8 August, 2023
Readers’ Forum - July 11, 2023
When is personal gain legal?
When you buy and enter a contract - verbally, or fixed - a money institution is allowed to put interest rates up to where they make profits in two ways. Firstly, the percentage of the rise, and those who set that percentage get a pay rise or a dividend payment. When people who have entered into those financial agreements lose their assets, and many times all their payments and personal assets, isn’t this personal gain by the lending institutions?
If a new contract is established after the interest rates rise, this is another mat- ter. When people borrow, they do so knowing of the rises. When the Reserve Bank puts interest rates up multiple times to stop inflation, have they thought that inflation is increased by a seller rising its price and borrowers must borrow more money?
Inflation is mainly due to greed and lack of supply, when there are huge prof- its made by fuel companies in very hard financial times - there should be some control. When freedom of trade was introduced, it opened the doors for infla- tion and price rises, totally uncontrolled by the authorities. This causes personal
gain. It’s about time the government reg- ulators, did what they’re paid for, and introduce cost effective controls, or send our country into recession - these are my thoughts. It’s on again, the Reserve Bank is about to put interest rates up again.
Common sense will show that to put interest rates up others have to borrow more money to try and pay their bills. The only ones who benefit are the money lenders - isn’t this personal gain?
Up again for the 13th time, many more rate increases haven’t stopped going up, the reserve bank and the other banks that followed, stand to make a lot more money at the expense of the disadvantaged - isn’t this personal gain?
It’s said Australia is the ‘lucky country’, well it sure is, for the Reserve Bank and the other banks and money lenders that follow, with interest rates rising at the expense of the people borrowing. Not those trying to live a reasonable lifestyle.
Inflation will continue until the responsible control is put in place by those who promised to control inflation. This is the chance to show your genuine concern. These are my thoughts.
John Collison, Gilgandra