It's a tale of greed, greed, more fucking greed, stupidity, incompetence and corruption.
Today's thought dealers are human garbage. Bernie Madoff is an amateur compared to the tools rationalizing today's status quo.
Nowhere is the deflationary chasm wider than in Vancouver Canada. Real estate values are the second most over-valued in the entire world, bid up by China's fleeing slumdog millunaires, while commodity prices, backbone of the economy, collapse in real-time.
Vancouver housing prices (red) versus Canadian 10 year Treasury yields
FREE MONEY !!!
Of all countries, Canada could have avoided a major real estate debacle by learning from U.S. subprime. But instead, the exact same cheap money disaster was smugly rationalized away, all presided over by ultra-corrupt developers, banksters and the Harper W. Bush Government:
