80 trillion in money supply ..

800 trillion in legacy assets ..

Which means there is 10 x leverage in legacy assets .. give or take ..

I think we are heading towards a massive deleverage cycle in equities and real estate ..

It could be another year or two ...but writing is on the wall !

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Deleveraging real estate... My gawd I hope so.

Remember how much US paid to buy entire California ! That is the real price of real estate .. of course some localities would always shine ..