Chinese investment in Australia is only partly about life-style. The economics of investing in Australia is a much bigger motivation, particularly as the Chinese property market looks less and less inspiring.
Why do you think the Chinese love Aussie property so much?
We’ve all heard about what kind of impact Chinese buying is having. The latest I’ve heard is that they could account for one in ten new homes this year.
Ask you’re average Aussie and they’ll say it’s a no brainer. Australia is an awesome country. The weather’s sweet and we’re living the good life. Why wouldn’t you live here?
That might be true, but somehow I doubt it. The top investment destination for the Chinese is America. We’re second, Canada’s third, and the UK’s fourth.
If the leaderboard includes Canada and the UK, you can be sure they’re not investing for the sunshine.
Dig into a bit further and you’ll see that emigration intentions feature prominently in their motivations. A property is seen as a solid stepping stone to one day living here.
Educational opportunities for the kids also rate highly. Australia has some of the best universities in the world. It seems many Chinese are buying properties for their kids to live in while they’re at University.
But again, I don’t think this can be the full story. Owning property isn’t that big a leg-up towards permanent residency. And the kids could always rent.
So eclipsing and encompassing all these factors is the economics of investing in Australia. The Chinese know that property is always a solid investment, and Australia is still one of the best property markets around.
The Chinese have a long connection with property, and many of the wealthier Chinese, who are the ones looking to invest in Australia, have made their fortunes, in part, through property.
But now they’re casting their property net further afield.
And why’s that? Partly it’s just a basic diversification strategy. But the wealthy and switched-on Chinese know that opportunities at home are drying up.
Because the realty is that the Chinese property market is looking pretty grim right now.
On all accounts the market seems to be slowing sharply, and house prices have actually started falling – for the first time in 2 years. More than half of China’s 70 biggest cities had price falls last month.
Housing credit is also slowing and housing sales have fallen 15% over the past year. Unlike Australia, it seems their market is clearly moving into a down-phase.
As a result Goldman Sachs are predicting prices to fall 10-15% in most cities, and Chinese property will remain stuck in the wilderness for at least two years.
And the key factor driving the slowdown seems to be what the Financial Times calls a “chronic oversupply”. In Beijing, inventories of unsold homes have risen from 7 to 12 months supply in the past year.
And it’s worse out in the Tier 2 cities, where the overhang has risen to about 15 months, and worse still in Tier 3 and 4 cities, where it is a massive 24 months.
Because following the GFC, the Chinese loosened the monetary policy tap, cut interest rates, and encouraged a massive ramp up in Construction.
In 2007, China built around 6 million homes. By the end of last year, that had risen to over 10 million – an increase of 66%!
Now we’re often told about China’s rapid urbanisation experiment, with peasants coming off the farms and into the cities, and this is what creates the need for all these new homes.
But the truth of it is that the pace of urbanisation has peaked. And each year, the increase in the urban population gets smaller and smaller. In the 2000s, over 200 million Chinese made the cities their home. In the 2030s, it will be just 50 million. In the 2040s, China’s cities will have stopped growing altogether.
Indeed, according to the UN population projections, China’s population is actually expected to peak sometime around 2030, and start falling pretty rapidly after that.
And so it’s hard to shake the feeling that there’s a massive over-supply of housing, which will keep downward pressure on prices for years to come.
And the scary thing is that several years of falling prices could actually be the best case scenario.
The St. Louis Fed in the US compared the Chinese market right now, with the US market leading up to the bust there in 2007.
It’s a scary comparison.
In the 5 years leading up to 2007 in the US, and in the last 5 years in China, house prices in both markets increased about 50%. But it’s not prices that are the worry.
It’s the construction figures that are truly staggering. Housing under construction increased about 30% in the US, but it’s increased about 130% in China. That’s that massive construction boom we’re talking about.
But all that supply’s not being taken up. Vacant housing increased about 20% in the US. In China, vacant housing has increased close to 250%!
That’s starting to look like a massive over-supply, and it’s an over-supply that depresses prices, or worse still, could potentially trigger a collapse.
And so this is why the smart money in China is starting to cast their eyes further afield. They see the writing on the wall for the Chinese property market. The best-case scenario is that prices will remain sluggish and doughy over the foreseeable future…
… but with every chance it could end up being a whole lot uglier than that!
