Glad to see more and more people believing in the PROPERTISM religion.
PROPERTISM Rule No. 1 - Property prices always go up in the long term hence properties should only be bought and not sold.
In the long run, the value of the dollar will have to decrease so that everyone looks good (including the government).
Imagine a family of dentists where the grandfather was the Chief Dental Officer in the colonial administration earning only $950 per month; the father who started a dental practice in the 1970's earned $9,500 per month; now the son who took over the successful dental practice doing aesthetic dentistry earns $95,000 per month.
Each generation is more successful than the next, so that during Chinese New Year when people reminisce about the past, they can feel good about themselves and their family's "improving" fortunes.
Forgetting that grandfather's $950 per month could buy this District 10 27,986 sq ft, $45,000 Orange Grove Road bungalow in 4 years, but son's $95,000 per month will take 40 years to buy the same bungalow today.
“The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.”
- Adam Smith (16 June 1723 – 17 July 1790)
“The modern banking process manufactures currency out of nothing.”.
- Lord Josiah Stamp, Former Director of the Bank of England (1937)
“At the end fiat money returns to its inner value—zero.”
- Voltaire (21 November 1694 – 30 May 1778)