That said, the increases in homeownership and house values during the boom were largely financed by rising mortgage debt. Thus, the direct positive effect of rising house prices on most households’ net worth was largely offset by the negative effect of increased debt that households took on. On net, mortgage debt and home values moved up together.
Jusqu’ici, notre économie a souvent dû s’adapter douloureusement aux distorsions créées par les désordres monétaires extérieurs. A titre d’exemple, rappelons-nous les mouvements spectaculaires de la lire italienne au cours des quinze dernières années.