When this bubble finally bursts, will we witness the biggest stock market crash in U.S. history? “The bigger they come, the harder they fall” is a well used phrase, but I think that it is very appropriate in this case. From a low of 6,443.27 on March 6th, 2009, we have seen the Dow nearly quadruple in value since the last financial crisis. It has been a remarkable run, and it has lasted far longer than virtually any of the experts anticipated. But what goes up must come down eventually. This stock market bubble was almost entirely fueled by easy money from the Federal Reserve, and now that easy money has been cut off. The insiders can see the handwriting on the wall and they are getting out of the market at a pace that we haven’t seen since 2008. Could it be possible that the day of reckoning is finally at our door?
Of course we have been hearing warnings like this for a very long time. In fact, I have been warning about a market crash for a very long time. Just the other day, one of my readers insisted that if something was going to take place that “it would have happened by now”. In the Internet age, we have been trained to have very short attention spans, but financial bubbles don’t care about the length of our attention spans. They all inevitably come to a bitter end, but they don’t reach that end until they are good and ready.
And without a doubt we are on borrowed time, but meanwhile so many of us that are continually warning about what we are facing are getting a lot of heat for it.
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For a long time I have observed the rancor in modern American political discourse, and I have become concerned about where all of this anger and frustration is taking us. In order for any society to function, there must be some form of government. And in order for government to function, a certain percentage of the population has to be willing to submit to the authority of that government. For example, there will always be a few tax protesters out there that refuse to pay their taxes, but if every single American suddenly decided to stop paying taxes our system of taxation would collapse overnight. Sure, the government could prosecute thousands of us, but if that crackdown still didn’t motivate people to start paying their taxes there is not much that could be done. The only reason any form of government works is because enough people buy into the narrative that the government is legitimate and should be respected. Here in the United States, fewer and fewer people are buying into that narrative.
