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Houses are for living, not for speculation (en.wikipedia.org)

submitted 3 days ago by eah@programming.dev to c/wikipedia@lemmy.world

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[–] UnderpantsWeevil@lemmy.world 15 points 3 days ago

I know it’s not quite that simple,

It's kinda worse than that. The US financialized the luxury homes and casinos and sports stadiums. So they're paying a vig on a vig to give a tiny minority the 1980s conception of luxury.

Enormous sums of money just get recirculated into speculative investment. This has created the cryptocurrency surge - yet another layer of speculative investment - and the ballooning investment in AI as a means of automating marketing and debt collection.

We've done the Economy That Just Makes Paperclips except without the paperclips.