3 ms·

I live in an area of New England where property values have basically doubled in the last few years (since spring of 2020). Yeah I get that people moved up here

I live in an area of New England where property values have basically doubled in the last few years (since spring of 2020). Yeah I get that people moved up here in a kind of reactionary moment during covid, but it doesn't completely explain how housing costs increased at such a rate and keep growing even as we are in a quote-unquote lull in the housing market during higher interest rates. You cannot buy a home here without offering cash at over asking price. I hate to be conspiratorial but there are times when I think this market is so irrational that there is some kind of larger force at play. It's not like the pandemic created more demand for homes -- if anything (and I hate to be morbid about this) there should be fewer buyers in the market and yet everything continues too tick up. And on top of that the rental market is completely irrational as well. It's really hard not to give in to the idea that the market for housing isn't being manipulated by larger forces.

orangepurple 3y ago
Look at the amount of money that Wall Street has access to since 2020 began and it should tell you everything you need to understand what caused this. Your dollar is suddenly worthless. https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL
- Jcowell 3y ago
  WTF happened? how did they get access to so much?
  - orangepurple 3y ago
    The federal reserve divorced the dollar from the gold standard in the 1970s. It can issue as many dollars as it wants at will. There is nothing to stop it except the destruction of the global economy if it becomes too reckless. See Zimbabwe Hyperinflation to see what happens when the central bank becomes unhinged. My friend still has a 100 trillion dollar note on his fridge from that period.
- statop 3y ago
  "In May 2020, the Federal Reserve changed the official formula for calculating the M1 money supply. Prior to May 2020, M1 included currency in circulation, demand deposits at commercial banks, and other checkable deposits. After May 2020, the definition was expanded to include other liquid deposits, including savings accounts. This change was accompanied by a sharp spike in the reported value of the M1 money supply."
  - orangepurple 3y ago
    How convenient to change the definition at the same time that a tectonic shift in monetary policy occurs
deleted 3y ago
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orangepurple 3y ago

Look at the amount of money that Wall Street has access to since 2020 began and it should tell you everything you need to understand what caused this. Your dollar is suddenly worthless. https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL

Jcowell 3y ago
WTF happened? how did they get access to so much?
- orangepurple 3y ago
  The federal reserve divorced the dollar from the gold standard in the 1970s. It can issue as many dollars as it wants at will. There is nothing to stop it except the destruction of the global economy if it becomes too reckless. See Zimbabwe Hyperinflation to see what happens when the central bank becomes unhinged. My friend still has a 100 trillion dollar note on his fridge from that period.
statop 3y ago
"In May 2020, the Federal Reserve changed the official formula for calculating the M1 money supply. Prior to May 2020, M1 included currency in circulation, demand deposits at commercial banks, and other checkable deposits. After May 2020, the definition was expanded to include other liquid deposits, including savings accounts. This change was accompanied by a sharp spike in the reported value of the M1 money supply."
- orangepurple 3y ago
  How convenient to change the definition at the same time that a tectonic shift in monetary policy occurs

deleted 3y ago

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