I will be wrong on house prices

When the hot air finally leaves this new housing bubble, its deflation will be too slow to result in a 40 per cent fall from June 2010 to June 2025.

Right up until the early 20th century, taking an innocent stroll on the foreshores of the US West Coast was hazardous for your health: you might suddenly fall unconscious, and wake up to find yourself an unfree seaman aboard a US clipper bound for China. That’s where the term “Shanghaiing” originated: not because the crime happened in Shanghai, but because Shanghai was normally the victim’s first port of call as a shipping slave.

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