Property will fall until at least 2011. Then US stocks will lead the way...

This financial crisis is a predictable cyclical downturn. How do we know where we are in it? The secret is all in land prices, says Phil Anderson.

This financial crisis is a predictable cyclical downturn. How do we know where we are in it? The secret is all in land prices, says Phil Anderson

Hardly anyone seems to know what is going on just now, let alone is able to explain it. Most believe the recent banking crisis was a random, unpredictable event. But far from it: the drama unfolding is just history repeating- only the numbers get bigger. By studying the past, we can get a good idea of how the economy is going to unfold each year. And the most informative history to study is that of the US property market. Let me explain why.

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