Sunday, 13 March 2016
My first encounter with 'wealth' as a political policy was under the Prime Ministership of Margaret Thatcher in the early 1980's. Wealth became an option which many grasped with enthusiasm, whilst others remained on their proverbial couches and moaned about nasty capitalism; they still do.
Harry Enfield's TV character 'Loads-a-Money' (above) epitomised the era's barrow-boy attitude to the ease of making money. Of course most of today's so-called 'wealth' is down to the crazy rise in property prices, but unless such properties are sold, any such money is purely 'theoretical'.
I'm sure we all know people who are reasonably (or even very) rich on paper, but haven't much either in the bank or back pocket; that's how life has become in Britain's 21st Century.
It's a sad state of affairs that many young professionals find themselves with huge university debts, and can never envisage owning a home of their own. The OAP's have become today's rich, and behind them is an anxious queue of younger relatives desperately waiting for their demise.
There is no question that Margaret Thatcher was the saviour of the UK's economy, but she manifestly failed to put some limit on the constant rise of phone-number salaries and house prices, and it has now spiralled completely out of control.
The UK led the field in ridiculous annual increases in the property market, and Brits have come to see property owning, restoration, and trading, as the easiest way to make 'Loads-a-Money'. Sadly most of the world has now followed suite, and I fear that some serious reappraisal is on the way.
Things go up, but they can very easily go down. Hold your hats, and be prepared to buy gold.