Although 2008 may have been an exception, the media usually chooses to ascribe contemporary, albeit irrelevant, causes for each collapse of world real estate markets. On each occasion, it is really because the levels of private debt have become impossible for people to service: bank lending against ephemeral land prices has been excessive.
Yet, analysts are obsessed with the ‘national debt’ which isn’t real debt.
So, I wonder what’s likely to be the 2027 “event”?
This bloke demonstrated the real reasons!