And so that’s where Australia comes in – a mature property market entering a boom phase, in a sophisticated and stable economy. AND, as I’ve written about many times, the Australian market this is still defined by a chronic undersupply and shortage of housing.
Savvy Chinese investors would be all over this.
Australia is an awesome country to be sure, but it’s not all about lifestyle.
It’s the economics that’s driving investment in Australia. And as China slows, you can bet on a whole lot more interest in Australia.
Tom says
Nice one Jon!
Our pre-crash market was bolstered by some scary lending tactics by finance suppliers.
What is the Chinese lending market like? Are those renting, peasant migrants able to borrow in the way we and the Yanks were encouraged to borrow, with Buckley’s chance of keeping up the payments?
If their lending is as reckless as ours was, they are even more likely to experience that worst case scenario, which Jon mentioned.
Someone please enlighten me.
Tom says
Afterthought:
If the Chinese have their “sub-prime” type of catastrophe, imagine the repercussions here!!!
Aaron says
My prediction? Jon will have a tonne of doomsayers setting up camp in the comments section. They will completely dismiss any and all previous logic regarding the upside in the market, and totally embrace the downside. They will embrace the downside like it is some a warm, cuddly anvil that will make them feel comfortable in their “rightness” as they sink to the bottom.
Great article again Jon.
Benny says
Hi Aaron,
“They will embrace the downside like it is some a warm, cuddly anvil..”
Love the imagery, Aaron !! Well done.
Aaron says
Thanks Benny. I am hoping one day Jon will take me on as a ghostwriter. I have a way to go to yet.
Will says
If China stalls isn’t the money used to buy Aussie property going to be needed to prop up their debt at home. So a collapse in China will cause fire sales here for 1 in 10 Aussie properties sending their money home? Even American improved figures will have an effect on Aussie although slight. Aussie investor will need to do their homework so they can benefit from the Chinese moving quickly through the market.
Anthony John Tassell says
How does a person in Australia, with property to sell, tap into the chinese market
WRJ says
Whatever happens in China, you can expect the effect to be magnified in Australia. China’s investors are focused on the few Australian suburbs around existing Chinese communities because that is where the Chinese agents, Chinese schools and Chinese relatives are. So we can expect some wild rides in those locations with some ripple effects to the surrounding areas as local residents are displaced.
PAULINE says
I am so fed up with the International purchase of Australian property – It has priced me and my children totally out of the market. I think it is about time that the government started to put a cap on the international purchase of Australian property – both residential and farming.
Alan says
Pauline, your views on a ‘cap’ are totally valid – but we ARE talking about making ‘easy money’ – for all those who already have more than enough financially, so be ‘essentially play living’ – “monopoly”. Those who don’t fit/live in that category are many, many now it’s plainly due current technology – internet, ‘gorging investors’ not only can track every world ‘rise and fall’ of financial housing markets rise and fall cycles – it reduces or even leaves no ‘positive minded future’ for those not in that ‘club’ already. The only ‘cap’ that I instantly ‘see’ as having any ”potential” merit is to create a legally powerful Australian gov’t register (as far this country is concerned – if not ultimately a global one) that seriously regulates ownership limits and stops the “pirates” of the land ‘seas’. That appears to me as the only possible solution to possibly cull (at least initially) any further explosive Julius Ceasar style gorging as far financially capitalizing on our home country’s blessed peace and harmony – not to mention all the rest of our day to day blessings when reflecting on a lot of other troubled countries and their tragic day to day circumstances! Without such a “legally powerful” entity there would be NO capacity to investigate (if as necessary) – any suspected o/seas improper collusion or other impropriety. A place to BE home – not just “call home” is not a privilege. My world orientated view rises – stands and remains on that platform and until ‘there is a ‘universal $1 = $1 on a global platform there will never ever be a single step towards any global equality of human kind – let alone any other form of ensuring that we all share the benefits and blessings of ‘giving the flick to such “draconian” systems like the so said “Sheriff of Nottingham” riding round collecting ‘taxes’ from those with none to really even have anything to live on – let alone hand to a tyrannical mind set that we all still live with from over hundreds of years ago! What rubbish! The proof of how absolutely preposterous ‘tax’ is in terms of still slamming the little people is all those ‘incalculable enlightened ones’ who have ‘woken up’ and have left behind such antiquity as use myriad tax ‘loop holes’ as evasive sanctions were in part as other