Good summary and description using more plain language than mine, but I wanted to provide the additional context the "flight to the real" is a bit of jargon used by economic historians.
The phrase was first coined to describe Europe of the 18th Century where rapid population growth and high levels of public expenditures (mostly to fight the major wars of empire of the era*) combined to put very high pressure on land and commodity prices, especially wood and grain. The inflation of the era combined with the "flight to the real" by speculative investors pushed the price of houses, buildings, and food way up and was one of the major contributing factors to the social unrest behind the French Revolution.
*including the Great Northern War, the War of the Spanish Succession, the War of the Polish Succession, the War of the Austrian Succession (detecting a pattern here), the Seven Years' War, the American Revolutionary War (which had major theaters in the Caribbean and Europe, not just fighting in North America for the eventual independence of the 13 colonies), and goodness me so many uprising and rebellions
Historians started calling this era's economic history the "flight to the real" because it described the behavior of (mostly and especially French) economies of the era. It has since been applied to similar situations in other centuries, like the late Roman Empire or semi-failed states in Latin America like Argentina. They also note the "flight to the real" reduces the amount of investable capital available for new projects that might increase real economic output (e.g., building a new factory), which would help relieve some of the pressure of the inflation, so the whole thing becomes a vicious and self-fulfilling cycle when investors pour their money into things rather than supporting the investments emerging from financial markets (mostly equities and bonds).
