Even if our monetary system is not ideal, it could continue working for another 100 or 200 years.
Remember people shorting homebuilders in 2004? Warren Buffett shorting the dollar in 2005? Excesses can take long to correct, and we can lose money by being wrong in their timing.
Another thing we must remember is that even if we have another great depression, we will work our way through it. This country is full of talented and creative individuals. When called on to buckle down, work hard, save, and forget about get-rich-quick-schemes (real estate, stocks, lottery, being the next American Idol), we can pull through to the next economic boom.
California is another problem. About 20% of Californians don’t have a high school degree. Christopher Thornberg said education is the biggest problem facing our state, and the one getting the least attention.
