In this video, I talk with author and economic analyst John Sneisen @TheEconomicTruth about the recent troubles in Australia as they face a monetary crisis, a market crisis, a tax crisis and a poverty crisis some may say is all synonymous.
With the impoverished taking 4 generations on average to break with the family tradition of poverty, people in Australia are struggling. Tax revenue has fallen like a rock in the country in basically every category due to people making far less money.
Then there are the bubbles! The most notable bubble being the housing markets in Syndey, Perth and elsewhere.
As we've reported in recent days, there is a lot of investor confidence but no comparable fundamental value in many of the homes in Australia. This has lead to a massive bubble that can truly pop at any time. The construction industry is sure feeling it. Residential construction is set to slide 23%!
Victoria, ACT and NSW will have the steepest declines. These massive holes in the construction industry will dramatically affect growth in the economy as well.
The same old delusion of derivative and government lovers. This notion that we will watch it go sky high, we just have to be patient. Well many people in Australia are losing their patience as they see their money go out the window.
Resource rent taxation as well as oil and gas exports have been in a constant decline for years. The percent of household spending subject to GDP continues to crash through the floor as well.
You would think that in a reasonable world, when people can't afford to feed themselves, it's not exactly the best idea to steal more of their money, wouldn't you? Well the Australian government continues to do just that.
Australia has been walking straight into a cashless society, gradually like a frog boil for some time. With the proposals to demonetize 100 dollar notes and potentially even lower denominations while attempting to replace passports and IDs with facial recognition, Australia is one of the most prevalent (if you want to use that word) cashless societies.
If your money's in the bank, it's not yours, it's the bank's. If your money's always going through the banks via digital transactions and legal tender laws, it's NEVER your money and you are essentially a pawn of the government and banking system. This is exactly where they want you and the opposite of where you should be. Be weary good people. In a cashless system that's centrally planned, they can track your every move, stop payments, avoid bank runs and bail in banks if they wish. There is not much you can do to stop it. That's why individuals have to break free from the centralized system, be self sustainable, financially responsible and educated as well as independent of any centralized system. Decentralize everything folks and rule yourselves! Don't allow debt to overcome you!
