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Richard's Remarks


You and I are watching, or I should say living through, the greatest bubble in world history. What could it be? Is it the world population growth? Is it the explosion of world communication? Is it the progress in health?


It might be any one of those, but no -- it's the credit bubble. Think of it. The US now has a national debt of over $16 trillion. That doesn't include incurred debt that is not on the books. The question is -- how will this enormous debt ever be handled? (1) It might be refinanced, meaning that it might be (if possible) kicked down the road like an old tin can. (2) It might be reneged on, which would be a default (unthinkable, since this would be an admission of sovereign bankruptcy. (3) The debt could be addressed through devaluation, meaning destroying the purchasing power of the dollar. The third ... Log in or subscribe to continue reading.

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