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IPFS News Link • Economy - Economics USA

Once The Bubbles Pop, We're Broke

•, by Charles Hugh Smith

OK, I get it--the Bull Market in stocks is permanent. Bulls will be chortling in 2030 that skeptics have been wrong for 22 years--an entire generation. Bonds will also be higher, thanks to negative interest rates, and housing will still be climbing higher, too. Household net worth will be measured in the gazillions.

Household net worth has soared $30 trillion in the past decade of permanent monetary and fiscal stimulus. No wonder everyone is saying Universal Basic Income (UBI)-- $1,000 a month for every adult, no questions asked--is affordable, along with Medicare For All (never mind that Medicare is far more expensive than the healthcare provided by other advanced nations due to rampant profiteering, fraud and paperwork costs--we can afford it!)

And we get to keep the Endless Wars (tm), trillion-dollar white elephant F-35 program, and all the other goodies--we can afford it all because we're rich!