Paine said

I saw the following by a certain 'Paine' on Rodrik's blog, commenting on the post, The new religion on financial (and trade) globalization

rich c

i deeply
share your skepticism
about trans border hi fi flows
even in north markets

why are bubbles in asset markets and commodity markets
worse then in
product and job markets ??

no one controls credit flows
for assets
regardless of sector inflation
because its real economy
effects are indirect

okay there's no analogue
no human capital markets
or are there

the household
credit market
has two pillars
lot value and earning power

the first is of course subject to notorious bubbles

rational irrationality
fueled by credit flows

but isn't also
the implicit capitalized value
of a job earnings stream ?????

human capital
isn't for sale
only lease
but its implied value
is in flux every time
the credit line
borrow max
standards change