Simple and Sustainable Forums: Sean - Viewing Profile - Simple and Sustainable Forums

Might as well add this one... gone are the days of every Fairfax article even remotely about housing getting pasted onto GHPC within 5 minutes!


http://www.smh.com.a...0404-2h9i4.html



Sick and tired of chasing dreams of finding a home

Tom Whitty
Frustrated, outraged and saddened: Generation Y is blaming baby boomers for their housing market woes.

I'm tired of the subsequent lack of enforcement of regulation in the real estate industry. I'm tired of the sharks and the spruikers and the snake oil salesmen. I'm tired of the media coverage of this issue that consistently goes to these same people for ''expert comment'', and I'm sick of reading about how the market is about to ''pick up'' and that ''now is the time to buy''.

...
Tom Whitty is a TV producer and freelance writer.

Cross-posting this in econ thread as well, readers will be very interested at the proposal that private banks will no longer be able to fabricate money supply on fractional reserve banking, but instead money supply will be limited by sovereign govt fiat, thus eliminating credit and housing bubbles:

http://www.telegraph...ne-bankers.html


IMF's epic plan to conjure away debt and dethrone bankers

So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan. One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined.

The conjuring trick is to replace our system of private bank-created money -- roughly 97pc of the money supply -- with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.

Specifically, it means an assault on "fractional reserve banking". If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.

The nation regains sovereign control over the money supply. There are no more banks runs, and fewer boom-bust credit cycles. Accounting legerdemain will do the rest. That at least is the argument

Some readers may already have seen the IMF study, by Jaromir Benes and Michael Kumhof, which came out in August and has begun to acquire a cult following around the world.

[...]

Cross-posting this in Aus property as well, readers will be very interested at the proposal that private banks will no longer be able to fabricate money supply on fractional reserve banking, but instead money supply will be limited by sovereign govt fiat, thus eliminating credit and housing bubbles:

http://www.telegraph...ne-bankers.html


IMF's epic plan to conjure away debt and dethrone bankers

So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan. One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined.

The conjuring trick is to replace our system of private bank-created money -- roughly 97pc of the money supply -- with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.

Specifically, it means an assault on "fractional reserve banking". If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.

The nation regains sovereign control over the money supply. There are no more banks runs, and fewer boom-bust credit cycles. Accounting legerdemain will do the rest. That at least is the argument

Some readers may already have seen the IMF study, by Jaromir Benes and Michael Kumhof, which came out in August and has begun to acquire a cult following around the world.

[...]