Vanity Height In Today’s Skyscraper Building Binge
I have written of the skyscraper indicator on here numerous times as a forewarning of impending doom. Including into the 2008 collapse when China and the Middle East were building skyscrapers like mad. The Chinese equity market collapsed, down 70% or so and Dubai experienced near collapse before being bailed out.
This is a nice look at the skyscraper building boom that has taken place primarily in the Middle East and China. The skyscraper building boom this cycle is unprecedented. We have never in history seen anything like this on a global scale. The construction of modern-day Towers of Babel are without comparison. Of course, this is far and away the largest financial bubble the world has ever seen as written on here ad nauseam.
A few other esoteric dynamics that are screaming to me are the hemline indicator. We have seen Hollywood wear the shortest shorts in history this year. Essentially legless shorts that are shorter than the short’s pockets. They may look good but that’s not the point.
Another is the massive overbuilding of enormous homes and condominiums around the world. Sometimes fetching in the hundreds of millions of dollars. This binge is not based on global wealth creation but the global financial bubble.
And, finally, during this cycle luxury car makers have introduced dozens of new supercars that range in the hundreds of thousands to millions of dollars.
Again, all to feed the largest financial bubble in history. Umm, finance doesn’t create wealth. It consumes wealth. Bankers gone wild.
All of these measurements are similar in their measurement of the same dynamic. That is, arrogance, hubris, and as the title cites, vanity, driven by class-based corruption.