Comment by ggm

Compound interest is magic. But, people obsess with rate of return which is unsustainable when the long term market rate tends to 6-7%. I appreciate tech stocks do better, I'm just observing a contradiction inherent in things.

Balancing interest earned against interest paid can be confronting for some people. Debt is not always bad. It depends.

Margaret Thatcher is responsible for a fucktonne of misunderstanding about the national economy because of trite truisms about domestic economy. She hated Keynesians and talked a lot to LSE economists who we'd now critique quite harshly. She'd have hated MMT.

Thatcher also laid the seeds of the ruin that is British housing by forcing councils to sell off public housing and refusing to allow them to reinvest the profits in more housing, and created the surge in demand for petty bourgeois share holding in the privatised former national utilities, and rentier behaviour. She utterly fucked over the state. We're living in the ashes of Thatcher destroying all the post war social uplift, and taking her asset stripping model worldwide.

I ran away to Australia in the peak of this mania to arrive into a state launching the same madness. Housing is totally awful here for young people. I'm fine, in the great Australian tradition of people my age who own their home and have huge retirement savings, it's "fuck you, I've got mine" voting here.