Surprised by the Meltdown? Here’s “Peak Money”
Just read an article by “Permabear” and Crash Proof author at Mises.org, “Why the Meltdown Should Have Surprised No One”. Jon Stewart’s interview with Schiff is also linked on the site (and here too, now).
I’m listening to the Crash Proof audio book now, and the picture it paints of the growing, decades long corporate and government fraud and cover-up that got us here is sobering.
Published in 2006, Crash Proof foretold the bad things that have happened to the U.S. economy. The real estate bubble bursting as adjustable rates went up, the bank failures from derivatives, and the stock market collapse all came true as predicted, seemingly on schedule. Those would be good correctives, the author suggests, compared to expanding the stimulus and bailout insanity.
Hyperinflation and food riots are coming if our economic path doesn’t change. “Peak Money” (to borrow a green term) will be very unpleasant. What was fiction in 1979 (J. Neil Schulman’s prophetic novel Alongside Night is available as a free download from the author) is becoming fact in 2009.
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| Peter Schiff | ||||
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