It’s been over 15 years since the global housing bubble burst, shifting monetary policy into inflationary overdrive, familiarizing us with unwanted acronyms like QE, MBS, and BTFP, and kicking the world off into the late stages of fiat monetary implosion. China, however, was able to dodge the housing bullet back then, but at the cost of carrying 60 dead ghost cities, the result of prices the Chinese government refusing to let prices fall and the market consequently unable to clear.
With the collapse of Evergrande and the imminent fall of many other firms of its ilk, It appears China is finally catching up to the West on a 15-year delay.
Meanwhile, “doom spending” is becoming more and more common, which is when the younger generation gives up on savings entirely and just spends what little savings they have on luxury items in order to mollify their nihilism. This is just another step towards hyperinflation, which is just doom spending on steroids. We are on our way.
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