Patrick Boyle

So this is what I can pay on rent or mortgage.

And then that gets run through a formula with an interest rate in it.

and that tells you how much house you can afford and the lower that interest rate is the more house you can afford right so if you bought a house in you know 2000 right like uh you know right before september 11 all these things you know rates come down and down and down and your house just goes up and up in value because let's say your cash flow to put into the mortgage is a thousand a month

that thousand a month whatever it bought in 2000 when interest rates were eight and a half percent on a mortgage you know a couple of years ago when there were three percent on a mortgage it was sort of three times as much money so you know now that we see interest rates going up

you know, this in theory should undo itself, but of course this would be so politically harmful.

Like I said, like what politician could, if we saw house prices in major cities around the world, go back to the prices they were at in the late 1990s, I mean,

there'd be, you know, war in the streets, right?

So, but the truth is that if they don't go back to those prices... There'll be war in the streets.

They'll just become shockingly unaffordable.

Yeah, and it kind of becomes an inheritocracy, right?

Like where you no longer dream of buying your house, you dream of poisoning your parents, you know, so you can have their house.

That's right.

I like that you guys didn't laugh at that.

If your parents are watching, it should be no more soup.

The global warming problem, that won't even work.

An unfortunate thing for Britain is that almost every disaster that happened over the last 25 years

hit Britain full on.

Because Britain did worse out of the global financial crisis than the United States did.

Then what country was hit the hardest by the Russia-Ukraine war and the gas prices?

It was Britain.