Original title: Nobel laureate Schiller: beware of bubbles in the property market, stock market and currency circle
Source: 36 krypton
Some of the hottest deals in the US market are forming bubbles-Nobel laureate Robert Schiller (Robert Shiller) recently expressed his concerns to the outside world.
Schiller believes that overheating is mainly concentrated in real estate, stocks and cryptocurrencies. Investors have a "wild west" mentality in these areas, he says.
In view of the fact that bubbles in the US investment market are emerging one after another, this famous economist's remarks have aroused the attention of public opinion.
House prices in the United States rose 11.3% in March from a year earlier, the highest annual increase since March 2006, according to the latest data from the US real estate data analysis company. Meanwhile, Idaho, Montana and Arizona had the biggest annual increases, rising 25%, 18.8% and 18%, respectively.
It's reminiscent.On the eve of the last housing bubble in the United States. After the housing bubble hoarded from 2005 to 2007 burst, US house prices plummeted, which triggered the 2007-2008 US subprime crisis, and then quickly dragged the world into the whirlpool of financial crisis and economic crisis.
In addition, the alarm of overheating of the US stock market is also sounding. Shortly after that, the three major stock indexes in the US stock market continued their upward trend, with the Dow and the S & P 500 both hitting record highs. Since their lows in March 2020, the S & P 500 and the Dow have risen nearly 90%, while the tech-heavy NasdaqThe index rose by more than 100%.
In response, Schiller warned that inflation expectations could eventually drive down long-term asset prices, which is bound to have an impact on the US economy and even the global economy.
The performance of the cryptocurrency market can be described as "soul-stirring". In April, Bitcoin broke through $60, 000, but has continued to fall in recent days, with prices down more than 50% from their peak. 240000 people exploded in 24 hours and 9.6 billion of the money evaporated. Schiller's previous research also believes that the ultimate source of the value of cryptocurrencies is uncertain.
In fact, Schiller is not the first person to sound the warning. The Fed's recent semi-annual financial stability report also shows that low interest rates are affecting the real economy, the proportion of highly leveraged new loans has reached an all-time high in recent years, and mortgage defaults have emerged.
At the same time, a number of Fed professionals have listed the cryptocurrency as a potential risk to financial stability, and the surge in inflation is one of the highest risks mentioned in the report.