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>Ed - the cultural influence I was referring to is the generational
>change that occurs when the children of self made men/women are born
>into affluence, which is the inevitable outcome of older developed
interesting.... IMO since in our system money is basically debt based on
collateral (land), any changes to the way land is treated legally (ie, taxed),
will result in dramatic consequences.
this is what happened in the US :
- interest on mortgages was made
deductible
- capital gains on real estate was made tax free to
500 k (!) every 2 years (!).
- down payments were not required
- mortgages were securitized (ie, sold to foolish
investors) to reload the mortgage guns.
in a way the entire system went on a war footing to
ensure real estate appreciation.
obviously, land speculation (the way most
millionaires were made in the US), was sold as a get rich quick scheme to the
entire population, especially the gullible immigrants. the ones who got in and
out early made a killing.
the real damage however is to the honesty in the
system.
the US and its govt encouraged speculators made a
fortune on crisis profiteering in Latin America, Russia etc by selling them
austerity packages when they had their crises. This way they bought priceless
assets for pennies on the dollar. This is how the oligarchs in Russia got their
wealth.
when the crises hit home, the US coolly rejected
its own medicine and went for bailouts of unimaginable amounts. And this
is just the beginning.
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