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RE: In Australia: A trickle of poor consumer sentiment data is turning into an avalanche!
Yes SirKnight and loved ones have locked in interest rates where they can and paid off as much debt as they can. First run of defaults and the banks will lift their interest rates so fast to protect their margins that it will make your head spin.
What pisses this Knight off though TP - many Australian's have serious super savings invested in high risk assets which they are unable to touch to pay off the loan on their low risk home. Superannuation really is a double edged sword for society which creates a false economy.
Only those with inflation proof assets will be safe, property won't be one of them. Gold, silver and Bitcoin dude.
The banks will be stealing people's deposits soon enough and private pensions will be nationalised. Most are going to suffer greatly and sadly won't see it coming.