David McWilliams: We are at the end of a slow-moving housing Ponzi scheme
Bond market can make us good ancestors by fixing the problem with long-term lending
‘The bond market can fix the housing problem’
After years of hard slog, failed experiments, dry runs, tinkering around and enormous effort, an American medical researcher, Jonas Salk, developed the first safe vaccine for polio in 1955. A brutal, highly contagious disease, polio attacks the central nervous system and can cause deformity, particularly to the legs. It was a common killer in Ireland and around the world.
Salk, a fascinating character who married Françoise Gilot, a muse and mistress of Picasso, could have been made fantastically wealthy by his discovery, but he chose to give away the patent rather than cash in. The polio vaccine was given out for free to millions, saving countless people. In later life, Salk was asked why he chose not to profit from his breakthrough. He responded that his philosophy in life was to be “a good ancestor”.