I know you are being sarcastic, but I suspect you are closer to the truth than you fully realize.
So many people cannot learn from history and have an “it can’t happen here” attitude.
There has already been a lot of attitude adjustment the last couple of years. The next two will be monumental.
Dead serious.
in post 182, in September of 2006, you said,
“If true, then why is our debt to income ratio less than 1% higher than it was in 1990 or 1996? What’s different about this time? Where’s the proof that Americans have taken on more debt than they can service? Where’s the pyramid? “
Do you now understand why it was different this time?
Do you now see the pyramid?
If Schiff is right, our next bubble may be dollars. I do notice that he doesn’t seem to think this thing is as global as I do. He understands the fundamentals better than I do (and DEFINITELY better than most economists in 2006) so he may be factoring in things I am ignoring.