It's pretty tiring the way many of the property bulls here continually come back to the topic, especially Shadow and Strindberg.
Yet you mention no problem with The Count de monet (wulfgar) whose almost every post includes pro gold utterances. This place has always had loads of goldbugs spouting the virtues of gold. How come you never see The Count, poontang, ted, AustralianAustrian, Bullion Baron, createdby, frankrider, the whole truth, goldbug, micnugget and all the others who spout anti fiat currency rubbish.
Property sites have always attracted doomer goldbugs. Goldbugs dominate and have always dominated the bear side of property discussion. My posts on gold deal with that situation and are entirely reactive.
What most bankers know but wont tell you is that those that own the economic rent will continue to enjoy ever increasing wealth for zero effort because as the economy grows so does the economic rent. Those that don't own will have to pay much more for rent or a higher price to join the party and start a mortgage as prices always rise.
Yep I agree, that's why it's a problem right now - these sorts of situations invariably deteriorate living conditions for the workers to the point where insurrection (or the threat of it) becomes inevitable, and the propertied classes ultimately have to back down and make concessions for fear of their lives/property.
The argument made by David Collyer et al. is that we should avoid the farcical situation of history repeating itself in this way by forcing the government to introduce some form of Georgist-style land tax, to stymie this creeping rent-seeking behavior.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness. "Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
Yep I agree, that's why it's a problem right now - these sorts of situations invariably deteriorate living conditions for the workers to the point where insurrection (or the threat of it) becomes inevitable, and the propertied classes ultimately have to back down and make concessions for fear of their lives/property.
This system has been in place since the land ownership systems as we know them were created in England, ownership rights that our entire economic systems and the wealth of most nations now depend upon. I don't see there been any real problems with it now, or any activists with such a magnitude and backing that it could even pose a threat to the status quo. The odd outspoken housing bear is just too far removed from any kind of relevance and level whatsoever to have any kind of influence on those that own the system.
Following settlement of Australia, we flirted with free land and it was shambolic and chaotic and didn't work. It took a British convict banged up in London to have the economic insight to insist on price enclosure of the land and furthermore that starter prices to be set at such a level that a man would need to work most of his able times to completely own land.
I say, if you cant beat them join them.
The Letter caused some stir in Sydney, for Wakefield claimed that Australian colonies were suffering from chaotic granting of free land, shortage of labour and consequent dependence on convicts. He argued that if settlement were concentrated, waste lands of the crown could be readily sold and the proceeds applied to the emigration of labourers, preferably young married couples, thereby giving maximum population relief in Britain and ensuring a balanced, fruitful colonial society. But if the price for crown land were made 'sufficient' (high enough to discourage labourers from immediately acquiring land they could not use) such tribulations as those of Thomas Peel at the Swan River settlement would be avoided. Sufficiency of labour and a congenial society would attract capital, encourage emigration, assure prosperity, and justify the rights of a colony to elect representatives to its own legislature. British society and civilization could thus be transplanted from an old to a new country for their mutual benefit."
Goldbugs dominate and have always dominated the bear side of property discussion.
Why do you think this is? I'm genuinely confused - I think there's a real problem with rising property prices, but never for a minute would I think that buying something as useless as gold was a good hedge against it (well not unless I had some secret Game Theory model geared around second-guessing a Pavlovian market response)
I agree that most of the posters you mention put forward ideas that are equally as annoying as most of the BBQ property bollocks you hear on a weekend.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness. "Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
......like you did with the >20 million shares you bought in AYN just before they went bust.
Even with AYN going into receivership that portfolio is still around double starting value.
There are some people who seem angry and continuously look for conflict. Walk away, the battle they are fighting isn't with you, it's with themselves.
The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it. The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.
Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
The argument made by David Collyer et al. is that we should avoid the farcical situation of history repeating itself in this way by forcing the government to introduce some form of Georgist-style land tax, to stymie this creeping rent-seeking behavior.
Nowhere near enough - at current rates you pay 0.9% on a million dollar property, and only 0.24% for half a mil.
Also a problem is the fact that the valuation process is toothless - many official decisions are revised down after legal action from wealthy land owners.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness. "Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
Yet you mention no problem with The Count de monet (wulfgar) whose almost every post includes pro gold utterances. This place has always had loads of goldbugs spouting the virtues of gold. How come you never see The Count, poontang, ted, AustralianAustrian, Bullion Baron, createdby, frankrider, the whole truth, goldbug, micnugget and all the others who spout anti fiat currency rubbish.
Property sites have always attracted doomer goldbugs. Goldbugs dominate and have always dominated the bear side of property discussion. My posts on gold deal with that situation and are entirely reactive.
I don't consider myself a goldbug nor anti property/fiat currency.
I'm a realist. How many properties in Australia? How many people? Foreign ownership as well, how many people can own multiple properties in Australia before we run out of properties? EDIT: Properties available for investment purposes.
Property can not be the be all and end all of investing. Diversification has to be part of an investment portfolio.
I don't own any gold and certainly have no inclination to hoard precious metals.
As shadow pointed out in another thread Gold outperformed Sydney property over a recent period. I think over this decade gold will again outperform. I have a portfolio that holds a few ASX300 listed Australian Gold Mining Companies as a leveraged position to the price of gold.
Have purchased property 56 kilometres from Melbourne, not seeking capital growth but a lifestyle choice.
Some here think gold has had its day in the sun and it's all over for gold with further falls to come and a long period in the doldrums.
Others think it is in a lull before its next leg up and others don't care one way or the other.
I think Gold has upside potential over the next 5 years or so, especially in AUD terms. I am not in the prices to the moon, >$5000AUD camp though. $3k I would not rule out.
There are some people who seem angry and continuously look for conflict. Walk away, the battle they are fighting isn't with you, it's with themselves.
The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it. The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.
Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
Nowhere near enough - at current rates you pay 0.9% on a million dollar property, and only 0.24% for half a mil.
Also a problem is the fact that the valuation process is toothless - many official decisions are revised down after legal action from wealthy land owners.
Considering it's not income being taxed I reckon they're lucky to have it. I also pay tax on rents received, as well as other income earned.
Yep I agree, that's why it's a problem right now - these sorts of situations invariably deteriorate living conditions for the workers to the point where insurrection (or the threat of it) becomes inevitable, and the propertied classes ultimately have to back down and make concessions for fear of their lives/property.
The argument made by David Collyer et al. is that we should avoid the farcical situation of history repeating itself in this way by forcing the government to introduce some form of Georgist-style land tax, to stymie this creeping rent-seeking behavior.
I'm more concerned about a Minsky moment than assets getting expensive to the detriment of rent-paying class.
In days of old or in third world and emerging economies, you can just use power and force to take property and enforce rents on plebes.
In the modern age, elites rely on debt and Minsky moments invariably breaks the system down before the new elites have time to enjoy their newfound rent extracting powers.
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