How on earth did Australia's banks understate investor housing loans by $50 billion?

What does it say about policy that we now have a situation where landlord loans make up 40 per cent - 40 per cent! - of all outstanding residential mortgages?

These are just some of the questions that arise from the revelations today by Reserve Bank deputy Governor Philip Lowe.

The new estimate of the investor loans apparently came as lenders took a closer look at their books after the bank regulator, the Australian Prudential Regulation Authority (APRA), increased scrutiny, as it tried to get the banks to rein in investor credit growth.

Documentary: The Bitcoin Gospel

Prepare For The Total Destruction Of The Financial System

We are likely to reach a point very soon when investors around the world realize that central banks printing trillions of dollars of worthless paper can never create wealth and therefore will just lead to a total implosion of the financial system as we see multiple systemic failures. Looking at the bad news from all across the world, it is likely that this secular bull will turn down strongly before the end of 2015.

Throughout history, corrupt leaders and governments have consistently over-promised and under delivered leading to chronic deficits, money printing and mounting debts. This is why gold is continuously going up measured in paper money. And this is why gold will go to unimaginable heights in coming years as global debt increases exponentially.

When Does Technological Advancement Actually Lead to Prosperity?

When is a society prosperous? The general understanding seems to be it’s when everyone has an abundance of goods. But is this a useful definition? Are you prosperous if you have an abundance of goods, but no time to enjoy them? Are you prosperous if you have an abundance of goods, but you’re sick? Are you prosperous if you have an abundance of goods, but you live in an oppressive society? Are you prosperous if you have an abundance of goods but are desperately unhappy and feel you’ve wasted your life?

Want Cash? Next-Gen ATMs Demand Biometric Verification: “Smartphone and Eye Scan To Dispense Money”

Some of the longest standing fears have been based around the idea that once cash is fully banned, the last remaining vestiges of freedom will go with it.

While that remains to be seen in total, it is clear that a digital matrix of computer-based spending, surveillance and control is taking over more and more of our lives.

Now that system wants to scan your iris and even talk with your smartphone in order to allow you to access your own hard-earned money. Sadly, this eerie new world order scenario is closer to reality than ever before.

Malnutrition and 'Victorian' diseases soaring in England 'due to food poverty and cuts'

Cases of malnutrition and other “Victorian” diseases are soaring in England, in what campaigners said was a result of cuts to social services and rising food poverty.

NHS statistics show that 7,366 people were admitted to hospital with a primary or secondary diagnosis of malnutrition between August 2014 and July this year, compared with 4,883 cases in the same period from 2010 to 2011 – a rise of more than 50 per cent in just four years.

Boycott Westpac Bank

We all need to have a bank account in this stupid society but we don't have to bank with Westpac Bank. If you or anyone you know banks with Westpac you should close your accounts and move to a New Zealand owned bank such as KiwiBank or the Taranaki Savings Bank (TSB)

Westpac Bank have just shown everyone they do not give a fuck about your privacy or the rule of law.

Iceland sentences 26 bankers to a combined 74 years in prison

In a move that would make many capitalists’ head explode if it ever happened here, Iceland just sentenced their 26th banker to prison for their part in the 2008 financial collapse.

In two separate Icelandic Supreme Court and Reykjavik District Court rulings, five top bankers from Landsbankinn and Kaupping — the two largest banks in the country — were found guilty of market manipulation, embezzlement, and breach of fiduciary duties. Most of those convicted have been sentenced to prison for two to five years. The maximum penalty for financial crimes in Iceland is six years, although their Supreme Court is currently hearing arguments to consider expanding sentences beyond the six year maximum.

If You're Young, The Job Outlook Is Grim No Matter Where You Live

The World Bank has an unsettling message for young people around the globe: Whether you're male or female, live in Tunisia or the U.S., you will struggle to find a job.

Across regions and continents, people 15 to 29 years old are at least twice as likely as adults to be unemployed. The world will have to create 600 million jobs over the next 10 years, or 5 million a month, just to prevent the situation from getting worse, the Washington-based lender said in a report it released Tuesday with coalition partners such as the International Labor Organization.

Being Poor Is Too Expensive

Some think that being poor is simple. You don’t have enough money to buy a lot of stuff, so you’re forced to buy less stuff. But that’s not really how it works. When you’re broke, you can’t do all the little things that will improve your budget over the long run. It actually costs more to be poor.

When you’re poor, you can’t buy your food in bulk, buy high quality stuff that will last, or own your own tech instead of renting. It costs money up front to save money over the long run. Worse yet, being poor often comes with hidden, intangible costs that make digging yourself out of poverty even harder.

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