One thing that's special about capital is that it is created solely in response to economic incentives, unlike labour or land. Put simply, people work whereas nobody is forced to borrow to inves… (View Post)

In our universe, people had more disposable income, and spent it on... competing for housing. It turns out that there are only so many consumer goods and experiences that beat residential amenity. (View Post)

Wanting to back out of a contract like DB pensions is not a very good reason to renege. It's more acceptable to go bankrupt in such situations, selling off assets so that the promise can be made… (View Post)

Electorally, yes. The problem is that after the election, it will prove very difficult to change Fed rates, global oil and gas prices or the material consumption expectations of voters. (View Post)

This unprovability makes sense if you see Brexit as a state religion. (View Post)