Why Debt Serfdom Is Not Prosperity

The recent news that US home prices in December were up by 6.1% on a Y/Y basis is just one more reminder of why the Fed’s pro-inflation policies are so insidious. In essence, they set up a running battle between asset prices and wages, and the former wins hands down.

For avoidance of doubt, here is the long view on the matter:

Index of Median Home Price Versus Average Hourly Wage, 1970 to 2023

We have indexed the median sales price of homes in America and the average hourly wage to their values...