Fancy Houses, Wealth Inequality, and a Lesson in Humility (Mises, Joakim Book) \ stacker news ~econ

Took forever to get this bad boy through the editorial process... but as always Stackers had some advance warning as to where my mind was at (#929023)

I recently stayed in an incredible house—a high-ceiling, high-quality, high-tech, mansion-type property that isn’t even in my wildest dreams to ever own. No matter how well I do in my working life—plus my parents’ inheritance on the sad day they die, plus bitcoin doing its things in rearranging the monetary premia of the world—I’ll never land in this astonishing villa

(Dope caption pic... looks AI, but also suspiciously like Avicii's flashy old house in LA.)

The couple who owns this house was definitely assisted by a property market that, for decades, propelled their net wealth upward and upward, in what will one day be considered the worst wealth redistribution scam of our age.

What was most stunning to me wasn’t the difference in wealth between them and me, but how little it mattered to me. I have no aspirations to live in such a grand, stunning house. Moreover, it was shocking how quickly life here became quotidian—eat, sleep, work out, bathroom breaks, play chess on my phone. The human universals are the same.

Maybe Undisc et al assembled enough to buy The Economist... but will they buy fancy houses?!

59 sats \ 0 replies \ @Satosora 17 Apr

Some people dont need that kind of luxury. I think it depends on the amount of disciple one has.

0 sats \ 0 replies \ @Solomonsatoshi 17 Apr

The acquisition of real estate as a SoV is ancient but since the neoliberal deregulation of western banking in the 1980s it has been assisted by almost endless fiat debt issuance pumping prices. The lack of comparably attractive investments in productive assets has coincided with this to make the ear of fiat debt leveraged crony capitalism. It is nearing the end of this cycle. While the west has indulged in this massive misuse of fiat debt capital issuance toward non productive purposes China has built a productive economy second to none. These decadent edifices to the west era of crony capitalist misuse of fiat monetary issuance will stand and slowly crumble as the global order shifts to one dominated by China.