"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
We are not assembling productive capacity; it's a one-off affair selling depreciating assets financed with debt that depreciates much slower than the object of our desire. As the Household Debt and mortgage chart illustrates, we are approaching, if we have not already, peak household debt and as the mashup of charts above show, we are burning through our savings with so little disposable income left that the retail sector is showing signs of a potential contraction. The late stage rally to "own" real estate in Canada looks like it may also be facing a momentum challenge that occurred in the U.S. a decade ago.
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense