Reminds me of when the Fed and IMF said in 2006/07 there was no housing bubble in the U.S.
Look at these and judge for yourself:
as Rosenberg said in late 2009:
In answer to the question as to whether prices are in a bubble, all we will say is that when we ran some charts showing Canadian home prices normalized by personal income or by residential rent, what we found is that housing values are anywhere between 15 per cent and 35 per cent above levels we would label as being consistent with the fundamentals. If being 15 per cent to 35 per cent overvalued isn't a bubble, then it's the next closest thing. We are talking about two to three standard deviation events here in terms of the parabolic move in Canadian home prices from their lows. So, if it walks like a duck...
other fare: a survey of some apocalyptic, end of empire, collapse-type thinking --- and its not just Igor Panarin and Gerald Celente thinking such thoughts:
Sun Could Set Suddenly on Superpower as Debt Bites. Niall Ferguson, RealClearWorld.
The year America dissolved. Paul Craig Roberts, Counterpunch.
Why societies collapse. Jared Diamond.
Part I and Part II of interviews of Jim Rickards on King World News on comparison of US to Roman Empire.
The Collapse Of The American Empire And The Rebalancing Of The World.
China or the U.S.: Which Will Be the Last Nation Standing? Richard Heinberg, Post Carbon Institute.
Closing the 'Collapse Gap': the USSR was better prepared for collapse than the US. Dmitry Orlov.
The coming end of the American empire. Chalmers Johnson.
Complexity and Collapse: Empires on the Edge of Chaos. Niall Ferguson, Foreign Affairs.
The Center does Not Hold... But Neither Does the Floor. Jim Kunstler.
American Denial: Living in a Can’t-Do Nation. Tom Engelhardt.
p.s. my mental health is fine; but I find the prospect of such a low-probability-but-very-high-impact event intellectually fascinating --- and naive to dismiss as impossible
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