I see it as stemming from historically high concentrations of wealth chasing fewer and fewer good investment vehicles.
Could our historically low interest rates and historically high house prices have some other connection besides the obvious one that the former causes the latter? Could they both be driven by some underlying problem with the world economy? (@ATabarrok, @EconTalker?)
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That's the sort of thing I mean. A lack of new investments implies an underlying lack of innovation, and that would be worrying.
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The first US metro to hyperinflate was Palo Alto in the 1970s [according to The Big Score, Michael Malone]
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That would have been due to the rise of Silicon Valley. That explains the rise of house prices in the Bay Area, but presumably not in many other places.
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did you see this week’s Economist cover story?
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That was what made me wonder about this.
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Yes, decoupling from the gold standard, 1971. Real Estate becomes the world's leading store of value ($220T), because USD can be printed to infinity.pic.twitter.com/bBNeYLflku
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Homes are Americans #1 source of wealth now. It would be dark times for average Americans already struggling if we repriced them lower.
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Homes as savings vehicle, versus recognition that giant structures are a depreciating asset, are yet again proof that sheep can be deluded en masse by conventional wisdom.
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Čini se da učitavanje traje već neko vrijeme.
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