Tuesday, November 10, 2009
The house price bulls will get what they are asking for. And what they are asking for is a complete collapse in the purchasing power of sterling in a bid to maintain nominal house prices. They will only realise this of course ex-post when the carnage begins to consume both the feckless and the prudent (they are way too selfish to care that the prudent saver is already burning). It is their only hope that the prudent can take enough pain, and have enough savings and earnings capacity to keep their debt-driven phoney wealth levels in tact. My only consolation now, is that when the fires of inflation start consume all in the UK, the house price bulls will finally be consumed along with everyone else.