Securitisation?

Now I know a lot has been said and written about the Grand Mufti’s statement about the Paris massacres – it’s not our fault, it’s your fault (just contextual mind you, although the statement did call them causative factors, which doesn’t sound too contextual too me).

(Remember domestic violence is the fault of victims.  Child abuse is the fault of the children.  Just contextual.)

But among the unforgivable aspects of that Press Release was the completely incorrect use of the word SECURITISATION.

Here’s a heads up, this has nothing to do with security in the form of police and intelligence agency activity.

Here is what it means:

Securitisation is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities.

Now assuming that the Grand Mufti didn’t actually write the apologia himself, he needs to sack his copywriter. Truly pathetic.

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15 Responses to Securitisation?

  1. closeapproximation

    Perhaps this will be the next word-hijack, like “Organic”.

  2. Gab

    People need to understand that the grand mufti does indeed speak English but chooses not to in public. The use of ‘securitisation’ is deliberate and accurate.

  3. lotocoti

    Steady on, Judith.
    Both the mufti and his entourage have made it abundantly clear that English lacks the nuance and richness of texture found in arabic.
    He can hardly be blamed for the failings of our mud language.

  4. Chris

    What’s the right word for that? Malapropism?

  5. gabrianga

    Australia’s Grand Prime Minister doing the snivel in the Philippines is as bad as the attempted “apology” by the Gran Mufti

  6. .

    Is this a left of field dig at Western banking?

  7. dan

    What I find impressive is the perfection of the perversity of the statements. Muslim terrorism isn’t due to
    -racial incitement by clerics in Gaza, London or Paris vividly encouraging extreme violence against Jews and others
    -the general climate of hatred especially against Jews and their ‘backers’ all over the Arab world, including in secular countries like Egypt and Syria which has formed the worldview of people like the refugees entering Europe now, I’m thinking of children’s shows for example with people dressed up as teddy bears and calling for death to Israel
    -the LACK of violence or rather, violent law enforcement against hotbeds of crime and fanaticism in places like Moolenbek (?spelling)
    -tacit encouragement of violence and warfare all over the world via enablers from uni students here to BDS fanatics to just the clueless people wearing keffiyehs in some vague show of solidarity during Middle Eastern wars.

    It’s all due to people like me who honestly wouldn’t give a crap about Muslim countries, Islam itself or Muslims in general if it wasn’t for the violence directed against people like me

  8. Nads

    It’s increasingly used jargon in Australian security circles, reflecting a desire to capture a greater range of (mostly non-traditional) issues under the security umbrella (ie climate change, public health, social inclusiveness etc). And like it’s financial equivalent, it becomes harder to understand the more it’s done.

  9. Bruce of Newcastle

    Mr Mufti now says his words were mistranslated. That is excuse number four so far by my count.
    He’s like a bug writhing on a pin.

  10. It’s probably a moot point, but during his weekly meeting with ASIO to inform on his flock, the mufti speaks passable fluent English.

  11. I Am the Walras, Equilibrate and Price Take

    ‘Securitisation’ is quite apt, I think.

    Given that we as a country are selling our birthright for the fleeting satisfaction of appearing ‘compassionate’, which is the virtue du jour.

  12. I Am the Walras, Equilibrate and Price Take

    Flying Tiger Comics
    #1860864, posted on November 19, 2015 at 10:45 am
    It’s probably a moot point, but during his weekly meeting with ASIO to inform on his flock, the mufti speaks passable fluent English.

    Wot? ‘Nuffink to see, nuffink to see, now go and arrest those nazis at the Reclaim Australia rallies, inshallah!’

  13. outsider

    The mufti looks not be capable of multi-syllabic discourse in English, either in speech or in written form. His guy wants him to sound ‘grand’ hence it is really ‘security’ he is looking to convey. He does a decent smiling pose next to MT however, presumably after some fluent sign language, with the thumbs up gesture featuring heavily.

    The isolation of the Arabic language is very likely to be a huge factor in ‘the troubles’ – ‘The total number of books translated into Arabic in the last 1,000 years is famously fewer than those translated into Spanish in one year.

    • Greece — with a population of fewer than 11 million — translates five times as many books from abroad into Greek annually as the 22 Arab countries combined, with a total population of more than 300 million, translate into Arabic.’

    Yes, Greece, that bastion of intellectual firepower.

  14. john constantine

    Securitisation of welfare islam sounds an apt description.

    Take 30,000 people a year, say 2 billion for direct payments and another billion for their welfare industry infrastructure and great green-white memsahib overseers.

    Securitise the debt and interest costs of the voteherd, just like low doc homeloans were collateralised into debt obligations of varying degrees of risk.

    You have gone for growth, created the new Australian welfare services economy with crony socialism clipping the ticket all the way along, just like the right sort clipped the coupons on C.D.O’s.

    Always wondered what the next smart play would be after dodgy home loans, here it is.

    Of course they need to import mass numbers of permanent welfare clients, the scam is based on clipping a bit from the largest possible number.

    The only loser is the poor bastard taxpayer.[and those living next to thousands of single military age males dumped in a settlement out the back of nowhere.]

  15. Ripper

    john constantine
    #1861081, posted on November 19, 2015 at 2:25 pm

    You might be onto something there. It sounds similar to how GS and Greece hid Greece’s true debt levels prior to entering the EU.

    IIRC Ken Henry once said that they could come up with clever financial instruments for something .

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