Unless it's good.
I tell you, if George Orwell had written that book this year, one of The Party's slogans would have been something like "Freedom is a big mortgage" or something.
Gimme Gimme Gimme
2 hours ago
Friday 7 October 2011
Debt Is Bad...
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2 comments:
I posted the following:
He's, in a funny way, right - but as you'd expect for the wrong reasons. How about writing it like this:-
"The failure of the housing market is bound up in the debt crisis. Lenders won't lend because their balance sheets are dire. Why are they dire? Because they lent too much to households. That over-cheap over-supplied money - supplied by Gordon Brown - pushed up house prices to unsustainable levels such that they must now fall. Consequently lenders can't lend and won't lend against a depreciating asset. Hence buyers can't (and probably don't want to) buy and so builders can't build.
Exponential Debt is the only way (except a Georgist move to tax externally created location value instead of wealth creation) to stop money velocity from totally stalling.
AC1
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