The man who predicted the Depression in 1997
The document that spelt out the mechanism that would drive the global economy into depression was published in 1997. The land-led property boom was globally synchronised, so every economy in the world was heading for collapse in 2006-7. The global crisis would bring the business cycle to an end in 2010.
Author Fred Harrison warned governments that, this time, the world would suffer a depression unless there was a preemptive strike against the land speculation that was at the heart of every cyclical boom bust over the past 300 years.
Commentators have fallen for Gordon Brown’s smoke-screen – that housing booms and busts are part of the natural economic cycle with no remedy.
Read the 1997 aptly titled “The Dreamers, the Decieved & The Coming ‘Housing’ Crash” chapter and judge for yourself whether tax reform would have re-aligned incentives to deprive speculators and the bankers of the capital gains and bonuses that were to lead to the credit crunch.
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Brilliant stuff, Mr H. Keep going.
I’m praying that any future administration will not ignore your analysis and take your advice so we can at least attempt to stop this nightmare from ever happening again.
At least there is one voice of reason out there. Many, many thanks for all your efforts.
Wow! I get it! All the money disappearing into bricks and mortar, are basically funds that one lacks for productive investment. And no matter how high the BOE money-supply got, inflation figures remained low—because lots of stuff became cheaper, as production moved to lower wage countries.
Thus you end up with an economy that consists of dot-com entrepreneurs, television celebrities, lawyers, bankers, politicians and cooks, selling each other ever more expensive houses.