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I see the confict as history vs. economists. History says that this level of fiat money is deadly. The economists believe they have learned enough to balance it.

The four most dangerous words in English are, "It's different this time."

Computers allow the bubbles to grow to undreamed of size, but they don't repeal history. "Efficiencies" brought by computers, such as JIT inventory and distribution, will turn around and make the crash far worse than in previous eras. The "efficiency" of JIT means that there is no pad to tide us through a disruption in distribution. A week's worth of food, that's all there is. One week after a panic sets in (for myriad reasons, take your pick) the ATMs, gas stations and supermarkets will be stripped bare.

Then, all bets are off.