It could be next week or they could grow for another few years. I’m sure these bubbles will burst, but I have no idea when. The “experts” will continue to declare “buy now or miss out on the riches”. Greed will surely turn to fear and no one sees it coming.
The concept of risk has been bastardized and ignored, for now. The herd will surely be separated from their money when this everything bubble bursts. We are busy selling worthless electronic concepts to each other at higher and higher prices. Now the shysters have come up with a ridiculous concept called Non-fungible tokens (NFT), which has created a further frenzy of greed and fleecing. Clueless millennial dolts are using their stimmy checks to day trade on Robinhood. A joke crypto currency like Dogecoin soars into the stratosphere because money has no meaning anymore.Ĭorporate, government and personal debt are at all-time highs and heading higher. Bitcoin and the rest of the crypto-currencies are a bubble, being driven by the excess liquidity sloshing around the system. Housing is experiencing another bubble, with prices now far exceeding the 2005 peak. The bond market is a bubble, with the Fed artificially suppressing rates and pumping trillions of QE into Wall Street. The stock market is a bubble, with valuations exceeding 2001. The signs of an epic bubble of historic proportions are everywhere. Thus it has been for centuries thus in the long future it will also be.” ― John Kenneth Galbraith, A Short History of Financial Euphoria So, alas, are those who, responding to a general mood of optimism, are captured by a sense of their own financial acumen. “Fools, as it has long been said, are indeed separated, soon or eventually, from their money.
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