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The new construction methods, building types, and communal land management strategies that are preferred by implants have an outsized effect on the environment. Compare the new construction in Vail to the older buildings, which can still be seen in smaller towns.
I would prefer building preferences to become more harmonious with the natural environment instead of less.
"The market can stay irrational longer than you can stay solvent".
"When the music plays, you have to dance."
I'm just suggesting not to speculate with borrowed money.
Vacant Housing Estimate - https://fred.stlouisfed.org/series/EVACANTUSQ176N
So, looks like closer to ~11% as of that data.
The only thing I have to say is that I would expect the government to push more federally backed mortgage loans at their preferred interest rates if they sense a slowdown in private lending. Heaven forbid markets correct themselves.
Since property prices are highly correlated with incomes, and income changes are correlated with inflation and productivity gains, the only lever that can be pulled to change real estate prices is the interest rate.
For property to become more affordable, the interest rate has to rise. Since that would cause property values to drop, many people who recently purchased property would find themselves owing more to a mortgage lender than their property is now worth, and it would likely remain that way for a decade. Many of those people were stretching to afford their purchase before, with 3% down programs and half their monthly income or more going to service a loan. We are already at a record high level of mortgages in forbearance.
So, the interest rate cannot be allowed to rise. The only people that would benefit are people with a decent income, no debt, and substantial savings, who do not yet own an asset class. Almost no-one, and mostly young people. But low interest rates push money to seek higher returns, which causes investment to become speculative instead of seeking lower-risk capital improvements. This reduces future productivity gains, which lowers growth long-term.
In other words, the future is Japanification. Society will gladly sacrifice its children and future for a few more years of fun bucks. A decade long recession is, I believe, inevitable, and will happen after the next asset crash.
There is no way out. Get out of debt and hoard as much as you can. Bad times are coming.
1) I do not have perfect knowledge. 2) Good, or at least better, ideas will implicitly produce better results over long periods. 3) It is immoral to control the lives of others. 4) Therefore, people can argue for ideas they find compelling, and people are free to choose what they think is best. 5) Furthermore, people must bear the consequences of their decisions.
A further part of this system was that it was necessary for society to be structured such that individual choices do not have an outsized impact on others. This required that the apparatus of the state have specific constraints. It was quite a remarkable belief system, and much has been written about it over centuries.
The interest rate is the "price" of money. Central banks controlling the interest rate effectively practice price controls for debt. Much has been written about price controls, but fundamentally they create inefficiencies. Unfathomable amounts of debt have been completely misallocated in pursuit of whatever the goal of interest rate control has been.
The Forbes list of 100 wealthiest people will exclude people that ask to be excluded. All of the excluded people have inherited their wealth and all of them are so wealthy they would push out anyone without inherited wealth.