The Ascent of Money: Ep.5 Safe as houses
Niall Ferguson takes us on a historical adventure through the ascent of money, applying fact and opinion throughout.
It sounded so simple: give state-owned assets to the people. After all, what better foundation for a property-owning democracy than a campaign of privatisation encompassing housing? An economic theory says that markets can't function without mortgages, because it's only by borrowing against their assets that entrepreneurs can get their businesses off the ground. But what if mortgages are bundled together and sold off to the highest bidder?