issues were – why we ended up with GST on almost everything except AIR! The only blessing on future tax is the cronies will never get that one ‘pinned down’. Have a look at ‘money’ generally speaking it is long long overdue to equalize the ‘basic unit’ – if as it is often said – we are all due ‘equal rights as individuals’ then ‘where is’ the equality of ‘that equality’ in ‘being paid an equal’ rate? My platform is so ‘basic’ – fundamentally stable that, nothing can dig it asunder and keep it dead. Intellect is the greatest ‘tool’ we all have, ever so slowly we have all moved beyond being ‘cave dwellers’ and now live in an ‘alternate reality’ self mastered as we say have become(?) keepers of the earth and all that exists to use and to ‘divide’ sell is at someone else’s original – ‘ownership rights’ or ‘discretion’ not to do so. Which leads me back to one point … Beyond any truly non egocentric realistic,genuinely basic daily needs what else do we all actually NEED. Once a home is gained and partner a family if chosen – a daily contribution to our world as by chosen path in an area of life that suits and serves the whole of our own worldly existence – what is there that we actually really need? There is not and would not be any reason to HAVE to change anything unless we REALLY wanted to. That would be a choice – or even if it was rising from a ‘need’ – the point – we are all looking for an easy way to make money – a home is like GST no escape but it is also different, we all need a home and GST is (still) only 10%. Why, when everyone needs to own their own home (as 1. an ‘investment portfolio’) is it appropriate that, that basic need is one of the most heavily ‘punted’ on and “financially positive returnable investments” in the world for those who already are essentially sound – being ‘financial investors’. We are still essentially living with a “sheriff of Nottingham” now = private investors first in que, who still answerable directed by ‘Gov’t'(king) ‘tax dept’ investments etc – so precious little has really changed down at ‘street level’s, save the ‘sheriff’ gets far better deal than as he was ‘first born’. I do not wholly condone multiple private investments but there has to be a LIMIT. Otherwise ‘ideas’, such ‘investors’ could consider to offer ‘properly binding legal contracts’ that could ‘offer’ to ‘purchase’ a ‘property’ if such ‘rental tenants’ were so inclined to prefer or desire that kind of interest. We all need to feel secure our circumstances are widely varied but home is ‘home’ – I have moved home 28 times in 42 years and as first said ‘never liked monopoly’ = could be part of the problem? However that may be I would still like to arrive at owning one home. Pauline – I really do understand where you are coming from – I wish you all the very best of luck with your quest for a HOME that you can find you love the look of and how it feels ‘right’ for you and your family and send my support for your continued journey to find that ‘sacred place’ we all call HOME!
Aaron says
Thank you for sharing this manifesto Alan. Much more succinct than the one from the Unabomber. I can see you have given this topic some thought.
I can see that you are a kind soul and mean well. Of which we do need more in the world.
I do wonder how much planning and action you have put in towards pursuing your goals and dreams?
The way I see it, we all have a few fundamental choices in the way we live our lives;
1. Accept things the way they are. Be happy with this.
2. Don’t accept things the way they are. And then get bent out of shape when we don’t get what we want. Choose to have it stress you out and then blame everyone else.
3. Be the unreasonable man and decide change the world to make it more like the way you wish it should be. At least in some small part. Then persist until it is the way you want it to be.
4. Surf the wave. By this I mean, study the rules of the game, which change everyday, and then do something everyday that takes advantage of the rules and gets you closer to where you want to go. And never, ever, ever…..and I mean ever, give up. Sure, go off course, get your eyes back on the goal, adjust your course and keep going. And don’t give up. Persist.
I have been all of the above. All in one day. Over time I have trained myself to mostly be 1, 3 and 4. And I am getting the sense that the more I become 1 and 4, the more capable I am of executing on 4.
Set your mind on it Alan. Go and get that house. Don’t stop until you do (4). Then maybe you could work on getting one for everyone else (3).
Please excuse me if this is what you are already doing. I couldn’t discern this from your long passage. My IQ may not stretch that far?
Alan says
RE: manifesto
I accept I walk with that kind of DNA in my ‘blood’ and all things being equal in the not far ahead future I will be churning out some drawings as final drafts of very unique new homes- ‘dual minded’ beyond up to date perspectives with clean practical, environmentally eco functional living and any or every option of choices regarding modern design or inclusions criteria. As always the budget limit choice is the clients, more the point ‘static types’ will always be ‘different minded’ they hope be able available at really realistic prices.
