I agree because the math says this is so. I suspect the numbers are closer to another 40% down, but then I continue to underestimate the willingness and ability of the Govt to prop up prices at ANY cost.
Right now, DEBT is a bull in the china shop. Until current levels of debt are bought under control, either by attrition or by devaluation and I believe attrition is going to be the mechanism, nothing will get better.
Policy based on easing credit will NOT work. Either debt must go away, or incomes must double. Inflation, savers get walloped, deflation savers get wiped out, unless your savings is in the form of gold or real cash under the mattress…
