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There you have the explanation for the huge income disparities in third world countries like India and Mexico. The richest man in the world lives in Mexico, while it takes the common man there 3 years to save up to build 4 walls for a room.
I agree. The lack of a working credit system is a huge part of what distinguishes rich countries from poor countries.
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With the recent announcement by the FED to print $600 billion dollars and release them into the system it seems that the FED is determined on destroying the dollar in an attempt to stimulate inflation and get the economy moving again. I heard an interesting projection made today from a guy by the name of Steve Peasley on KDOW predicting that housing prices will inflate as the dollar gets crushed eventually causing housing, stocks and commodities to increase significantly in the next few years. I would like to hear the boards comments as to what effect you think QE2 will have on housing prices in the next 2 to 5 years.
#housing