Please Don’t Pop Our Precious Bubble! by Charles Hugh Smith

Trees don’t grow to the sky and financial bubbles pop. From Charles Hugh Smith at oftwominds.com:

It’s a peculiarity of the human psyche that it’s remarkably easy to be swept up in bubble mania and remarkably difficult to be swept up in the same way by the bubble’s inevitable collapse.

Allow me to summarize the dominant zeitgeist in America at this juncture of history: Grab yourself a big gooey hunk of happiness by turning a few thousand bucks into millions– anyone can do it as long as they visualize abundance and join the crowd minting millions.

Beneath the bravado and euphoric confidence in our God-given right to mint millions out of chump change, a secret plea lurks unspoken: please don’t pop our precious bubble! The big gooey hunk of happiness available to all depends on one special form of magic spell: If we don’t call the bubble a bubble, it won’t pop.

And so Wall Street shills spew endless “research” (heh) proclaiming that the forward price-earnings ratio of 21.1 will only slightly exceed past norms, and so on–in summary: If we don’t call the bubble a bubble, it won’t pop.

What differentiates this bubble from the 1720 South Seas Bubble, the 2000 dot-com bubble or the 2007-08 housing bubble is: this bubble includes every asset class and has sucked the entire populace and economy into its magic maw.

The bubble has swept up housing, stocks, junk bonds, commodities, cryptocurrencies, NFTs, and numerous collectibles–the bulk of America’s household assets are now firmly lodged in the maw of the Everything Bubble.

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