“We’re still in the midst of the biggest bubble in world history. It’s bigger than the tech stock market bubble around the turn of the century. It’s bigger than the real estate bubble…[it’s] the bond bubble. With interest rates ranging from zero to a few percent—this is the biggest bubble in history and when it collapses, it’s going to be catastrophic because the bond market is so huge. It’s much bigger than the stock market is. [..] We’re pretty close to the edge of the precipice…it’s fascinating to watch but I can’t be optimistic about the next few years…[but] that doesn’t mean the world is going to come to an end—It just means it’s going to be reorganized.”
