Panic in Actual Property | Armstrong Economics

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COMMENT: I reside in central West Texas, I’m passing on to you the actual fact that there’s a “rush” of gross sales in rural property’s. Homes with small quantities of land hooked up are “flying off of the cabinets” so to talk. That is occurring all through all of West Texas and within the Panhandle. The trouble to getting out of the cities. Even cities as small as 25,000 is in full swing! Persons are properly conscious of the potential of what’s within the close to future and aren’t sitting round questioning what they need to do.

They’re appearing!

J

REPLY: There’s a large exodus from California and New York particularly. Even in North New Jersey, homes are promoting in simply days and over asking costs for money. Persons are bailing out of New York Metropolis in herds. Right here in Florida, condos are promoting as quick as they’ll get them up in St Petersbourg. These lockdowns and COVID restrictions which can be insane within the main cities have set in movement an enormous exodus that these authoritarians by no means anticipated. As they flex their muscle mass to attempt to make this so draconian over nothing, they’re full the cycle which has been pointing to the collapse of urbanization, and the wealthy will flee.

Certainly one of my favourite tales of the Sovereign Debt Disaster is the Metropolis of Mainz, in Germany, round 1440. The goldsmith Johannes Gutenberg invented the printing press, which started the Printing Revolution that enabled the Renaissance to flourish with the printing press which may produce as much as 3,600 pages per workday in comparison with the hand-copying by scribes which might produce solely about 40 pages per day. The printing press then unfold inside a number of many years to over 2 hundred cities in a dozen European nations. Mainz exploded economically and shortly the politicians have been licking their lips with visions of latest tax income with out finish. They started borrowing towards future tax income since they realized find out how to spend the cash quicker than it might be collected.

Because the politicians of Mainz saved elevating taxes as a result of they may not pay their money owed, they started to challenge new debt to repay the outdated as we do at this time. All of a sudden, they drove individuals out due to their taxation as we’re witnessing as soon as extra. Then the politicians couldn’t promote new debt to pay for the outdated and that’s when then defaulted. The Pope excommunicated the politicians for his or her abuse of Usury after which the collectors merely invaded, sacked town, burned it to the bottom. Little doubt, that is the destiny we are going to face as a result of politicians are driving their automobile at high pace with out a seat-belt they usually by no means checked the tires.

There’s a main flight from the cities and we’re witnessing the collapse in actual property in city facilities and suburbia costs are rising as individuals are paying money and even over asking costs.

 



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