Michael Hudson reports on his recent trip to China for a conference.
Not only Chinese housing but US as well.
China’s housing: It Doesn’t Have to be This Way
Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University
4 comments:
People who own houses in the UK thick they have become rich, CBT all I know is that wanting somewhere to live has caused me to work my nuts off and to be in other ways poor. I was 25 years old when I left home and I was having a glorious social life, them I bought a flat and became dead poor only to go out a couple of times at the weekends. Then later in life I bought a house only to become dead poor again. I never for one moment thought about how much it was worth as I couldn't care less, I just wished I had more money for holidays and fun.
My flat jumped from being worth £23,000 to £123,000 but when I sold it to buy a house I was dead skint again.
All I can say is that high house prices caused me nothing but misery, and to spend too much time at work.
The ruling elite conned the public about high house prices. The public thought they were getting rich but really they were making the bankers fantastically rich instead when they had to work all hours to make ends meet.
The huge irony in the nearly five decades long fiasco of banker and corrupt politician led UK house price hyper-inflation is that the British have a national song called Rule Britannia and one of the songs lines is "Britons never shall be slaves!" The house price hyper-inflation fiasco where many of the younger generation don't expect to ever own their own home suggests very strongly they actually have a slave mentality and believe virtually every lie their Neoliberal politicians and mainstream media outlets tell them.
Sorry about the typos. That happens easily on this phone.
So when I bought my flat for £23,000 it soon doubled in price within a few years. People in my block of flats (it was a Victorian house converted into flats) were all bragging about how much their flats were worth. It was like they had won the lottery.
I told them that the houses they wanted to buy next had also doubled in price, and so if their flats had doubled in value from £23,000 to £46,000 then house prices had approximately gone up from £45,000 to £90,000 which meant that they were far more expensive to buy now than they were originally and in this way they were really worse off, not better off. Where in the past they had to find an extra £23,000 to buy an house, now they had to find an extra £45,000. But they took no notice and continued to brag how much there flats were worth when they went up in value again and again.
I didn't go to university or anything, but maybe I'm bright and everyone else in the UK is thick.
“just home from China, getting over jetlag.”
Maybe that explains it?....
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