I said that we shall find out if classic economics has been upended-the answer has come sooner than I expected. The massive Fed money printing has fed through into inflation. Corn, a basic staple, is up 50% and the crazy situation is a massive labor shortage causing supply chain bottlenecks (as people are, rightly, happy to earn more in handouts than they can get in low paying jobs) with a rise in the unemployment rate!
When this feeds into mortgages the pain will be severe for those who have borrowed so heavily against the crazy rise in house prices. The Fed rules the world, when they get it wrong everyone suffers.