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property values to me, seem to be simply the growth of debt and not much more. also an indicator of a boom economy i guess.
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And what is debt, really, beyond a future call on earnings? Economy wide, I really doubt that you'd find a significant growth of land-backed debt. The growth in debt is really against consumables, ie credit card, etc. As much as doomsayers like to believe otherwise, you can't turn paper money/debt into hard goods by magic - it takes a real economy. Every dollar of debt is backed by something, whether its at the national debt level or your Visa card level. When debt goes bad, somewhere someone is left holding the bag and takes a hit to their wealth. It's a closed system at the global level, so I guess I'm just not clear where you're going with your thesis.