Those notes summary what is at its own “threshold step” I have been working towards all my working life and it began when not more aged 12 years as then unknown to me due from a visit to the Planetarium in Melbourne. That excursion laid foundations that I knew in some part of myself by my amazement at what I saw but that part of myself knew had no construct upon which to lay my view, that has grown inside myself all my building industry life. I know what I am doing today so to speak ‘relatively soon’ due to that one experience that took my imagination, see all the stars in our southern skies and indeed the whole of the worlds other surrounding constellations from our earthly view in due course. Making endless adaptions over time I have arrived ‘retired hammer’ and now ‘sharpen pencils’.
Having put ‘pen to electronic paper’ in a open forum for the first time in my life (this blog is one that I watch occasionally as very busy otherwise at the moment) and received your return comments I have to say thank you ‘greatly’ for your patently fair and encouraging comments. You will not be forgotten no matter the winding roads may take, I may never do it again (save I am already doing it again)!
Your comments pushed me examine your choice of expression given ‘accurately’ towards myself. My apologies for those already well versed in these two words .. I needed to be understanding that – “if I was being accurately diagnosed” with my life “true felt condition!”
If we can’t laugh at and love our – ‘life prompts’ what is the point of living – it’s not “whingeing” that’s for sure, get into it bull and horns!
From Wikipedia, the free encyclopedia
For other uses, see Manifesto (disambiguation).
A manifesto is a published verbal declaration of the intentions, motives, or views of the issuer, be it an individual, group, political party or government.[1][2][3][4] A manifesto usually accepts a previously published opinion or public consensus and/or promotes a new idea with prescriptive notions for carrying out changes the author believes should be made. It often is political or artistic in nature, but may present an individual’s life stance. Manifestos relating to religious belief are generally referred to as creeds.
Or as said;
Manifesto alternative as – creed (also confession, symbol, or statement of faith) is a statement of the shared beliefs of a religious community in the form of a fixed formula summarizing core tenets.
I wholly accept the above two expressions as I believe I made prior note that it is every person’s right to have a home by birth. After that everything else becomes a flow of positive movement due foundation security is enabled and assured. It is pivotal to ALL else.
Your notes re … “Please excuse me if this is what you are already doing. I couldn’t discern this from your long passage. My IQ may not stretch that far?” … Got me laughing as I can, see your point and owe some clarity to ‘shore up’ my long held as ‘self chosen own ‘religious practice’ as a usual daily ‘non-practice’ as – “Not commenting on any blogs whatsoever” – due my other edict -“Shut up – get on with it Al”. This was the very first time I have ever put comments anywhere on the “internet” and I salute you being on ‘the ball’ and signalling full steam ahead working forward ‘in regard to your points 1 to 4 and making ‘the complaints as “beckoners’ for application of action” and not stumbling blocks as “gripes without medication”. Practical I have always been before all else. My visions ex-aged 12 drive an inner chariot of passion 55 yrs mature horse sense up front. With due respect your comments “keep going” – I come talking and walking from the stable of my vision and I am dedicated and intend to full-fill the mission of my own industry experience “no end”.
I will make the changes that I ‘see’ can help those that see what I see is where we all may end up preferring as a place to call home in some later understanding not yet fully seen as ‘ideal homes’. At the end of the day we are all blessed or nursed by our own choices, not cursed despite anyone. I am fond of words and ‘‘every dog has his day’’ is among favourites – these notes may be my last on the internet ever and if that is so then thanks for the return opportunity and look out for homes travelling under the name “Ovairiums”- not too far away in near future, who knows I may come back and speak out ‘internet loud again and catch up then? thanks for your own supportive translation, a home is still every persons necessity = we remain ”caretakers of this One known available reality” Cheers! Al
Alan says
Hi Aaron hope all is good for you. Have not related for a while busy! said no more but as been trying figure out the ‘dam’ ‘link notes thing’ may have it sorted? now? other comments past sent to – wrong person I think !! if so go back my first one – + please watch this “paste it” in ‘sending’ as below – what can anyone say/do?
As it’s all known generally, but if ‘see what is really going on with all this money business’ we all must use- now check this ‘eye lids pull open reality version out!
Not that we all did not know tax is truly bullshit so are all banks and their way of making money off all of us,but it’s really interesting to find this as “internet loud”!
