Mainstream Media gets more and more stupid by the day . Indian mainstream media organizations are going crazy linking the building of skyscrapers in India to a coming economic crash. Note there is a popular theory that the building of highest skyscrapers leads to economic crashes in the future. There are cases of this happening Chicago in 1930 and the Burj Dubai in the 2000s .However portraying this as definite proof and linking is highly stupid to say the least without examining the full facts
Popular Indian mainstream media organizations are spreading a report by Barclays that links the building of tall skyscrapers in India and China to an imminent crash in the economies of both . Note China has been building skyscrapers for a long time and the real estate downfall has already started . India is barely building 4-5 skyscrapers none will be the highest , so the Indian theory is even more specious. However the content scraping mainstream media outlets continue to propagate the story to the top of the news
The original story from Reuters
An “unhealthy correlation” exists between the construction of skyscrapers and financial crashes, according to a new report from Barclays Capital.The construction of the Empire State building in New York in 1930, along with towers in Kuala Lumpur in 1997 and Dubai in 2010 have all been followed by economic crises, the report noted.”Often the world’s tallest buildings are simply the edifice of a broader skyscraper building boom, reflecting a widespread misallocation of capital and an impending economic correction,” it said.
“The completion of Petronas Towers in Kuala Lumpur in 1997 was followed by a region-wide economic crisis and the collapse of Asian currencies,” it added.Investors should pay special attention to China, the Skyscraper Index warns, as the “biggest bubble builder” is currently erecting 53 percent of the 124 skyscrapers planned over the next six years.China currently has 75 completed buildings above 240 metres in height.India has just completed two new skyscrapers, with 14 more already under construction.