Barby

I don't blame people for being angry. For decades, society was encouraged to borrow more, extend mortgages, and rely on two incomes to afford homes that previous generations often purchased with one. But this system is not permanent. As the global housing and credit cycle reverses, Economic Winter will force some uncomfortable questions: Will long-term mortgages survive in their present form? Will two incomes remain necessary to purchase a family home? Will housing finally return to valuations supported by productive wages rather than ever-expanding debt? This is the nature of Kondratieff's Economic Winter: debt liquidation, falling asset valuations, and the restructuring of an exhausted financial system. And when the dust settles, society will ask the most important question of all: How did we allow the basic necessity of shelter to become a decades-long exercise in financial speculation?