Great post by Matt Ellis , the Rational Radical.
“Our three economic regulators have finally revealed
themselves as the three witches busy tending their poisonous brew while
chanting “Bubble, bubble, toil and trouble!” to a nation of tone-deaf property
speculators and commentators-come-experts. The architects of our dreaded
housing and economic Frankenstein are among the last to formally recognise
the monster of their own creation for what it is – a hideous creature that
defies all reason, logic, decency, ethics and ultimately, any ability to
survive.
Such is the well documented exceptionalism and wilful
blindness of the collective Australian bubble psychology, that bubble believers
and sceptics alike have come to the physics defying conclusion that
Australia has invented an actual perpetual motion machine. The problem
with perpetual motion machines? They don’t exist. Can’t you just feel the
growing friction rubbing up against the bloated sack of housing hot air? I am
amazed at how tenacious the belief is that exponentially growing
imbalances can go on forever, when every fibre of the economy must
be sacrificed at the altar of housing speculation in ever more dramatic
interventions just to keep the damned thing afloat for another few
months or years. For just one more election cycle.”
Read the full blog at HERE
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