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- THE CRASH OF 2010** -
The crash of 2010 has already been caused by government regulation of financial services combined with government's failure to supervise the financial corporations that were formed to expedite those regulations.
In the final analysis, all of those regulations derive from the government's unholy hunger for your blood (i.e. taxes).
Murphy's law for regulations reads "No regulation achieves even approximately what it was originally intended to do, and it costs more than ten times as much to implement as originally estimated. If the regulator is a government, then the ensuing disaster is greater by an order of magnitude."
The regulations that will cause Australians misery are those in financial services. That is insurance, superannuation & banking.
In Australia, wage earners have no choice. By law something more than 7% of their before tax income must be put into a "regulation" superannuation fund. And the government has reduced in real terms the policing of the regulations that guarantee financial services against criminal or negligent mismanagement. Many services are legally required to be insured. When HIH crashed, the government quietly covered those policies.
The upside potential for a disaster is mind boggling. The amount of money involved for Australian wage earners will exceed the Australian GDP (AU$500 billion) by 2010. Of course the people responsible for the disaster will by then be retired on government guaranteed, CPI indexed, superannuation incomes. Government will also cover those policies, by providing a minuscule old age pension.
By 2010 the Adelaide bank disaster, the Victorian Building society disaster and the HIH collapse will be recognized for what they were - the entree to a twenty course feast for politicians and lawyers, paid for by wage earners.
Australians you have been warned. The only way to personally avoid the crash of 2010 is to not put your money into approved superannuation funds, to not insure with regulated insurance companies, to be very wary of the stability of corporations to whom you loan money.
Oh? You must deposit money in a regulation superannuation scheme? It is the LAW?
Well you voted for Labour or Liberal or National or Democrat
didn't you? They all put a hand to shaping the legislation.
So you can't whine now.