Wealth from the last 40 years has a direct correlation to currency being deleveraged from hard assets. This allowed the growth of equity thru debt. The flip side is that it has devalued currency so that in real terms things haven't really moved that much. Add in population increase (growth) technology gains (efficiency) and the internet (information) and you have the world's best Ponzi scheme. Population decline will make the wheels fall off and people will once again realize that a house is just a shelter, not an investment. Equity lending is starting to become on the nose in a lot of areas.
You see. With the cost of living, job security and the price of real estate young people today don't have to try.
