Whether we like to acknowledge it or not, land value taxation (LVT) and a universal income (UBI) is a common requirement of humanity if we want easier access to a home and dispossession and poverty is to be abolished. We also need an understanding of how federal government spending works for a nation with its own currency. The latter has more recently come to be known as ‘modern monetary theory’ (MMT), although Henry George had a pretty good grip on it many years ago.

The combination of LVT, UBI and MMT (VIMMLBUTT) would work to achieve the abovementioned goals, but what we have now clearly isn’t working – especially the constant speculative bubbles in land prices that regularly burst into recession.

Taxing away the full rent of land reduces land prices to zero, but not its rent, which continues to increase. The increase in rent needs to be captured if land prices are not to emerge once more of course. A gradual switch to rents, away from taxes, may be managed easily.

Application of these ideas of Henry George and of the great philosophers (and once of the great religions) would effectively abolish the excesses of the left and right of the political spectrum. However, those who currently control the rent owed equally to everybody won’t give up without a fight – and of course they have clout!

It’s a lofty political program, but with a final frenzy in real estate prices likely over the next three years, it’s one needing to be addressed.