Comments by "John Burns" (@johnburns4017) on "Why did Synthetic OIL not solve the AXIS OIL Crisis?" video.

  1. The 1929 ands 2008 world-wide crashes had one thing in common - LAND. When there is economic growth all history tells us that surplus money is poured into property (land); speculation. Land prices tend to rise. Debt after debt was poured into tax free, and accumulating in value, land. A real big earner so they all naturally went for it. The land market collapsed because of over speculation. The secret is to discourage speculation in unique land. Harmful land speculation is capped by Land Valuation Taxation (LVT). The harmful land cycle disappears - the business cycle follows the land cycle. The ancient Greeks taxed the values of land. They also knew that finance was cyclic. They would wipe out negative equity for those in debt in the financial troughs, not slumps as they never had any, not pour money into the lenders (banks) as the world did in 1929 and 2008 - to no effect. The ancient societies understood economics and kept graphs. The founder of modern economics, Adam Smith, advocated taxing land values as the prime source of revenue, as did Ricardo. Since we moved to income tax, to keep the landed super rich by not paying tax, the world has gone from crash to crash with slumps between. Income tax pushes the tax burden onto the poor. The Roman empire disappeared because of the land ownership problems (the land was in the hands of a few) - the landless were given free bread and circus to prevent them rebelling. The empire imploded because of vested interest.
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