Monday, September 14, 2009


The newspapers are full of stories of unemployed workers suffering the indignity of their homes being re-possessed. Everyday we hear of the crashing property market and the resultant misery suffered by hard working families. The story is completely different for members of the capitalist class of course.
"At £10m it must be the most expensive sea view in Britain. A Russian multi-millionaire liked a plot of land on the coast at Sandbanks in Dorset so much that he was happy to pay £5m for it. The plot was already occupied by a substantial house, but he did not much like it so is paying the same again to have it knocked down and replaced with something better. The purchase last September by Maxim Demin, 39, a petrochemicals trader, shows that at the top end of the property market lavish spending has survived the slowdown." (Sunday Times, 13 September)

There is nothing unique about the property market. In every market - housing, education, medical treatment, holidays and entertainment - "lavish spending has survived the slowdown".

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