Yes, Henry George, my perspective on the economy changed in the 1970s while working as a valuer for the ATO. I watched the greatest real estate bubble in Western history unfold, yet the Australian media ignored it, choosing instead to scapegoat Gough Whitlam and his cabinet. When the global crash also hit, they blamed the OPEC oil crisis rather than bursting land price bubbles. 

To preserve the truth, I kept a special supplement to the 1 October 1973 edition of TIME, which explicitly detailed the “land rush” the media refused to report. Many years later, at the Melbourne Town Hall on 14 October 2009, I spoke with Michael Hudson and Steve Keen at the Prosper Australia-sponsored forum “Lifting the Lid on the GFC” at which time the media finally acknowleged a bursting real estate bubble.

The “natural business cycle” is a myth used to mask a pathological system. Our tax laws reward speculation and indebtedness while penalising productive work. Until we reform these regimes to stop favouring land speculators and criminal interests, we will remain trapped in this cycle of inflationary ruin.