Browser paste:> The Biggest Scam In The History Of Mankind – Hidden Secrets of Money 4 | Mike Maloney … < As long ago known – tax is 'complete ???' and the banks – government all just keep playing "Monopoly"- while already owning not only all the land and oceans, = all of us – as free slaves – is it or not reality?
While not intending to be 'negative', we need a system of exchange but an equal platform is the bottom line that I have always maintained is relevant.This 'series of information' is about the inevitable – or is it just about the plain ridiculous truth becoming known so completely globally and everyone will properly join in for free! – can that be done by a default status being the only ultimate alternative ..? Or will it self "implode or explode" depending on how long this specific "information" takes too flow out to all and sundry who have access to such information?? How long this kind of information takes to spread itself further, seems to me to be the ONLY question remaining! That’s all that I can say as a be – 'thought about very mindfully' at this time in history – sending to 'politicians' etc etc will become as the absolute inevitable = as a Ha ha ha! – 'Sure'? they will take notice if enough of a storm is rising on the horizon – BUT – what will be the answer? The famous so called political "Question time" will then be a very interesting event over these 'truly globally' applying matters due consideration/debate – do you not think so??
Cheers !
p.s. Remember the Sheriff of Nottingham, his Kings well due 'taxing' dividends!
Verses, Who was it said – "all good things must come to an end sometime"…?
..Catch up sometime ..there's more ''people than the government/banks'' etc? or is it controlling financial Armageddon rising light on horizon PRIOR first twilight?
How awkwardly simple it could be if we all contributed but waived the gluttony – not forgetting all the best in everyone could COME to be focused on 'equality'?
Al
John Smith says
Five minutes after I received Jon’s email I received this one regarding one of the biggest secrets of current property investment and development in Australia.
A Chinese developer is proceeding with a development application to build a $8.2 BILLION resort complex and casino at Yorkeys Knob on Cairns northern beaches.
Have a look at aquisgreatbarrierreefresort.com, that way it will save me the time to advise you of its details.
I live at Yorkeys, and have just listed my 32×2,3,and4 b/room apartment project with current d.a. approval for sale.
You can have a look via google, realestateyourwayyorkeysknobdevelopmentsite.
Cairns has been in the doldrums since the gfc but just starting to fire now, and judging by the number of grey nomads up here escaping the cold weather this will continue for some time.
Regards John Smith
Alan says
Hi Jon, hope all is good for you. Have not related for a while= busy! said no more but – please watch this paste it in ‘sending’ as below – what can anyone say/do?
As it’s all known generally, but if ‘see what is really going on with all this money business’ we all must use- now check this ‘eye lids pull open reality version out!
Not that we all did not know tax is truly bullshit so are all banks and their way of making money off all of us,but it’s really interesting to find this as “internet loud”!
Browser paste: > The Biggest Scam In The History Of Mankind – Hidden Secrets of Money 4 | Mike Maloney … < As long ago known – tax is 'complete ???' and the banks – government all just keep playing "Monopoly"- while already owning not only all the land and oceans, = all of us – as free slaves – is it or not reality?
While not intending to be 'negative', we need a system of exchange but an equal platform is the bottom line that I have always maintained is relevant.This 'series of information' is about the inevitable – or is it just about the plain ridiculous truth becoming known so completely globally and everyone will properly join in for free! – can that be done by a default status being the only ultimate alternative ..? Or will it self "implode or explode" depending on how long this specific "information" takes too flow out to all and sundry who have access to such information?? How long this kind of information takes to spread itself further, seems to me to be the ONLY question remaining! That’s all that I can say as a be – 'thought about very mindfully' at this time in history – sending to 'politicians' etc etc will become as the absolute inevitable = as a Ha ha ha! – 'Sure'? they will take notice if enough of a storm is rising on the horizon – BUT – what will be the answer? The famous so called political "Question time" will then be a very interesting event over these 'truly globally' applying matters due consideration/debate – do you not think so??
Cheers !
p.s. Remember the Sheriff of Nottingham, his Kings well due 'taxing' dividends!
Verses, Who was it said – "all good things must come to an end sometime"…?
..Catch up sometime ..there's more ''people than the government/banks'' etc? or is it controlling financial Armageddon rising light on horizon PRIOR first twilight?
How awkwardly simple it could be if we all contributed but waived the gluttony – not forgetting all the best in everyone could COME to be focused on 'equality'?
