Regarding the comment about real estate and salaries in Europe taking a 50% cut over the next few years, each country and city will be affected differently.
USA and Canada usually has a very similar monetary policy (Canada follows the Fed) and when we had the financial crisis of 2008 and a housing collapse in the states, places like Toronto continued to appreciate because demand remained high. Each city has something different to offer and are usually hit differently by a crisis.
This is true, except two issues remain:
1. Humans are
really bad at predicting how chaos unfolds, i.e. which areas and which timing.
2. You are referring to differently timed bubbles developing and peaking; whereas, we are facing a global contagion that will take down all the profligate western nations in a series of dominoes cascade beginning October 2015 and finally taking down the last nation standing (the USA) in late 2017. From 2018 forward we go over the cliff in the West, but Asia will be bottoming around 2020, while the West will continue down and down for the foreseeable decades. From 2033 forward, there will be
a new world order, with the financial capital of the world shifted from the West to Asia. Apparently from 2030 forward,
the world will also be hit with a Little Ice Age, which will exacerbate crisis.