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FirmhandKY -> RE: Aftershock (10/29/2011 4:25:16 PM)
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ORIGINAL: erieangel
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ORIGINAL: FirmhandKY
I went looking for videos of Weidemer pre-2008. I don't have time to keep looking (gotta go help someone move), but I did find clips of Peter Schiff predicting our current troubles in 2006 and 2007, and against all kinds of other "experts" who laughed at him.
Pretty interesting set of clips:
Peter Schiff
Have these predictions ever stated the causes of the troubles?
Yes, in detail.
It's been a while since I read Weidemer, so I don't remember all the specifics. His book from 2006 talked specifically about the housing bubble, but now that it is (partially) past. Aftershocks talks in detail about the next two major bubbles: the dollar and the government debt bubbles.
Basically his thesis is that the US (and the world) economy has been driven by a series of overlapping economic bubbles, and we have seen the collapse of several of them so far, and there are a few more to follow.
From memory, the housing bubble, the stock bubble, the private debt bubble and the discretionary spending bubble have all hit (although the worst effects of the housing bubble is being contained - temporarily - by the government's actions). The bubbles that have not collapsed yet are the dollar bubble and the Government debt bubble. The last bubble will be the gold bubble.
From his Executive Summary:
What is a Bubble?
As asset value that temporarily booms and eventually busts, based on changing investor psychology, rather than underlying fundamental economic drivers that are sustainable over time.
What is a Bubble Economy?
An economy that grows in a virtuous upward spiral of multiple rising bubbles (real estate, stocks, private debt, dollar, and government debt) that interact to drive each other up, and that will inevitably fall in a vicious downward spiral as each falling bubble puts downward pressure on the rest, eventually pulling the whole economy down.
What is the Bubblequake?
Phase I of the popping of the bubble economy, including the fall of the real estate bubble, private debt bubble, stock market bubble, and discretionary spending bubble.
What is the Aftershock?
Phase II of the popping of the bubble economy. Just when many people think the worst is over, then comes the Aftershock, when the dollar bubble and the government debt bubble will burst.
Firm
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