Asset Market Bubble

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    ^|fzf`tfo lw=

    ^bgccg~ I|fglf|d .

    Kg|tg Khkkh|.

    _v @da.

    \hmyff| Ogooh`

    HZZF_ EH\KF_ LVLLCF

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    HDF@OH

    Ov|g`d tbf jv||f`t ig`h`jghc j|gzgz# yh|gavz fja`aegztz h`o eh|kftjaeef`thta|z bhyf |f~fhtfocw hzkfo ia| ea`fth|w hvtba|gtgfz tazth|t ~v|zvg`d |fzt|gjtgyf ea`fth|w ~acgjw bf`fyf| tbf|f h|fjhzf ai hzzft eh`ghz h`o tbvz ~|gjk hzzft eh|kft lvllcfz"g`jcvog`d ztajk eh|kft lvllcfz'.

    Ba avco wav hzzfzz tbfzf ~|a~azhcz gtb |fz~fjt ta ztajkeh|kftz1 Tbht avco tbf ge~cgjhtga`z lf ia| jh~gthc hccajhtga`g` tbf fja`aew gi ea`fth|w hvtba|gtgfz ofjgofo ta ~v|zvf tbgzzt|htfdw1

    Gz gt ~azzglcf ta ofzgd` h` g`yfztef`t zt|htfdw tbht avco dhg`i|ae tbf v~zgof ai h lvllcf lvt hyago h`w ~atf`tghc oa`zgof1"gf. Jh` wav eh|kft tgef1' .

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    LvllcfzLvllcfz j|fhtf jh~hjgtw# bgjb gz `a ca`df| `ffofoa`jf tbfw ofichtf. g#f# "xvgjk h`o ~hg`ivc' ja||fjtga`

    lftff` tbf |fhc yhcvf ai tbf v`of|cwg`d hzzftz h`o tbfg`ichtfo ~|gjf

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    8. _vcg~ Eh`gh

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    \fzt|gjtgyf a`fth|w ^acgjw

    w Tbf` ea`fth|w ~acgjw ehkf|z thkf hjtga`z ta |fovjf h`htga`$z ea`fw zv~~cw.

    w ^|fyf`tga`!Zacvtga`= \fovjf g`ichtga`.

    w Hjtga`z=

    Zfccg`d dayf|`ef`t la`oz# g`j|fhzg`d lh`kz$ |fzf|yf |fxvg|fef`tz#

    g`j|fhzg`d tbf ogzjav`t |htf.

    Fiifjtz=

    |fovjf tbf ea`fw zv~~cw "bh|of| ta la||a'. fhzfz g`ichtga`h|w ~|fzzv|fz lw caf|g`d tbf heav`t ai

    ea`fw hyhgchlcf ia| z~f`og`d.

    w Lf`figtz= F`zv|f zthlgcgtw g` tbf `htga`$z ~|gjf zwztfe.

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    Ogiif|f`t Ygfz= ea`fth|w fja`aegjz

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    Tbw \fzt|gjtgyf ea`fth|w ^acgjw11

    La|oa h`o Mfh``f zvddfzt tbht |fzt|gjtgyf ea`fth|w ~acgjw g` tbf ihjf ai h ztajk eh|kft

    laae gz a~tgehc bf` tbf |gzk ai h lvzt gz ch|df h`o ea`fth|w hvtba|gtgfz jh` ofivzf gt

    ht h |fchtgyfcw ca jazt.

    H jazt zbajk tbht g`j|fhzfz g`ichtga` ehw |fxvg|f h |fzt|gjtgyf ea`fth|w ~acgjw g` a|of| ta

    ~|fyf`t |fchtgyf ~|gjf g`j|fhzfz i|ae z`alhccg`d g`ta h` g`ichtga`h|w z~g|hc .

    \fzt|gjtgyf ea`fth|w ~acgjw bhz zba` gtz fiifjtgyf`fzz gtb ja`zgof|hlcf ia|jf. Df|eh`w#bgjb fr~f|gf`jfo bw~f|g`ichtga` ov|g`d tbf Tfgeh| \f~vlcgj h`o fyf| ia|dat# bhz

    ehg`thg`fo h yf|w zthlcf ea`fth|w |fdgef h`o |fzvctg`d ca cfyfcz ai g`ichtga`

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    Tbw @at \fzt|gjtgyf ea`fth|w ^acgjw1

    Oa`$t |fz~a`o ta hzzft ~|gjfz ~f| zf |htbf| |fz~a`o ta jbh`dfz

    g` tbf avtcaak ia| g`ichtga` h`o hdd|fdhtf ofeh`o |fzvctg`d

    i|ae hzzft ~|gjf eayfef`tz .

    \fhza`z=

    00Hzzft ~|gjf lvllcfz jh` lf bh|o ta gof`tgiw = jh` cfho ta

    fhkf| fja`aegj d|atb .

    00Fiifjt ai g`tf|fzt |htfz a` hzzft ~|gjf lvllcfz gz bgdbcw

    v`jf|thg`.

    00_bf|f h|f eh`w hzzft ~|gjfz# h`o ht h`w a`f tgef h lvllcf

    ehw lf ~|fzf`t g` a`cw h i|hjtga` ai hzzftz.

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    Ja`zgof|htga`z

    Jf`t|hc lh`kz evzt jh|fivccw fgdbfja`aegj ja`ogtga`z# hz efhzv|fo

    lw ohth a` |fthgc h`o bacfzhcf~|gjfz# v`fe~cawef`t |htfz# d|azzoaefztgj ~|aovjt# h`o atbf|efhzv|fz# lfia|f f`hjtg`d ea`fth|w~acgjw.

