131–140 of 185 posts
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There was a time when many of us on this board lived in buildings without personal bathrooms and only shared facilities. Dorm style housing could work.
For who?
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> Just like lending creates money, destruction of assets destroys money. Lending creates money? Banks can just, poof, will it into existence? Correpondingly, asset destruction destroys money? Like someone literally is setting fire to it? This is nonsense.
Fractional reserve lending does create money.
Everyone keeps calling them offices, but I used to work in them and they felt a lot more like code factories to me. Good riddance.
Now since the pandemic, I work from my personal office at home, which is the absolute best, and I'm never going back.
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> And yet the world has not stopped. In fact everything seems to be going faster than ever. Indeed. I know many people who used to religiously go to the office 5-days a week. The only time they were not in the office was when they were on holiday or they were sick. It's what they did for their entire working lives. And in some cases it's what "custom and practice" historically dictated in their industry, e.g. those w…
"The future is now and the future is hybrid or fully-remote for 99% of jobs." I assume you mean for 99% of office jobs.
The only people who want high office valuations are large real estate investors and hedge funds.
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"The future is now and the future is hybrid or fully-remote for 99% of jobs." I assume you mean for 99% of office jobs.
Yeah, you can't be anything blue-collar remotely. As well as jobs like healthcare. Lots of jobs still require you to physically interact with people or things.
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When the paper value of an asset disappears you don't get the money back to spend elsewhere. Nobody does. Just like lending creates money, destruction of assets destroys money. Which happens to be what we want right now, as long as it can be done in an orderly fashion.
> Just like lending creates money, destruction of assets destroys money. Lending creates money? Banks can just, poof, will it into existence? Correpondingly, asset destruction destroys money? Like someone literally is setting fire to it? This is nonsense.
of course there are details ...
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How is something worth anything? How is something worth $800b? Is it because someone else would pay $800b for it? Why would they pay $800b for that somethin? Is it because they need to in order to make more money? If that all is true, then by destroying the need to pay $800b, we freed up $800b, right?
This is not exactly correct. For example consider a single office building and say it’s worth $2 billion. But now demand has fallen and the most anyway will pay is $1 billion. The other $1 billion is not “lost”, but it’s not freed up either. It just means that the buyer no longer transfers it to the seller. So the buyer has an extra $1 billion to spend on other things and the seller has $1 billion less. The net effec…
It wouldnt, and that's exactly my point. Company A is producing something of value (presumably) while Landlord B isnt (as evidenced by COVID-19 forcing us to WFH). So the $1 billion has now and always has had a wasted opportunity cost attached to it (who's making better use of it).
In other words, if Apple wired me personally half of their yearly profit, do you think that the net effect on the economy would be neutral?