<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>munk-a</author><text>Even when the world ran on the gold standard not all value was actually backed by anything - now we&amp;#x27;re not even close.  You can pick a stick up off the ground and whittle it into a boat - you have, by doing so[1], made the dollar worth slightly more since, for all the dollars in existence, there are now more goods to purchase.  Inflation is spurred to increase over time for a variety of reasons - but asset accrual is not one - in actuality all the houses people own are constantly depreciating while the land they&amp;#x27;re built on continues to gain value from age - they gain value from the increased shortage of supply - and they gain value from the constantly increasing cost of building houses (labour and materials - the material increase mostly also due to labour).&lt;p&gt;There are some incredibly complex feedback loops in the economy - especially in the housing market - but inflation isn&amp;#x27;t the issue for most first home buyers.  Inflation does, however, hit people with savings harder - every dollar you have in a savings account is slowly losing value.  That, however, is quite intended since savings accounts are poor tools for economic growth (banks can leverage the value for loans but there are more efficient investment methods - and that leaves us with all our eggs in one basket which might be a quite irresponsible bank that&amp;#x27;s pumping out subprime mortgages).&lt;p&gt;1. In a very very infinitesimally unmeasurably minor manner.</text><parent_chain><item><author>dpweb</author><text>When it&amp;#x27;s all assets going up, it&amp;#x27;s not the assets cost more, it&amp;#x27;s the dollar is worth less.  
So for all the help and assistance.  Housing is LESS affordable than ever before.&lt;p&gt;You cannot infuse trillions of extra dollars into the economy without inflation. There&amp;#x27;s no magic pill - there must be consequences.</text></item><item><author>gp</author><text>While it doesn&amp;#x27;t directly affect the average person&amp;#x27;s purchasing power, the same dramatic increase is happening in other asset values as well. [0] One interesting thing to note is that 2019 EV &amp;#x2F; EBITDA values were already &amp;quot;high,&amp;quot; before the coronavirus was spreading.&lt;p&gt;I suspect these two phenomena have different causes overall, but low interest rates are a common factor that cause all asset prices to increase.&lt;p&gt;On the housing side, I suspect consumers purchase the house that their cashflow can comfortably support, not necessarily the one where they believe it is correctly valued, because the assumption that house values only increase means purchasing a well constructed house is almost never a &amp;quot;bad deal.&amp;quot;&lt;p&gt;I&amp;#x27;m not sure what the &amp;quot;solution,&amp;quot; is, but knowing that voters hate when their home values fall does not give me confidence that prices will decrease in the long term.&lt;p&gt;[0] &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;www.statista.com&amp;#x2F;statistics&amp;#x2F;953641&amp;#x2F;sandp-500-ev-to-ebitda-multiples&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;www.statista.com&amp;#x2F;statistics&amp;#x2F;953641&amp;#x2F;sandp-500-ev-to-e...&lt;/a&gt;</text></item></parent_chain></comment><story><title>Home Price to Income Ratio</title><url>https://www.longtermtrends.net/home-price-median-annual-income-ratio/</url></story>
<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>throw0101a</author><text>Lots of money supply in Japan, and are their asset prices going up?&lt;p&gt;* &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;fred.stlouisfed.org&amp;#x2F;series&amp;#x2F;MYAGM2JPM189S&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;fred.stlouisfed.org&amp;#x2F;series&amp;#x2F;MYAGM2JPM189S&lt;/a&gt;&lt;p&gt;Their central rate has been &amp;lt;1% since 1995.&lt;p&gt;Stocks and equities in the US have been going up for 10+ and the infusion of &amp;quot;trillions of extra dollars&amp;quot; wasn&amp;#x27;t present for all of those years. Canada has had increasing home prices, barely slowing down in  2008, and it hasn&amp;#x27;t had QE.</text><parent_chain><item><author>dpweb</author><text>When it&amp;#x27;s all assets going up, it&amp;#x27;s not the assets cost more, it&amp;#x27;s the dollar is worth less.  
So for all the help and assistance.  Housing is LESS affordable than ever before.&lt;p&gt;You cannot infuse trillions of extra dollars into the economy without inflation. There&amp;#x27;s no magic pill - there must be consequences.</text></item><item><author>gp</author><text>While it doesn&amp;#x27;t directly affect the average person&amp;#x27;s purchasing power, the same dramatic increase is happening in other asset values as well. [0] One interesting thing to note is that 2019 EV &amp;#x2F; EBITDA values were already &amp;quot;high,&amp;quot; before the coronavirus was spreading.&lt;p&gt;I suspect these two phenomena have different causes overall, but low interest rates are a common factor that cause all asset prices to increase.&lt;p&gt;On the housing side, I suspect consumers purchase the house that their cashflow can comfortably support, not necessarily the one where they believe it is correctly valued, because the assumption that house values only increase means purchasing a well constructed house is almost never a &amp;quot;bad deal.&amp;quot;&lt;p&gt;I&amp;#x27;m not sure what the &amp;quot;solution,&amp;quot; is, but knowing that voters hate when their home values fall does not give me confidence that prices will decrease in the long term.&lt;p&gt;[0] &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;www.statista.com&amp;#x2F;statistics&amp;#x2F;953641&amp;#x2F;sandp-500-ev-to-ebitda-multiples&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;www.statista.com&amp;#x2F;statistics&amp;#x2F;953641&amp;#x2F;sandp-500-ev-to-e...&lt;/a&gt;</text></item></parent_chain></comment><story><title>Home Price to Income Ratio</title><url>https://www.longtermtrends.net/home-price-median-annual-income-ratio/</url></story>