Monday, June 20, 2005

After the fall

The Economist on raging house prices: After the fall. Lots of naysaying and "ifs", and ends with... "the biggest increase in wealth in history was largely an illusion."


2 comments:

phil jones said...

Well, the idea that there could be an "increase in wealth" without there being an increase in anyone actually producing anything is always bogus.

Scribe said...

On a larger scale, true. On an every-day scale where people can't afford to buy/live in certain areas, or get into large amounts of debt in order to do so, the increase in wealth is pretty real, I feel. However, as always, someone has to pay for it...

But also as always, wealth is all an illusion anyway, merely a reflection of the current trends and desires of the emergent masses. The stock market, for instance, along with oil and commodities are nothing but speculation. A lot of wealth these days is mere assumption of the future.