16th August, 2017
Manufactured crises intended to distract
Prime Minister Malcolm Turnbull on 11 June announced:
"If there is an attack on the United States by North Korea
then the ANZUS treaty will be invoked and Australia will
come to the aid of the United States...". Turnbull's intervention
was targeted at Americans, not Australians, conveying
the message that if US President Donald Trump went to
war with North Korea, the good ol' Aussies would back the
USA all the way.
Articles include the following:
- More warnings on Australian property bubble
- Calls for Australian 'missile defence' target China
- Korea tensions dangerous, but war not imminent
- VIPS coverage crucial to break Russia-gate stranglehold
- A neocon revolving door in the Trump Administration
- Vice-Chair blasts Wall Street's failure to invest in economy
- Genetically-mutated financial system will crash
- BRI will bring peace, if we let it
- An independent foreign policy depends on future vision
- Aboriginal tribe negotiates Top End space base
- How Roosevelt's Bretton Woods system was hijacked
Click here for more...
8th August, 2017
Bubble watch: mortgage delinquencies and investor losses on the rise
Each new report relating to Australia’s housing market indicates the inevitable, near-term collapse of the property bubble, and the banks that are intertwined in it. The government and banks must treat these reports like gasping canaries in a mine, and act to get the Australian economy out of danger, starting with a Glass-Steagall separation of banking from speculation.
Mortgage insurer Genworth Mortgage Insurance Australia, which has about 30 per cent of the mortgage insurance market, has revealed in its latest half-year results a distinct rise in mortgage delinquencies—borrowers falling behind or defaulting on their payments. Genworth pays out to the banks when borrowers are delinquent on mortgages it insures.
The insurer has experienced a sharp rise in the number of paid claims, and an even sharper rise in the amount of those claims. In the first half of 2017, Genworth paid out 711 claims, up from 566 claims in the first half of 2016, and 633 claims in the second half of 2016. The average dollar value of those paid claims shot up from $72,600 in the first half of 2016, to $102,300 in the first half of 2017.
This rise in delinquencies is shocking, considering that interest rates in Australia have been at record lows for a long time. It demonstrates how even a modest rise in interest rates will cause carnage among overstretched borrowers—as foreshadowed in April by Finder.com.au, which revealed that 57 per cent of mortgage holders would not handle even a $100 per month increase in their mortgage payment.
Print latest media releases as flyers (A4 PDF)
Radio interviews with CEC Leaders