America's bubble economy

摘要

An Economist, it is said, is an expert who will know tomorrow why the things he predicted yesterday did not happen today. So what will be tomorrow's explanation of why share prices continue to soar today despite frequent warnings from many commentators (including The Economist) that Wall Street is overvalued? The most popular explanation within America is that it has entered a new economic era of faster, inflation-free growth, and hence stronger profits, thanks to new technology and globalisation. We peg to differ: America is experiencing a serious asset-price bubble.