by John Rubino, John Rubino:

Between 2020 and 2022 houses in America’s hottest real estate markets went from unaffordable to 50% above unaffordable. Put another way, they did what would have been impossible in an economy where market forces determined interest rates and home prices.

But ours was not that kind of market. Central banks around the world had lost their collective minds and money was the cheapest it had ever been – far cheaper than it should or would be in a sane world.