If you haven’t kept up with all the findings from the royal commission, here are a few of them… We found out AMP charged customers for services they didn’t receive. Then they lied to ASIC about whether they provided those services or not.
What we really need to fix our banking system is far smaller banks and less regulatory help for the Big Four. With lots of small local banks, local economies can thrive.
Central bankers don’t know what higher or lower interest rates will do. They have some idea. The US Federal Reserve, for example, is often confident when they hike or lower interest rates.
How much do you think central bankers make? Most of these people are rich before they ever enter the role. And when they leave, they accumulate even more wealth as a consultant, book deals, etc.
Many will tell you crypto's are one big scam. Some will happily explain it’s the future of money. Some love it, many hate it. But the real question is why do the haters hate it with such vigour and bite?
No, it’s not October you should blame for our recent decline. You should blame those who allowed asset prices to get so high in the first place. Blame the banks.
Money in itself is whatever we all decide to accept, but also it’s whatever the central banks decided we should accept. A central bank for instance could decide that thin pieces of plastic will no longer be money.
I don’t think bitcoin is the biggest threat to banks. Instead they should be far more worried about two tech giants growing in the East. I would argue this is an inevitable move.
At time of writing, shares of Westpac Banking Corporation [ASX:WBC] are marginally lower today, trading at $27.15. However, this share price is its lowest return in five years.
Last week, Assistant Governor of the Reserve Bank of Australia made a speech about money and credit. Sounds boring, right? Well, that’s what the bankers would like you to believe...