Let's start with the definition:
"When the prices of assets (physical or financial assets) rise so sharply and at such a sustained rate that they exceed valuations justified by fundamentals, making a sudden collapse likely - at which point the bubble bursts"
Is there an asset bubble building up in Malaysia? It is not a bubble until it is officially denied.
Strictly speaking, things are not getting expensive. It is the value of money that is getting smaller. The economists call this inflation - same amount of money gets you fewer things. Why? Ask Bernanke (hint: watch out for QE3 or whatever name, expected in end July 2012). PS: Bank of England did it again today.
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