Axios: $1.4 trillion in property value set to be erased by ‘climate crisis’
A brand new report by Axios’s Andrew Freedman warns about new research that suggests the U.S. housing market is on the verge of experiencing a $1.4 trillion loss in value, thanks to the “climate crisis” and the rising cost of insurance. Per Freedman, mortgage payments are quickly being eclipsed by insurance costs, a development “that’s squeezing homeowners and leading to climate change-driven migration away from high-risk areas in the Sun Belt and the West.”
Well Freedman is a leftist, and therefore reliably ignorant, and he’s forgetting the most important “why” factor behind what is certainly a concerning trend—the value of the dollar has precipitously dropped since the creation of the Federal Reserve in 1913, and the final transition off the gold standard in 1971. It’s not the “climate crisis” wiping away more than a trillion dollars in property value, it’s the banking cartel and the politicians in Washington D.C. who are to blame.
When natural disaster strikes, materials to rebuild are based on a dollar that’s worth only 3% of what is was worth in 1913:
$1 in 1913 is equivalent in purchasing power to about $31.88 today, an increase of $30.88 over 112 years. The dollar had an average inflation rate of 3.14% per year between 1913 and today, producing a cumulative price increase of 3,087.93%.
Here’s some context:
Down the street from where I live outside Huntsville, there’s a historic building known as Old State Bank. Built in 1833, it’s a big, two-story brick building, with massive Alabama limestone columns out front; the inside of the structure features solid hardwood floors, and ornamental woodwork throughout. The cost to build the bank, almost 200 years ago, was just over $9,000; in today’s dollars, that’s around $340k. Yet, there’s absolutely no way $340k would be enough to even buy the materials, let alone the lot, or pay for the labor and craftsmanship.
The problem isn’t the weather, it’s the declining value of the dollar. All “despotic inroads” on the rights of property lead back to Washington.
Image: Free image, Pixabay license.