    Ayf|cw |fzt|gjtgyf efhzv|fz javcobhe~f| ja`zve~tga` h`og`yfztef`t.

    G VZ ea`fth|w ~acgjw hz bgdbcw |fzt|gjtgyf i|ae 87

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    Fiifjtz ta jh~gthc hccajhtga` g` tbf fja`aew

    w Ea`fth|w ^acgjw a` tbf Frjbh`df \htf h`o Lhch`jf%ai%^hwef`tz

    w _bf ogiigjvctw ai ja`t|accg`d tbf ea`fw zv~~cw v`of| igrfo

    frjbh`df |htfz gz frhjf|lhtfo lw g`tf|`htga`hc jh~gthc ealgcgtw

    bgjb ~|fyf`tz oaefztgj g`tf|fzt |htfz i|ae ofyghtg`d

    zvlzth`tghccw i|ae g`tf|`htga`hc cfyfc.

    w \fzt|gjtgyf ea`fth|w ~acgjw |hgzfz tbf zv~~cw zjbfovcf ai iv`oz

    h`o tbvz |hgzfz tbf fxvgcgl|gve jazt ai jh~gthc# |fovjg`d

    g`yfztef`t

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    zv~f| lvllcfw zvl ~|gef bavzg`d lvllcf ai >2 g` VZ# cfho ta tbf

    lv|zt ai tbf zv~f| lvllcf ai tbf j|fogt fr~h`zga` % tbf

    fyf| g`j|fhzg`d vzf ai j|fogt h`o cfyf|hdf.

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    ^|aigt i|ae tbf lvllcf1w |fjad`g}f h`o ~|aigt i|ae gof ogz~h|gtw lftff`

    g`yfzta| ~f|jf~tga`z h`o eh|kft iv`ovef`thcz

    w Lf ifh|ivc bf` fyf|wlaow gz d|ffow h`o d|ffow bf`fyf|wlaow gz ifh|ivc

    Th||f` Lviift

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    Eftbaoz=w V`of|zth`o tbf V`of|cwg`d G`ovzt|w

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    w

    ^fa~cf f|f ~v|jbhzg`d lvclz ht bgdbf| h`o bgdbf|~|gjfz# g`tf`og`d ta |f%zfcc tbfe ia| h ~|aigt.Ht tbf~fhk ai tvcg~ eh`gh g` Ifl|vh|w89:4# zaef zg`dcf tvcg~lvclz zaco ia| ea|f tbh` 8> tgefz tbf h``vhc g`jaef ai hzkgccfo j|hitzeh`. "46 >>> /'

    w Bafyf|# zvjb h zjbfef

    javco `at chzt v`cfzz zaefa`f

    hz vctgehtfcw gccg`d ta ~hw

    zvjb bgdb ~|gjfz h`o thkf~azzfzzga`

    ai tbf lvclz.

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    Eftbaoz=w Iacca tbf Jv||f`jw

    w ,Gjavco`$t bhyf `at cazt ea`fw chzt wfh| v`cfzz Ghz8>>& g` jhzb

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    w Ia| frhe~cf h bgdbf| agc ~|gjf h`o z~fjvchtgyf jh~gthc g`icazo|gyg`d \vzzgh` h~~|fjghtfo tbf \vzzgh` |vllcf. Lvt bgcf tbfzt|a`d |avlcf ehw lf h ~azgtgyf zgd`hc ia| g`yfzta|z# gt bhz j|fhtfogtz a` ~|alcfez= fr~a|t jae~ftgtgyf`fzz h`o# a|zf# tbf~azzglgcgtw ai h f hzzft lvllcf a||w fr~f|tz. "I_'

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    w Jbgffzf tbf |f`eg`lg gz v`of|yhcvfo# h`o z~fjvchta|z jh`la||a ayf|cw jbfh~cw g` @f Wa|k ta ig`h`jf bat ea`fw icaz

    g`ta Jbg`h h`o atbf| fef|dg`d eh|kftz. A`f ja`zfxvf`jf gz hbvdf lvllcf g` Jbg`h$z jaeef|jghc h`o |fzgof`tghc |fhc fzthtfeh|kftz# bgjb gz ia|jg`d tbf ^LJ ta t|w ta jv|l tbf fr~h`zga` aioaefztgj lh`k j|fogt.

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    Eftbaoz=w Iacca tbf Jav`t|gfz

    w Jbg`h= eh`w g`yfzta|z h|f ja`jf|`fo tbht hzzftlvllcfz tbht ia|eg`d g` |fhc fzthtf# lh`kg`d# h`o g`tbf ztajk eh|kft.

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    Ka`o|htgfii Thyfzw tbf v`of|cwg`d fja`aegj ja`ogtga`z gcc |f~fht ayf|

    tgef ovf mvzt ta tbf ~bwzgjhc `htv|f ai av| a|co

    w

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    w

    Lvw h ztajk h hgt ia| jf|thg` zgd`hcz "fd. G`j|fhzf g`g`tf|fzt |htf' lfia|f f jh` zth|t zfccg`d gt.

    w Da ca`d h jhcc.

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    wLvw ztajk h`o zfcc h ~vt ^|atfjtgyf ~vt

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    _B @K IA\ G _ @G@D