re-feudalization of the world with the financiers as the new nobility with individuals bound to their homes by underwater mortgages from which they cannot walk away. He asserts that this is the case in much of Europe and in Iceland, where the homeowner is personally responsible for the debt and cannot wall away as they can in the USA and Australia.
re-feudalization of the world with the financiers as the new nobility with individuals bound to their homes by underwater mortgages from which they cannot walk away.
He asserts that this is the case in much of Europe and in Iceland, where the homeowner is personally responsible for the debt and cannot wall away as they can in the USA and Australia.
[Europe.Is.Doomed™ Alert] En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
To those pinned with underwater mortgages that stay with them until death this must seem like a new serfdom. But I agree that this is not terribly advantageous to the debt holders. The situation in the USA where those who inflated the bubble get their counterfeit profits guaranteed by the "full faith and credit" of generations yet unborn seems better. Perhaps an improved and updated feudalism that brings the advantages of three hundred years of improving economic flexibility into the service of an elite now possessing wealth and power with respect to the society as a whole comparable to that possessed by the nobles over the commoners under feudalism. To paraphrase Churchill, perhaps we are entering an new dark age made more sinister by the lights of perverted economics.
