We can be sure of the repetition of the 18-year periodicity, subject to the absence of relevant overwhelming shocks to the capitalist order. Those shocks include a world war or a reduction in the privatized portion of rental flows to the point where the incentives to speculate in the land are significantly diminished. None of the responses to this latest crash alters the DNA of the capitalist system. So there is no reason to believe that past history won’t be repeated. Fred Harrison
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