Courtesy of Mish.
James Turk, founder of GoldMoney, and John Rubino who runs the popular DollarCollapse website got together for the second time in writing The Money Bubble
The authors claim the current financial bubble is even bigger than the one in 2007.
I agree. But how does it end?
No one knows and importantly, Turk and Rubino don't claim to know either. Rather they outline a number of possible scenarios including a "Debt Jubilee", "Crypto-Currencies", a flight to tangible assets in general and gold in particular, currency wars, capital controls, wealth taxes, and bank bail-ins.
The book makes for interesting reading with historical references on fraction reserve lending, goldsmiths, and the evolution of the "Paper Money Experiment".
The authors intersperse an number of excellent quotes in each chapter, starting off with an important one: "The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant." – Maximilien de Robespierre
I have a number of minor quibbles with the book regarding some inflation stats, and also an alleged short-squeeze in gold or silver that I see as unlikely. Also, I expect at least one more asset-bubble deflationary collapse is coming up. Whether that happens before, after, or in conjunction with a huge global currency crisis is not knowable.
If that collapse happens before a crack-up-boom, as I strongly believe, debt-free is the way to be.
Actually, I was very pleased the book was not a huge hyperinflation rant from front-to-back that one might have expected.
