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"An average three-bed house cost £2,000 in 1952. In 2012 it costs £162,000. That’s an inflation of 8,000%. Have you ever wondered – I mean really wondered – why this is the case?
"... The conventional wisdom is that it’s a simple case of supply and demand. The UK is a small, densely-populated country. There simply aren’t enough houses. This high demand pushes prices up. Simple as that.
"But maybe it’s not that simple. The campaign group for banking and monetary reform, Positive Money, believe that it is the debt-based nature of our economy which has caused such huge increases.
"According to Positive Money, who draw on the work of economists such as Steve Keen and the head of the FSA, Adair Turner, it is the banks’ ability to create digital money when they make new loans that has driven the rise in house prices, and fuelled the most recent and catastrophic housing bubble."
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