In today’s episode we talk about the world’s oldest, and still most important asset: land. Our guest is the Economist’s Wall Street Editor Mike Bird. Mike is the author of a newly released book The Land Trap: A New History of the World’s Oldest Asset. We discuss the properties that make land unique as an asset and why it serves as collateral for almost two-thirds of all bank loans, making it the backbone of the world’s money supply. Mike explains what the “land trap” means and why China is caught in its grip like no other country. We also discuss the one country in the world that seems to have escaped the trap and whether their lessons can be applied elsewhere.

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Episode TimeStamps:

00:00 - Opening and setup

00:00:49 - Disclaimer and show introduction

00:01:45 - The premise: land as humanity’s oldest asset

00:04:18 - Defining the “land trap” through Hong Kong’s model

00:09:01 - Three defining traits: scarcity, immovability, endurance

00:18:17 - Why technology can’t replace geography

00:23:29 - Land as collateral and the rise of mortgage finance

00:28:31 - Lazy banking and the limits of innovation

00:35:17 - Dead capital, human potential, and access to credit

00:39:37 - China’s land machine and the politics of stasis

00:46:37 - Evergrande, reallocation, and what “collapse” really means

00:52:28 - Singapore’s experiment: broad ownership, stable prices

00:58:17 - Can others follow Singapore’s path?

00:59:33 - Closing reflection

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