The Last Bubble
A massive bubble is inflating, and when it pops, the world will need a whole new economic system.
BY ROBERT MORLEY
There is a new and dangerous bubble hanging over the economy. It is far bigger than the dot-com bubble. It absolutely dwarfs the housing bubble. And it is far more dangerous than the debt bubble that ignited the Great Depression.
This bubble will blow the 2008-2009 crisis out of the water, economist Peter Schiff recently said. Schiff is famous for correctly predicting the housing bubble.
But unlike houses, or Internet stocks, this bubble is less obvious at first—even if the dangers are much more dramatic. Millions of Americans are unknowingly living it each day.
Record low mortgage rates: Thank the bubble. Current low tax environment: Thank the bubble. Somewhat functioning government: Thank the bubble. Only 8.2 percent unemployment—thank the bubble. In fact, this bubble is probably the only thing making possible your current standard of living (as high or low as it may be).
But know this: Standards of living are soon going to change all across America—and for the worse.