The Economist published the following figures for money supply growth in various countries over the last 12 months:

Australia +9.1%
Britain +11.7%
Canada +7.7%
Denmark +14.7%
U.S. +8.1%
the Euro area +7.3%

Recent commentators have pointed out that the money supply is rising two to three times faster than GDP. Guess what else has been rising two to three times faster than GDP? House prices.