Interest Rates

All my life I have been savings oriented, fat lot of good it has done me. I started off by buying a very large Life policy which at the time I could ill afford. This was to take care of me in my old age and dotage. Fat chance, I hadn’t taken into account meddling politicians. These folk by their muddling generated sufficient inflation to take care of my policy and rendered it’s value, as far as I was concerned, next to useless. The generous sum I had arranged to be delivered to me at sixty years of age, had now been reduced to a pittance. This didn’t stop the ‘suits’ to stand up and tell the Nation. ‘What we need to correct the current financial situation is for all to get more involved with saving’. I agree as a Ethnic Group we have a dismal savings record. Really why should you even bother to save? Just carry on Boozing, Gambling, perhaps Wild Women, and generally spending up large. When you require it the State will rush in and save you, even give you a Card that ensures you don’t pay for anything in the Health Area. Including a place in a retirement home, as well many hospital benefits. Save an ‘Nest Egg’, you Silly Billy, the State will soon rip this from you until you too reach the destitute status. Anyway after the Insurance debacle I took a deep breath, and started out again, determined not to make the same mistake again. I’m now convinced no matter what direction you take, every route is full of traps and hazards. Those who chased higher interest returns with Financial Companies, ended up with little or nothing as the Institutions they trusted their money with, one by one fell over and all their money just disappeared. Meanwhile the principals sailed off in their high priced yachts. Or pointed at their wife and million dollar mansion, stating, ‘Sorry I have no money. Unfortunately for you, it’s all in my wife’s name, or a family trust that can’t be broken’.

 

This brings me around again to the people in charge of our Money and Country. What qualifications do you really require to be a politician? None really, normally you are required only to look the part, as well our system is flawed by ‘List System’ which has allowed some unlikely candidates who would never have the slightest possibility of ever obtaining a seat in Parliament if they had to arrive under the system of having people actually voting for them. They with the list system they have bypassed this obstacle, and just slid into a position of power. In the past when you looked over the calibre of what arrived via this path to govern us, were breathtaking inadequate. Truly, this adopted election system is absolutely outrageous.

 

I have some money invested in ‘Bank Fixed Deposits,’ up until recently the interest stream was sufficient for us to live on and it was safe. With the Reserve Bank coming in with their low rates to protect the Business World and Trading Banks to save them from their stupidity, while this is fine and generous for them, but what about the folk in retirement who are relying on this interest and a reasonable income stream. We didn’t stuff up the current situation with stupid behaviour and suspect loans. Anyway are the banks passing on this largess to Card holders? So far they have shown no inclination to drop their rates from 21% pa. which is close to usury. I have also regarded the people who rack up huge debts with their cards, and pay this expensive interest as the idiot fringe, and they are completely irresponsible in most things. I don’t know what action should or can be taken, to protect these folk from their weakness and stupidity.

 

One sector of our troubled public have received an unexpected bonus. Any that went in over their heads, borrowing to the hilt to finance additional homes, have had a lifeline tossed at them in the form of these reduced interest rates. Seeing we haven’t seen the worst of this yet, and the result will be that many are going to lose their employment. When this happens, some of these folk can still fail as you also need a money stream to service any loan. I can see these things without the aid of any crystal ball.

 

 

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