by Martin Armstrong, Armstrong Economics:
The two positions in life that require ZERO experience are (1) politician and (2) becoming a parent. We often hear blaming foreign buyers in real estate for the rise in prices. I listened to that in Miami, with all the foreigners buying condos, but I also heard in Florida how all these people from New England were buying up the East Coast, and the MidWesterners were buying the West Coast. In Canada, they blamed the Chinese for pushing up property values in Vancouver. In Singapore, it was turning ugly, with even protests against foreigners.
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The world economy expands and flourishes when we all get along. The problem today is that governments have abused their power following Karl Marx and this socialized agenda, believing in fairness and equality that not even God bestowed upon humanity. They follow Marxism blindly no matter how many times it has been proven to fail, for it is anti-religious and anti-humanity. We are equal only in rights – not in passions or talents. Some men find robust women attractive, others thin. Women, the joke is, prefer fixer-uppers compared to men, which is typically a yes or no. We are all simply not the same – sorry! Governments have abused this socialistic power, and capital normally flees.
The latest is the Spanish prime minister, Pedro Sánchez, announcing 12 reforms amid an ongoing debate over the impact of foreigners on local housing prices. The proposal is to introduce a tax rate for those outside the European Union (EU) who do not currently live in Spain, with a tax rate of up to 100% of the property value. Real estate purchases in Spain are subject to a 10% tax on newly-built homes and 6% on old properties. He is brain-dead. If this policy is imposed, housing prices will decline, which means RECESSION for people spending less when they think their house has declined.
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