I'm cr*p at economics and grown up stuff to do with property, capital and regulations. However, I was wondering once the economic slump really hits home and the govt has to keep us all going if there is a possibility of doing a simple, at-a-stroke, legal change to do with property that would release masses of people from debt (based on mortgages and rent) and leave an owner class unable to rake in all the money that creates the hole that most of us mugs have to fill. The sensible talk is that there are two options: keep the rich rich by paying for the lockdown with printing money and borrowing, or get the rich to cough up by restructuring the tax system. But can any of you with a better grasp of these things than me explain what would happen if they, for example, turned all land from private property to common land, like in the days before enclosure. Travellers aren't allowed to settle because there is no common land - the consequences could cause some major economic collapse, but would they? Our economy is just a series of managed property bubbles, it's why not enough houses are built, it would deflate prices. I just want to know the dynamics - is there a way, by disallowing money owed to lenders and owners through a reclassification of property, we could lower everybody's need to earn to pay for their property, and the main losers would just be small sector who are already economically secure. I realise there could be some dramatic destructive domino effect to do with banks and lenders, but is there a way of changing property rights that might damage the 'debt engine' but help the majority. I might be better off on another forum, but I've read enough on here to see some posters might have a constructive suggestion.

What are you smoking?

"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

I think he means we all become financially equal so dip your hand in a pot and pull out a wad and away you go. I've heard of parties like that but with car keys. Difference being you take yours home after. The car as well

This idea like communism is based on the concept that some people will have to give up their wealth for the greater good. Many of us are NIMBYS as long as the other fellow is paying more tax it's fine by me when it's me hang on a minute...

So what do you do when those who would lose out refuse to accept it, this inevitably leads to violence and in turn oppression by the state for the greater good.

Far better to have a tax system that ensures most people pay a reasonable amount of tax. I don't understand why the very rich are not in a special tax bracket with a minimum tax threshold so they can have the cleverest accountants in the world but at the very least they must pay the taxman X or greater if applicable.

The very rich will get no sympathy from the public if they complain they have to pay a fair minimum whatever that amount is.

One more point

Mortgage Brokers, Surveyors, Lawyers and Estate agents don’t keep people poor, they are just cogs in an antiquated process.

There’s only one reason why property is so expensive, supply and demand.

You can call me a right wing w&nker if you wish but the absolute truth is that exponential house price rises coincide directly with our open door immigration policy.

Wish it didn’t as we already have tens of thousands of pages in here covering immigration, however that’s the truth. The more people who live here, the more property is worth. Simple logistics.

"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

The notion of 'Universal Property Rights' is one of the founding principles of Western civilisation. Essentially if a recognized state acknowledge your ownership of a piece of land and that is then recorded through a publicly accessible record then any nation state that attempted to rescind that becomes an outcast state and its economy would be fundamentally weakened. Because why would anybody then want to invest if the state could just step in and remove it?

What your left-wing economist would do is seek to essentially dilute that ownership through a land tax or similar. Or make capital gains tax payable on ALL profits or tax rental income at say 75%. They could also introduce rent caps along with altering tenancy laws and so on. And mess about with inheritance laws and regulations, throwing together a pick & mix a variety of all of the above along with tougher licensing and so on.

"The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command." - 1984 - George Orwell.