Good Morning from our nations Capital. It’s Groundhog Day! But what does that mean here in DC?
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High interest rates have been characterized for years as simply a dampener on the economy, a hindrance to "economic growth". Presenting it in this simple light serves to keep people unaware of its important role, and calls into question why there should ever be high interest rates at all.
It is a fact that when governments spend more money than they bring in and print more money to compensate, they are weakening the free-market economy or intervening in a free-market economy that is already no longer able to meet the demands / burdens placed on it by its population. In doing this, they are also devaluing the currency, weakening its purchasing power. The only protection against this erosion is for interest rates to be raised accordingly. Thus higher interest rates serve as a warning to the public as to how it should prioritize and spend its money in uncertain financial conditions, and it encourages thrift and savings, where the people's wealth can be preserved and gain interest with the ...
In light of the recent high costs of home ownership, it is interesting to find that the property tax rates have not changed in California and Washington state since the 1980's. Yet the amount that homeowners have paid to the government has increased dramatically. In addition to the causes already mentioned, another cause is the federal government's refinance program, which was introduced circa 2011. This opened the door for a new, close cooperation between elected officials, and that of banks and large real estate entities. How does it work?
The Housing market crashed in 2008, as well as the auto industry and the economy at large. Afterwards, for the alleged purpose of alleviating financial strain and making home ownership "more affordable", the government introduced a program that would allow owners to "refinance" their home at a lower rate to get a lower payment. Yet doing this involves recertification from the state, and with it, a new appraisal of the property value. This means that...
