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alstry (35.36)

Land Is Now Free....Next Will Be Houses

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November 21, 2010 – Comments (3)

7 Towns Where Land Is Free

In my neighborhood, property taxes went up over 10% even though appraised values went down.  The irony is that the higher property taxes will decrease affordability even further thus driving values down even more.

As Benny The B's Zombulation policy paying no interest on savings is making harder and harder for pensions to hit their required returns....it is forcing more and more governments to raise taxes anywhere they can.

All of this was easy to foresee.......

It is fraud to make a loan to someone or some entity you know or should know can't pay back the loan.......in America, between 2002 and 2007.....banks made trillions of dollars of loans knowing that the borrower could never pay back the debt....

Those fraudulent trillions lent out drove our economy and much of the economies around the world....

It caused real estate prices to skyrocket.....it was the basis for our tax receipts......it was why so many had jobs.......

But the whole game was based on a foundation of fraudulent lending and massive spending.....

Once the bankers started to cut off the spigot, you knew that the debt would start collapsing....they knew it too as it was mathematically impossible to pay back the debt.

Once the debt started to collapse....everything else would collapse too as nearly everything in our economy.....revenues, jobs, pensions, retirement accounts, investments and values was based on the debt and cash flow from the debt.

......

Once our production was outsourced overseas....and bankers started making trillions in fraudulent loans.....we essentially morphed into a ponzi economy of fraudulently lending and spending.  Fraudulent lending and spending was our economy......And once the bankers cut off the 'lending....we began to realize that absent fraudulent lending and spending.....we really didn't have much of an economy.

Right now tax receipts have dropped so low that government is borrowing over $1.5 trillion dollars that it knows it can never pay back as bankers continue to decrease lending to the private sector which will only cause additional contraction and future tax receipts to decrease further.....

Government's need to borrow has become so massive that it is no longer borrowing but simply printing money as many know it can never be paid back.....basically....as Bill Gross states.....it is even more extreme than a Ponzi Scheme as we can simply counterfeit and no longer need to sucker anyone in to buy our bonds.

What we face will test the character of our nation and much of the world.....if government keeps counterfeiting while cutting off credit to the private sector, the private sector will shut down and our money and assets will soon be worthless...........if we stop printing........much of the nation will go bankrupt and we will ALL realize that most of our economy was simply directly or indirectly based on fraudulent lending and spending.

Either outcome is very convulsive.....and both will change the world as we know it.  Our Economic System was driven by fraud.....and now that the bankers keep cutting off credit to the private sector, more and more are realizing this.....

It is why Buffett thanked government for "bailing" him out.....because if it didn't, he admits Berkshire would have gone bankrupt.......what he doesn't mention is government is not bailing out tens of millions of American families as the private sector.....and much of the state and local governments in America, as most continue shutting down.

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It is an interesting time in American History when government is bailing out those that are the criminals, fraudulent lenders.....and not bailing out the victims.  It really is not much different than had we bailed out Madoff and not his clients.

3 Comments – Post Your Own

#1) On November 21, 2010 at 12:17 PM, BillyTG (29.20) wrote:

Thanks for posting that. I've seen some other places giving away free homes/land, mostly in inner city slums where crime is high and unemployment is off the charts and homes have been deserted en masse (e.g. Detroit areas).

This is obviously a trend and people who believe Michael Burry, Jim Rogers, George Soros, et al, who say agricultural land will be very important and valuable in coming years, might be wise to keep an eye on new free land locations.  I'm interested in buying a farm with a well somewhere, and am going to hold off buying until another housing crash and more welfare and unemployment, maybe a couple years away.  By then, I'm hoping my PM should be worth so much that finding a nice free farm or cheaply building or buying should be a piece of cake.

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#2) On November 21, 2010 at 2:19 PM, alstry (35.36) wrote:

Billy,

Agricultural Land will be very important....as it is now.

My guess is when we get to that point....government will own all farmland as it will be deemed too important to be owned by an individual.

We are now going into the clouds....and private property rights in traditional areas will likely change dramatically.

As more and more lose jobs and businesses shut down due to bankers cutting off credit...tax recepits to government will continue to evaporate.  At some point, government will need to obtain ALL of the cash flow/production of assets.

It is amazing how so few of the respected intellectuals contemplate the role of government in a world of mass bankruptcies.

The other possibility will be government simply tax the production of the land....similar to the current trends with rising property taxes against declining values.

 

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