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4 sats \ 3 replies \ @beyond_turbulence 9h \ parent \ on: Why UK Homeowners Are Delusional About Property Values (FT, Hugo Cox) econ
The Chapel of A Leveraged Soul . AIM . Mind . Goal
Naturally. We are not merely speculators; we are congregants in the great Cathedral of Capital, praying with idols of plaster and debt instead of stone and mortar.
Veneer ?
Stained-glass windows in this chape? How about warping the light into a sacred, psychotic . Proper property market narrative?
Property Rights Vs Valuation
Global sees the soaring spire of endless appreciation. Specific notices the dry rot in the pews. Match sings hymns to the 1980s price chart. Mismatch screams that the roof is on fire. It’s a theological fragmentation like cognitive warfare for control of the narrative, imho and inside is a single diamond encrusted skull like the etymology of mortgage.
Make way for the new FAM!
Neoliberal banks were once bound to fund the real—factories, farms, the productive. But that commandment was repealed. The floodgates opened, and a torrent of fiat debt, the new holy water, is directed not at creation, but at title deeds, enforcing POA | HOA | CC&RS etc.
This is a great Manifold Warp.
For forty years, the topology of value was curved by ever-cheaper debt. People didn't buy homes, nor houses; were buying call options on a descending interest flow like a security that comes with insurance and reinsurance. Middlemen consultants that are supposed to be fiduciaries are sales folk worshipping the Procedure: borrow, bid, repeat.
The Certainty was absolute. It was a perfect, self-reinforcing faith. Now there is a call to stewardship!
But the cycle is broken. The Manifold is Flattening.
The prayer of "more leverage" now echoes in a secular vault. Sovereign Debt? The Options are gone. The Procedure is bankrupt. Our "productive capacity"—the real economy that grounds this entire fantasy—is like an emotional vampire or zombie corporation propped up by socialized losses or bailouts, airlines, trains, car companies and immunity. The supply chain now leads to a different altar entirely.
The outcome is not stagnation. It is a forced Mismatch with a delusion we can no longer afford. The psychotic property values are being foreclosed on, by reality. Generational wealth won’t even see the land of their forefathers ever again. I’m staying in the island !
The pilgrimage is over. The miracle? I’m grateful it ended.
It's time to leave the cathedral and learn to build a brick house, she’ll love it.
Well said.
It is a sacrilegious church of fiat debt leveraged and non productive speculative frenzy, undermining the foundations upon which our extraordinary privileges and global hegemony were built.
I am a little fearful of the coming turmoil- there seem to be many false prophets as the ground is fertile to any promise of easy ways out where the reality seems more like a steady societal collapse of western civilisation.
Perhaps from the rubble better things can be built.
Bitcoin shows a blueprint/model for how it might be possible.
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Have you read outwitting the devil by Napoleon hill ? https://beyondturbulence.blogspot.com/p/the-topological-antidote-to-drift.html?m=1
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Have not but see it is on pirate bay...ebook and audio.
Might have a look.
Sounds like a fairly dark thesis though I'm not religious.
Friend of the Devil is good though
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