…. but worth the listen.
You have it figured out then, Michael. The experts are still in dream mode. Maybe they feel they’re letting the side down if they get realistic.
One thing I cannot figure out is that many experts who agree that property prices must fall dismiss an outright crash because a breakout in unemployment for this to happen is an unlikely event. This is so wrong.
Our employment market is debt driven. Deleveraging will cause massive unemployment as consumption and demand dries up overnight.
This will lead to an almighty crash. This has happened every time in history and this time is no different.
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