Central banks are meddling behind the scenes, artificially reflating companies that have not ever made a penny of profit, floating for eye-watering sums. When everybody is thinking the same thing, it is likely that no one is really thinking at all. Co-founder and presenter, Ross Ashcroft interviews investor, hedge fund manager and author of Planet Ponzi, Mitch Feierstein.
After the Global Financial Crisis, developed countries all over the world have created housing bubbles to prop-up their ailing economies, driving up prices, forever locking young people out of the market, diminishing their chance of financial security. You would be forgiven for thinking housing is the problem. In reality the problem is not housing but land. We explore why a land value tax is the only way to ensure prosperity for future generations.
Your car gets counted once when it is built, not when it is driven. Your clothes, your bicycle, your furniture, all get counted once when they are manufactured, and not again when they are worn, ridden, or sat on. But homes are counted twice in GDP, writes Dr Cameron Murray: Once when they are constructed, and again when they are occupied. If we are going to count housing in GDP, shouldn’t we count it just once?
First home buyers face the highest price to income and deposit to income ratios, the lowest savings rates, runaway dwelling prices, weak wage growth, and a political establishment hell-bent on ensuring land prices keep rising, no matter the wider cost to the economy. Economists and co-founders of LF Economics, Phillip Soos and Lindsay David present best evidence the system is eating the young alive.
You wouldn’t know it from the way the government – and press – refer to the economy, but Australia is in a recession again. Technically…