[quote=GH]Us Westerners are now required to compete with cheap offshore labor. There may or may not be asset inflation, but there will be no wage inflation. Perhaps a world in which we buy billion dollar houses on loan, then have our loans “modified” to fit our incomes will be the norm in the future?[/quote]
Agreed. I see no wage inflation in our future (not for many, many, many years to come, if then).
