Now I am not one for reading the paper normally but today while having coffee I picked up the Telegraph and could not believe the story on the front page.
Dead people and expats receiving stimulus package as well !!
It seems the Rudd Government has wasted $40 million by paying the $900 tax bonus to 16,000 dead people and 27,000 expats living overseas. Now they are saying the budget will be back in surplus in 2022, how would they know ? I cannot believe they now say it won't be wasted the estates will spend the money and the overseas people who received the payment will come back soon to spend it, Aagggh !!
All this caused me in my time here by the beach to pick up a book called "Crash Proof - How to Profit from the Coming Economic Collapse" written by Peter D. Schiff.
Peter wrote this book in 2006 so it is well before today's current state of play, however it is playing out just like he says. I will be posting more as I read each chapter trying to get a handle on what is really happening here.
Needless to say we have only seen stage one, for the USA at least. Here is a quote from a recent article by Peter :
"But we should know that the bursting of the bond market bubble will have even more dire consequences than the bursting of prior bubbles in stocks and real estate. Significantly higher interest rates and inflation that will result will severely compound the current problems. Imagine how much worse our economy would be if we faced double digit interest rates? In addition, not only will homeowners be confronted with record high mortgage rates, but the Government will be staring at trillion dollar annual interest payments on the national debt, making interest by far the single largest line item in the Federal budget."
From what I understand so far, the only way any government can get back into surplus is by hyper inflation.The governments have been changing the rules to make sure we do not see the real rate of inflation.
Just a couple of years ago governments were saying we must SAVE and consider RETIRING EARLY to give young people a go at a job.
Ha now we must SPEND and let's move the RETIREMENT AGE TO 67.
More on this next week, Robert Kiosaki is in town and I have an outside chance to see him over the weekend.
What do you think ? Am I being too outragious ?
How do you feel about all this ?
Leave a comment below.
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