The Mogambo Guru

http://www.dailyreckoning.com/Issues/2006/DRUS082106.html

Funny how this article adresses exactly the same point that I made yesterday.
Logically the threat of inflation should encourage us to borrow more. But as this article mentions, there might be a housing bubble bursting in the mean time.
If you borrow against a declining asset, it will hurt anyway, and the real interest rate will keep on going down anyway, so it will be better to wait.