Re:What is Money? (1913)
by nwatson on Thursday March 08, 2018 @10:55PM
(#16549695)
It's real good to be heavily in debt when inflation increases beyond expectations.
There were many government employees in Brazil who'd bought real estate in Brasília (the country's new-ish capital) with significant mortgages at reasonable fixed or quasi-fixed interest rates before the inflationary 1980's. After many years of 100% or 600% inflation in the 1980's, were left paying the equivalent of US$50 per month mortgage for awesome apartments.
There were many government employees in Brazil who'd bought real estate in Brasília (the country's new-ish capital) with significant mortgages at reasonable fixed or quasi-fixed interest rates before the inflationary 1980's. After many years of 100% or 600% inflation in the 1980's, were left paying the equivalent of US$50 per month mortgage for awesome apartments.