It paints a picture that’s worth a thousand words, you dodos! That why I started to put the total value of Australia’s real estate sales over GDP in the 1990s. It’s only neoclassical economists in the thrall of the 0.1% who don’t want to see the telling pictures painted by these charts!
Maybe private debt is so high because 1) land prices have hit a similarly enormous peak, and 2) average real wages are less now than they were back in 1972?
Do you think there may be a structural fault at work here?
Might it not have something to do with a tax system that penalises you when you earn, produce or spend, yet rewards you when you inflate asset values?