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Real Estate as China's reserve currency

Lately I've realized that the lowly retail investor is a suprisingly savvy animal.  Consider the mechanics behind China's real estate boom.  China's central bank continuously prints new money and buys US treasuries to maintain their peg.  This action devalues the Yuan to match the dollar.  If Chinese people were to just put all their money in a bank account it would be devalued yearly.  The answer is to invest in real stuff which will maintain it's value in an inflationary enviroment.  Commodities would be one way, real estate another.  However real estate is for living, not as a store of wealth.  Clearly this is a misalocation of capital and rather impractical.  Gold is a much more practical alternative if paper money cannot be trusted.  I predict the the introduction of gold ETF's to the Chinese investor could spell the end of the Chinese real estate boom.  In short, the end is nigh.