[ExI] lotta splainin to do

[BillK]

On Wed, 16 Nov 2022 at 05:25, spike jones via extropy-chat
<extropy-chat at lists.extropy.org> wrote:
>
> Adrian the thought entertains me: we Californians, once considered so hip and mod, are likely to be the stodgy old dollar-clutchers, all because of how our state’s constitution is constructed.  They can’t easily change it, they can’t require a different currency for payment, property tax is set and perfectly predictable for the future, as inflation drives its real-value cost down even as the dollar-denominated price goes gradually up.
>
> Another entertaining aside, particularly for those of us who have owned a California home for a long time: the above tax-erosion feature makes California real estate an inherently inflation-resistant value-holder asset.  The already-absurd prices of these homes would rise ever higher because of the inflation-driven property-tax erosion feature.
>
> spike
> _______________________________________________


Stein's Law still applies. If California property tax can only be paid
in rapidly devaluing dollars then California will have no 'real'
income to run the state. When faced with a situation that cannot
continue, then it won't. Something will change. The Constitution will
be changed or the state will cease to exist.

BillK