Looks like the FT has been holding its own Limits to Capital reading group. This from Martin Wolf in today’s FT…
http://www.ft.com/cms/s/0/8f06df9e-8ac1-11df-8e17-00144feab49a.html
“In a world in which people have borrowed heavily to own a location, they are desperate to enjoy land price rises and, still more, to prevent price falls. Thus we see a bizarre spectacle: newspapers hail upward moves in the price of a place to live – the most basic of all amenities. The beneficiaries are more than land speculators. They are also enthusiastic supporters of efforts to rig the market. Particularly in the UK, they welcome the creation of artificial scarcity of land, via a ludicrously restrictive regime of planning controls. This is the most important way in which wealth is transferred from the unpropertied young to the propertied old.”
Louis