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Real estate prices fell by 50 percent by 1349 in Florence when boom became bust. That boom was fed by bank money creation.

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by Michael S. Rozeff The proponents of greater government power are busily absolving government of any blame in the subprime crisis, deflecting criticism from government, and taking the opportunity to propose that greater government will prevent future such crises. And in doing all of this, they are busy blaming as culprits the greed of market participants, lenders, the market, the free market (even though it is heavily regulated), the capital markets, securitization, market instability, capitalism, illiquidity, bond raters, state regulation, and insufficient federal regulation. It is rather easy to spread the blame and confusion around because the financial structures involved are novel and complex. There are many targets. But we should place the blame squarely where it belongs, ...

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