real estate is a dead-ender with a taxable address, wearing an electronic dog-tag, sporting a large thermal signature, and waving a satellite tracking transponder
i figure global real estate in most large financial and bubble-mania centers will fall 40-80%, Asian Financial Crisis fashion, or, it will take more and more debt to support the unsupportable, sending gold to no one knows where up there somewhere
at some point astute folks will stop buying, and then start selling
the marginal seller will do as much damage as the marginal purchaser did in phantom wealth creation
then, all is still well
until the officialdom tries to fix simply broken matters by monetary intervention for and on behalf of the electorates, and then ...
the biblical event gets set off
breaking not just housing, but everything else
the offspring of most land owners of past generations in europe, asia, africa are not wealthy by right of ancestors having had owned land, because most ancestors had to sell or suffer confiscation at some dire juncture ... this universal truth does not make exceptions, and recognizes no borders, homeland defense not withstanding
to believe otherwise is to believe in GDP, hedonic and chained, and to have faith in amazing productivity and unique flexibility
economic education is in process, and proceeding along the expected direction, speed unknowable, heisenberg uncertainty given |
