I’ve also had the gut feeling that we were headed for a depression. I started to get that feeling while the dot-com bubble was inflating and I saw firsthand how nonsensical some of the high flying tech companies were and how much money was pouring into them. I read an excellent book a few years ago, “Freedom From Fear: The American People in Depression and War: 1929-1945”. As you said, the conditions that led up to the great depression exist again now. This time, though, the US may not emerge as the world’s dominant economy. We do still have the world’s strongest military, by far – but we just don’t have a way to keep paying for it.
I have a nagging feeling that we are living in the last days of the Roman Empire.
