negative-interest-rate-insanity-is-behind-western-europe8217s-new-tallest-skyscraper

04-04-19 09:23:00,

Authored by Jesse Colombo via RealInvestmentAdvice.com,

Business Insider published a piece on April 1st about plans to build Western Europe’s tallest skyscraper…in a small, rural Danish town with just 7,000 residents. After I posted it on Twitter, many of my followers thought it was an April Fool’s joke due to how absurd the idea is. Even I had to do a little research to confirm that it wasn’t a joke, but it is indeed a true story –

A 1,050-foot skyscraper soaring out of the earth isn’t exactly what you’d expect to come across in a corner of rural Denmark, and yet one may soon become a reality.

The fast-fashion giant Bestseller just secured final approval from the council of Brande, Denmark, to build its eponymous tower in the town of just 7,000 citizens.

When built, the Bestseller Tower, designed by the Danish architect Dorte Mandrup, will be the tallest building in Western Europe, beating out the Shard in London by 34 feet.

“We are very pleased that the plans have now been approved by the city council and we are extremely proud and humbled by the amount of support our project has received, especially locally. It is important for us to underline that the city council’s approval is merely one of the preliminary steps of a long journey,” Anders Krogh, Bestseller’s project manager, said in a statement.

Though the fashion company has long outgrown its roots in Brande — the owner, Anders Holch Povlsen, is Denmark’s richest man with a reported net worth of $7.2 billion — it’s hoping that the new building development will put the Jutland town on the map.

“It will be a landmark,” Krogh added in the statement. “But it will also function as an architectural attraction benefiting hotel guests, students and other users of the building.”

After reading that piece, what immediately came to mind was the fact that the construction of skyscrapers (especially record-breaking ones) is a common hallmark of economic bubbles.

During an economic bubble, credit is cheap and readily available, asset prices such as stocks and real estate are rising rapidly,

 » Lees verder