BANKING NEWS OF THE WORLD January 20, 2009: SO WHAT WILL THEY DO? The world governments will have to buy the debt of a large section of the world population with regard to home ownership, perhaps credit, and other core items which are bankrupting economies. The governments should not buy 100% but they can buy the differential between what the house is actually worth and the unsustainable value they paid less any funds/convertible assets they may hold. The basis of the decison as to how cuh should be the economic evaluation of the multiplier of what a house is worth in the average suburb. It is worth 5 - 9 times the annual average income. Thus a person who earns $50,000 should be able to buy a house valued at $250.000 to $450,000 maximum. One house, not two and not houses for investment. Those who bought for investment and not for living should not have their excess debt proportion paid. This is not a concept this is what the governments of the world will have to do. As for shares and other instrumenst they were all overpriced. They will not return to where they were and will be probably 50% of the values we have seen during the boom years. Since banks are not capable of lending the funds necessary to keep business going across the globe they are acting inwards. Governments wil have to draw upon superannuation funds creating new rules to allow funds to provide capital to firms. This will increase risk and so a premium will be charged, 0.25% to 0.50% by the funds, some form of government guarantee goes into place to protect peoples' superannuation and the mandated contribution levels to superannuation will have to increase to exoand the pool of funds. This can also help offset any bad debts in the system by giving super funds a wider capital base to earn from. (Kevin R Beck, Melbourne, Australia) Go to Kevin R Beck predictions sites

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The credit, and debit cards, with the simple magnetic stripe, issued in Australia, that you carry and use every day are not secure. Neither are the ATM and EFTPOS readers. However there is a solution coming and it is expensive but you will have to bear the cost if you want to have a debit or credit card. Fraud, and theft, in Australia costs billions. I think it is well above the figures published. Fraud in Australia is likely to be ten billion, or more, across the total economy. The people who produce, and personalise, these instruments, and those who distribute them, the banks, credit unions and financial institutions and others as well as the police and governments have known this for years. The Federal Police Commissioner stated that magnestic stripe cards were not secure in June 2006. He was largely ignored by an uninformed public. Until now you were not told how at risk your cards are. Visa and Mastercard, and other credit card companies, have been bearing the risk, but no more. In 2007 you and the provider of your card will bear it. More likely you. Bank fees will rise.

Behind the scenes the Australian banks are now getting their act together through the "Trust one hundred day exercise" (major four banks). These four major banks are going to agree, and introduce, a standard platform for authenticated identification and multiple identity management. In 2007 Australia's financial, and other transation processes, will undergo a major change. Visa, American Express, Diners and Mastercard, will all force this change. The major banks will begin replacing your credit, and debit cards, with high technology secure smart cards, and new generation magnetic stripe technology, where the particles form a unique design, all personalised predominantly with state of the art equipment and software systems from Australia's Datacard South Pacific and the Datacard Group. Other Australian banks, financial institutions, companies and state and territory governments, will be forced to follow suit or risk liability and insecure systems. Membership cards, frequent flyer and more. Every Australian business will be impacted as its own cards and every ATM and EFTPOS machine is progressively replaced with dual authentication, encrypted systems. By 2010 the transition will be complete and some 20,000,000 cards at minimum will have been replaced. The Australian government's objective date for completion of its first sixteen million five hundred thousand Access Card deployment programme was no accident or guess.

The proposed Australian government Access Card is not an exercise in giving people a card for identification. This exercise is about security, fraud elimination and efficiency. It is about protecting government systems and moneies from theft and fraud, it is about serving tax payers. It is not about spying on them. Read why the simplistic arguments about privacy are counterproductive and naive. The people who are engrossed in the big brother theory, conpsiracy and 1984 operate in a vacuum of knowledge and reality. They will not get a seat at the table except peripherally perhaps out of political expediency. The essence of all of this has nothing to do with the government issing a card. I welcome them to the dance but they will end up being wall flowers with empty dance cards. If you will excuse the pun. Click on the "Heard About Smart Cards" link to learn more and welcome to my world. Kevin R Beck.

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