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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Mike Johnston who wrote (62829)6/6/2006 9:54:34 AM
From: GST  Read Replies (2) of 110194
 
<The money has already been destroyed through the real estate bubble>

I agree with much of what you say -- however the real estate bubble, big as it might seem, is relatively recent and of secondary importance except perhaps as the first in the line of dominos. The big domino is the dollar -- which has problems ten times larger than the real estate bubble -- and the underlying cause of its demise is only somewhat related to real estate. The problem with the dollar is far, far more basic and would be there even if there was no real estate bubble. The issue is our collective debts and the current account deficit that undermines the dollar -- no way around it and no way to solve it. That is why I think inflation is a far, far more likely outcome than deflation in the US.
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