Tuesday, June 07, 2005


Safe Haven | Same Data / Different Interpretation
Well I am going to hazard a guess that Jim agrees with me that rising home prices do not make people "wealthy" since current replacement costs are high and nothing is really gained by escalating housing prices unless and until one takes that profit out and decides to rent. Obviously it would be impossible for everyone to sell their houses and rent. This subject is in fact so complicated that I want to devote some time to discuss credit vs. money, as well as the various Mx definitions of money in a later blog.