In America's Bubble Economy, you predicted a series of financial bubbles. Where are we today and what do you see as the greatest risk facing investors?
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If you go back and look at my original books, America's Bubble Economy or first edition of Aftershock, you'll see me talk about four bubbles, right? The housing bubble, stock bubble, consumer spending, private debt and that they would go up, and the one that would pop would be housing, and that would bring the rest down, but we also said that in response to that two bubbles would be inflated to re-inflate those and that would be Government debt and dollar. The dollar bubble is the final bubble, because in a sense, you can borrow more if you can print, right? You could borrow more; I could borrow more if we had a printing press in the basement. The Government is the same way. They keep interest rates down; it makes it easier to borrow. So, the Government actually is sort of a...an unlimited credit limit as long as it can print. So, the only time this really pops is when that money printing dollar bubble pops and that's where we are now. We are on that 6th and final bubble. No there's not a 7th, there's not an 8th, there's not a 9th...6th and final bubble. When that pops, it's over and that's where we are right now. Sixth bubble, dollar bubble, and that's the last one we're on--that will pop.