Al
Alan says
Hi Jon,
I wandered back to check ‘the view’ if any further may have occurred or not then as per my other notes …thought about your reply …
What a self curative contradiction we all can be? (i.e. I noted I would probably never note again),’but’?? is ‘but’ ‘so’ I am noting again! Without intending any as much ‘personal’ to yourself I have to laugh at how we all prefer – accidently cannot see our own ‘deflections’ as if the things we do ‘not think we do’ are ‘actually the motivators’ which means we ‘are doing’ them in the ‘background’ not = ‘not’ is doing them!… do you see my view ? … your notes re 1 to 4 are essentially focused on excluding “2” yet it appears to me that “2” is all your prime motivations or !!! if you do not recognise that (but I believe you will ?) then you may yet have not moved into your own “full capacity” – keeping you at…” Don’t accept things the way they are….” point of view ….and only be part doing what you are doing..? Do you see the source of power you draw your motivation from ? – you may not ‘blame others’ but you also cannot be living in a view where you … ”accept things as they are” … you would be on ‘any beach or poolside lounge bar’ you prefered to choose! Hhhmmm?!
. again without 2 = ‘judgement’ arising “Don’t accept things the way they are.” as a prime mover or you would not have any motivation at all which must have arisen ? from point 1 having failed at some point in your ‘travels’ which lead to 3. and 4. in either order or as a pair in unity of mind and perhaps a ‘fresh dedicated purpose’ – all of which I have noted is presumptive and apologies if I am erred!!
To put ‘a cap’ on my own comments may I ‘borrow’ some of yours and cut/paste in those some yours up top here as next below ?? …
“Please excuse me if this is what you are already doing. I couldn’t discern this from your long passage. My IQ may not stretch that far? ”'” ……and …
“” … The way I see it, we all have a few fundamental choices in the way we live our lives;
1. Accept things the way they are. Be happy with this.
2. Don’t accept things the way they are. And then get bent out of shape when we don’t get what we want. Choose to have it stress you out and then blame everyone else.
3. Be the unreasonable man and decide change the world to make it more like the way you wish it should be. At least in some small part. Then persist until it is the way you want it to be.
4. Surf the wave. By this I mean, study the rules of the game, which change everyday, and then do something everyday that takes advantage of the rules and gets you closer to where you want to go. And never, ever, ever…..and I mean ever, give up. Sure, go off course, get your eyes back on the goal, adjust your course and keep going. And don’t give up. Persist.
I have been all of the above. All in one day. Over time I have trained myself to mostly be 1, 3 and 4. And I am getting the sense that the more I become 1 and 4, the more capable I am of executing on 4.
Set your mind on it Alan. Go and get that house. Don’t stop until you do (4). Then maybe you could work on getting one for everyone else (3).
Please excuse me if this is what you are already doing. I couldn’t discern this from your long passage. My IQ may not stretch that far?
……………………….
Jon – Overall …thanks and confirm I use part 2 as platform to move every day the wheels in motion managing not ” bent out of shape when we don’t get what we want. Choose to have it stress you out and then blame everyone else..” – ” is not “functional”-“in my world” either – and as prior, I maintain my comments about everyone needs a home – that is – a birthright – not a privilege and fully confirm it is my deep passion for this part … “Don’t accept things the way they are”…of – “2” IS my “prime motivator” that proposes and is power base directs my life via ”3 and to 4” endlessly to essentially achieve re-arrival at ”1.” That implies being at 1 already and ‘I am’ but – I maintain my ‘birth right’ vision…” wanting a home” is not a ”want” due justification at ‘exclusive costs’ by ‘trading up’ prices due ”profit motivated investors” with only such a ”narrow religion” – as money’s improbably disproportionate world distribution. Its archaic dung!
For the ‘record’ I do not consider my self of a’ utopian cliché’ mind or view – I point at a basic of our nature – we were born ‘naked’ – we are not ‘animals’ given their natural domains and relevant ‘suits’ and we have conquered the hard bit “shelter” and our “cold bits”? ! – ‘communism’ etc is not my paddock either – my cue is elementary in mind and purpose – that “bottom line daily security” is not beyond anyone’s reach – which is where it is all going. That’s what i object to – “endless ownership of multiplying investors” – profit only basis.
All good things get “spoiled” when we have too much – and money is no different – can make many people become “Julius Caesar’s”? Who would have thought the banks would be “raking in what they do now” 50 years ago – barely half one adult lifetime lived as fully.
.