Ominously, Mr Morris sees a closer parallel in the great Japanese asset bubble of the 1980s.
The asset bubble that deflated in the financial crisis resulted, and today unemployment is 10%.
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More likely, the Fed is creating another asset bubble, this time in the bond markets.
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This freshly minted cash would then flee into hard assets, and off goes a new asset bubble.
Last week the government announced measures to cool property prices including higher stamp duties because of concerns that an asset bubble is being created.
That binge ended abruptly as the Japanese asset bubble burst in the late 1980s, causing most firms to shed their properties and retreat to Japan.
News of the company's possible listing comes at a time when rising prices have sparked fears that an asset bubble could be forming in the city's property market.
Two weeks ago, FORBES GLOBAL asked whether the stock market was signaling an asset bubble pop, as it did in 1987, or something far worse -- an Armageddon like 1929.
That stimulus, mostly in the form of fixed asset investments in infrastructure, followed by low interest rates, fueled a hard asset bubble that the Chinese government has been trying to pop since last year.
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Admitting that the Federal Reserve is responsible for creating financial instability, and possibly brewing the next toxic asset bubble, Minneapolis Fed President Narayana Kocherlakota said they have to do more to stimulate the economy, as inflation is too low.
The economists were increasingly concerned that fiscal and monetary policy were too stimulative to the economy, which means they are worried that economy-boosting government spending and low-interest rates could eventually result in damaging high inflation or an asset bubble.
We could create an asset bubble worse than the previous one which could lead to another financial crisis not this year, not next year but two or three years down the line if we keep on doing these (easing) policies.
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Further appreciation will cut into a rising real estate asset bubble, and give Chinese consumers more buying power by encouraging Chinese manufacturers to shift production away from the export markets, to making and marketing goods and services for the domestic market.
Yet by holding interest rates low it may be fuelling an asset bubble, which when it bursts could make deflation even more likely since there is much less room for fiscal and monetary stimulus than after the bursting of the previous one.
The three giant post-Romney funds, however, would be considered failures if liquidated right now, all succumbing to the same traps too many other firms fell into: The huge sums raised made generating returns difficult and forced them to chase deals at nearly any cost, creating an asset bubble in the process.
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It must make sense for the central banks to be pre-emptive and prevent the asset price bubble, so as to prevent the nasty, subsequent hangover.
Every stock market cycle and every asset class bubble, people get sucked by a good story at the top and sell at the bottom in a panic.
Look only at Japan for a painful reminder of the implications of a burst asset-price bubble.
The recession was caused not, as before, by inflation taking off, but by the bursting of an asset-price bubble.
For instance, although they have helped keep inflation and interest rates down, they have also encouraged asset prices to bubble up.
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The Bank of Japan allowed deflation to develop when it held policy too tight, partly because it was worried about another asset-price bubble.
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For Mr Lindsey has made no secret of the fact that he considers the American economy to be suffering from an asset-price bubble.
The absence of a prior asset and credit bubble makes the Italian adjustment path much smoother and less disruptive fiscally and financially, in our view.
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It was because of conflict between the ministry's financial and fiscal responsibilities (which led to the asset-inflated bubble economy a decade ago and the subsequent banking mess) that administrative reform became popular in the first place.
Meanwhile, BoJ officials have long expressed fears that aiming for significantly higher levels of inflation could trigger a bubble in asset prices -- or worse, a collapse in the currency.
The Japanese problem of the past 20 years, together with the American and European problems of today, boils down to one fact: the economics profession has never considered a recession that could be caused by the private sector minimising debt in order to repair balance sheets after a debt-financed bubble in asset prices.
Not only does this risk creating another bubble, but rising asset prices are encouraging already over-indebted households to borrow yet more to invest in already-pricey assets.
That gives us time to think: Which asset class will form the next great bubble?
It should be apparent that housing is not a safe asset, even when we are not in a bubble.
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