Over the past 15 years, global investors have experienced a series of bubbles: the Internet bubble in 2001, the real estate and credit bubbles in 2008, and then gold this year. The expansions and adjustments of these bursting bubbles seem to have already become commonplace.
Though many governments with troubled economies have tried to face the problems in a comprehensive way, many are still struggling. The global wealth disparity continues to deepen, as the super rich compete for luxury real estate in cities like New York, Paris, London and Hong Kong, which may indeed be distorting the market again.
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