Executive Summary
What Is a Bubble?
An asset value that temporarily booms and eventually busts, based on changing investor psychology, rather than on underlying fundamental economic drivers that are sustainable over time.
What Is a Bubble Economy?
An economy that grows in a virtuous upward spiral of multiple, rising bubbles (real estate, stocks, private debt, dollar, and government debt) that interact to drive each other up, and that will inevitably fall in a vicious downward spiral as each falling bubble puts downward pressure on the rest, eventually pulling the whole economy down.
What Is the Aftershock?
In Phase 1, the real estate, stock, private debt, and discretionary spending bubbles began to fall.
Next, in Phase 2, just when many people think the worst is over, the dollar and government debt bubbles will pop, bringing on the worldwide Aftershock.
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