The solution to that problem is rolling it into even more debt. Zoom out to a multi-decade timeline, and that's pretty much what we have done in the real estate

The solution to that problem is rolling it into even more debt. Zoom out to a multi-decade timeline, and that's pretty much what we have done in the real estate markets. Bigger mortgages and longer-termed mortgages have lead to an incredible expansion in the amount of money in circulation. Yes, at some point, this reaches a steady state (which it probably has, I don't expect mortgage terms to keep growing), but that expansion of the money supply will absolutely manifest itself as inflation. Which it did, in the asset markets. The only novel development last year is that it has finally trickled down to commodities.