It was a relatively small group of people who forecast the 2008 Global Financial Crisis. To those supporters of Henry George nominated by the late great Mason Gaffney, I would certainly add the name of Philip J Anderson.

Have you noticed on this occasion, however, that many people have emerged from the woodwork to forecast the upcoming economic collapse? It’s becoming obvious, even to Austrians, libertarians and some neoclassical economists who entertain the belief that the upcoming financial collapse is the result of government spending, or of “too much money chasing too few goods”.

Wrong! It’s the same old, same old collapse of land prices that has been pumped over centuries by banking, real estate and media interests.

Although Catherine Cashmore’s excellent paper for Prosper Australia explains the 18-year cycle in land prices, powerful interests would have us believe these crashes are the result of “too much money”.

Well, yes: Too much money spent on land prices and on arbitrary taxation!