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Relying on evidence going back more than years, he warns of a regular year property cycle due to peak in The crisis that began with sub-prime morgages in the US has already sent shock waves through the global economy and triggered a run on Northern Rock. Under present policies the bust is predictable, and readers can learn how to avoid being trapped in the debts that bankrupt businesses and lead to the repossession of homes.
However, the more desirable aim of long-term stability, sought by Brown and governments around the world, is not achievable, Harrison argue, without reform of taxation. Get informed. Brand new Book.
- Boom Bust: House Prices, Banking and the Depression of by Fred Harrison!
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Basing his argument on a study of property markets over the last years, Harrison warns of the danger to banks, business and jobs of ignoring a remarkably regular year cycle. Recent events have proved the accuracy of his prediction. He accuses Gordon Brown of giving people a false sense of security by his oft repeated claim, last made in his Budget speech, that 'we will never return to the old boom and bust'.
They Say it Can’t Be Done
Alan Greenspan in the US encouraged a similar belief which led to the risky sub-prime mortgage spree. The reason for the instability, Harrison explains, is not the housing market itself but the land market on which all buildings stand. Land is in fixed supply - as Mark Twain noted: 'They're not making any more of it'.
Therefore, as the demand for land for new homes and offices rises with population growth and economic expansion, market forces, which normally increase supply to reduce prices, have the reverse effect: prices rise. This encourages speculation, with banks lending more against escalating asset values and reinforcing the upward spiral. Under existing government policies, the only way land prices can be brought back to affordable levels is a slump, undermining the banking system and causing widespread unemployment and repossessions.
This is what happened with the collapse of US sub-prime mortgages. The author argues that monetary policy and bank regulation only have a marginal impact on land speculation.
The only way of neutralising the boom bust cycle and creating conditions of economic stability is a fundamental reform of the tax system. Seller Inventory AAS Book Description Shepheard-Walwyn. Seller Inventory ZZN.
Boom Bust: House Prices, Banking and the Depression Of - Fred Harrison - Google книги
Book Description Shepheard-Walwyn , London, Book Description Paperback. Banking and the Depression of This is what happened with the collapse of US sub-prime mortgages. The author argues that monetary policy and bank regulation only have a marginal impact on land speculation. The only way of neutralising the boom bust cycle and creating conditions of economic stability is a fundamental reform of the tax system. Banking on Failure.