The housing market in the UK and US have been described as 'frothy' in recent months. The Bank of England has even gone as far as removing its Funding for Lending scheme from households with effect from 2014. The housing market in many economies has been indirectly supported by extensive nursing of banks by taxpayers. In addition, low nominal borrowing rates and near-zero (if not negative) real interest rates have provided the fuel for yet another housing boom and bust. None other than Nouriel Roubini is also concerned about overheating housing markets around the world - click here to read more.
The Berkeley Earth Project , an independent study of global warming, has found that the earth has become a degree warmer over the past half century. However, the statistical uncertainty surrounding pre-1920 estimates makes it very hard to say much about long-term trends - click here for graph . This is one of my concerns with the global warming debate - we simply don't have trustworthy long-run data which looks at temperature changes over the last millennium (or two). My second concern with the global warming debate is that it is very hard to prove any sort of casual link between global warming and human activity. The scientists may be able to show correlation between global warming and our production of carbon dioxides etc., but correlation is not causation. My third concern with the debate is that those who are sceptical or agnostic are stereotyped as flat-earthers or intellectually-challenged crackpots. This only stifles debate and the progress of science itself.