested to me that they had a 100 year plan, and we are about half way through it and it is becoming more evident each and every day.
This is all affecting us Australians as well and mrkrudd is in the thick of it.
Just because Australia is not specifically mentioned does not mean we will not be affected by all of this. WE WILL BE AND WE ARE. Make no mistake about it. And for those that think we here in Oz will be safe and not affected by what happens Internationally, may I suggest you just go and stick your collective heads in your collective buckets of sand. But don't start screaming that you were not warned, that the signs were not there.
A New World Order on it’s way???
Bill Bonner in London, England:
April 6th 2009
In London, last night:
"You weren't here today," began the cab driver. "You missed the excitement. You know, the G20 meeting. They held it here in London...
"Some lads got out of control. They smashed a window over at the Royal Bank of Scotland, and then broke up the computers and so forth...
"Nothing very important, but the media makes a big thing of it. They kept talking about that G20 meeting - as if they were going to change the whole world - New World Order and all that...but what could they change? These hotshots at the banks took some bad bets. Now they've got to pay for them. What's all the fuss about?"
Clearly, our cab driver should go back to school. He could study macroeconomics and learn about counter-cyclical fiscal stimulus...and the multiplier effect...and the need to restore liquidity to the financial sector. Then, he could be spouting the same claptrap as other commentators. He could get on board with the plans to save capitalism from...well, from capitalism! It's all very well for the capitalists to make money, he will discover, but when they begin to lose it, well government has to step in and bail them out. The "creative" part of capitalism is fine...but spare us the destruction, okay.
Yesterday, the heads of state of the world's 20 leading countries decided to put more muscle into their efforts to stop capitalism's downswing. Notably, they decided to treble the budget of the IMF. In all, today's International Herald Tribune tells us it's a "One Trillion Dollar Deal."
Gordon Brown pronounced it a "New World Order," which sounds a lot like what George Bush I was aiming for 15 years ago. One world government. One multi-national police force. Harmonized tax collection. (No more tax havens...nowhere to run...nowhere to hide...) Keep the masses happy with bread and circuses...and "wars" against imaginary and unnecessary enemies. (The War on Terror and now - the War on Depression.)
Hey, maybe we'll all have to speak Esperanto, too...
But at least now the IMF will be about to bailout more bankrupt governments before it goes broke itself.
Most of the money is coming from a country that doesn't have any: the U.S.A.
Look up. What do you see? Why, it's our Dollar Crash Flag. The dollar's days are numbered. What's the number? We don't know. But whatever it was a week ago, it is a smaller number now.
Yesterday, the dollar gave up a little ground. The euro rose to $1.24. Oil went up to $52. Gold, however, fell hard - down to $904. Gold stocks, on the other hand, did rather well.
Hugo Chavez was in the Mideast this week at a meeting of oil producers. He called for a new petro-currency...which, we suppose, is a currency backed by oil. The Associated Press:
"Venezuelan President Hugo Chavez sought Arab support Tuesday for a proposed oil-backed currency to challenge the U.S. dollar in his latest swipe at Washington's dominance in global financial affairs."
He probably won't get very far with that. But he's not the only one looking for a solution to a crisis that hasn't happened yet.
That's the real New World Order...the United States will find it harder to stay in the driver's seat of this bus...and the U.S. currency will no longer give Americans an automatic ticket to the first class section... Americans have lost their jobs."
Obama assured the nation that America would be the leader in car manufacturing. Alas, it is probably not to be.
Why are Americans broke? Because they had the world's strongest economy and the world's most trusted money. As a result, everybody wanted to lend them money.
Find out why….
Why are the Chinese sitting on the biggest pile of money on earth? Because they had to live under one of the worst governments in history...because they were starving only a few years ago...and because nobody would lend them any money.
To read the rest of this story, go to The Daily Reckoning Page…link in rightside bar. www.dailyreckoning.com