Here’s a clip of a bunch of people laughing at Peter Schiff in 2006 and 2007 when he predicted that the housing bubble was about to burst, financial stocks were going to take a tumble, and we were headed into a recession:
Why is this important now? Because he’s predicting a much bigger crash, when the government debt bubble bursts.
Great minds think alike, and sometimes, so does mine.
Then we had the real estate bubble. In the 2000s, property values kept going up and up and up. It seemed wonderful on one level. Everyone’s house value was skyrocketing. You could take out loans on the equity and do fun stuff. Everyone knew it couldn’t go on forever, but somehow it seemed like it might. So nobody seemed very worried.
And then there was a crash.
Now we have the government debt bubble. Government spending keeps going up and up and up. It seems horrific to us, because we are paying attention — but to most people, frankly, it seems wonderful. We’re getting all these government services and we don’t have to pay for them! It’s utterly unsustainable, and everyone knows it can’t go on forever, but somehow it seems like it might. So people don’t seem very worried. Certainly, they’re not worried enough to vote out of office someone who has exploded our national debt to unimaginable levels.
There is going to be a crash.
I can’t get over this. It’s like there’s a giant asteroid headed towards the planet, and it’s looming overhead, and everyone is just going about their business. Just whistling and humming and singing, la dee dah. Nice and oblivious to the GIANT ASTEROID JUST OVERHEAD. I MEAN IT’S RIGHT THERE.
I feel like I’m starting to sound like a broken record (I started to explain “record” for the kids, but then I realized vinyl’s making a comeback), but THERE IS A HUGE DEBT PROBLEM JUST OVERHEAD. RIGHT THERE.
Ah, screw it. I’m going to bed.