Fred Harrison talks about the property tax

I called Fred Harrison in connection with a book review I had done for the national broker associations magazine ‘The Professional Insurance Broker’, I wanted to send him on a copy, what was meant to be a quick hello/goodbye turned into a fascinating chat on the topic of property taxes.

Something that we are seeing more of lately is a debate where the public sector are demonized – often for merely existing – and portrayed as being ‘wasteful’ and bloated. Bob Frank in the US said something to me before that stuck in my head, that ‘the serious waste occurs in the private sector, the public sector don’t go around buying hummers and other pointless trophies, the ‘waste’ in the public sector however, is found in the way that they budget and perform versus the private sector’.

I think that is profound, the public sector don’t waste in the same manner and it is important to remember that in any …

Read More

Fast Track Repossessions, what does it mean?

There has been an interesting development in the area of repossessions in recent weeks in which a property can be taken back (repossessed) without a full court procedure having taken place. Today we will consider how this will work.

First of all, there are several things which tie in together in 2009 and they form part of reason behind the new ruling. The use of circuit courts to repossess a home used to be commonplace because the decision was set in a court depending on the ‘rateable value’, but the domestic rates system was discontinued in 1978, thus, the hearings started to default into the higher echelons of judicial decision making and today the common court for repossession hearings is the High Court.

The new rule means that a Registrar will decide what is seen or not by the court and a side effect of this is that a house can be repossessed without actually going before a judge. It is important to note that a registrar is not merely a …

Read More

Boom Bust, house prices, banking, and the depression of 2010 by Fred Harrison (book review)

I have been quite public about my belief in property tax (caveat being we should have far less income tax/levies etc. perhaps a ‘flat tax’ would be best), and if there is one book that has really helped to shape that opinion quite succinctly it is Fred Harrison’s masterpiece on the topic, and the subject of this review ‘Boom Bust‘.

Fred Harrison saw the property crash in the UK of 1989/90 in 1980, and furthermore, he named a date, he also named a date of specifically 2010 (as a bottom, not as the ‘start’ of a crash) in the mid 90’s. How? It is due to his analysis which goes back to the 1500’s of property cycles, and while I am still sceptical about his ’18 year’ cycle, the one thing that fully convinced me was the basis and need for a more rational and working approach to property and taxation of same, or the ‘democratisation …

Read More

Investment Ideas for 2008

If you are the type of investor who doesn’t get scared when there is a bit of a storm then there are some opportunities in 2008, an important thing to remember is that when money is lost there is an equal gain somewhere else, almost like that rule in physics, matter cannot be created or destroyed only turned from one form into another, for the sake of our example, money can change from one persons hand into another persons hand (unlike matter it can be created, the Fed,ECB, & BOE have proven that much in the last few weeks!).

Here are some of my picks:

1. Property: Even in a market where prices are falling there are deals to be found, the debt burden is going to push some people out and they may become motivated sellers, this means you can purchase well below the market value. Distressed debt and Vulture buying are not for the feint of heart but I absolutely guarantee that right now the billionaires of the late teens in real estate in the USA are the …

Read More

Lynn, he’ll make you go Hungry in Hungary

Michael Lynn hit the press again as new allegations and issues arose in Hungary where a development owned by him has ceased construction and there are fears that many innocent parties in Ireland have lost huge amounts of personal savings, some of which is probably SSIA’s.

I wrote in a previous article that if he had any sense he would sell off foreign assets or the companies behind them and keep liquid only those out of European jurisdiction, I think the guy must read my blog, he’s been doing all of it exactly as its written. On November 30th he sold the company to a Cypriot business.

This could be a way of ensuring that his foreign empire is not touched because if the Cyprus business is owned/operated by a friend then he could still maintain effective control without ever having to be in Hungary or anywhere else, the conversation would be along the lines of ‘if you help me you get 40% of the profit, just tell the cops to get stuffed and sell the units asap’.

There is …

Read More

Lynn, he'll make you go Hungry in Hungary

Michael Lynn hit the press again as new allegations and issues arose in Hungary where a development owned by him has ceased construction and there are fears that many innocent parties in Ireland have lost huge amounts of personal savings, some of which is probably SSIA’s.

I wrote in a previous article that if he had any sense he would sell off foreign assets or the companies behind them and keep liquid only those out of European jurisdiction, I think the guy must read my blog, he’s been doing all of it exactly as its written. On November 30th he sold the company to a Cypriot business.

This could be a way of ensuring that his foreign empire is not touched because if the Cyprus business is owned/operated by a friend then he could still maintain effective control without ever having to be in Hungary or anywhere else, the conversation would be along the lines of ‘if you help me you get 40% of the profit, just tell the cops to get stuffed and sell the units asap’.

There is …

Read More