«Dean is right to call attention to asset bubbles, but they don't explain everything.»
Sure, there is also energy prices and demographics, but when there have many so many so enormous asset price bubbles sponsored by so many governments in so many countries they may not explain everything, but they are CENTRAL.
What all these asset price bubbles have in common is a colossal credit bubble, well obvious in this "the most important chart in the world":
http://declineandfallofwesterncivilization.blogspot.co.uk/2011/09/updated-most-important-chart-in-world.html
That's debt (BOTH private and public) to GDP, with two dramatic trend changes in 1980-1981 and 1994-1995.
If you show that graph to someone in a business school, not a department of "Economics", they immediately understand that's a typical financial profile of a company after an LBO by asset strippers: loaded with debt, to allow for massive equity extraction via dividends (e.g. tax cuts) and insider transactions (e.g. Medicare part D). - Blissex
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