Is This the Last Bubble?

The consensus holds there will be another bubble after the Everything Bubble pops, but this might be misplaced confidence in the godlike powers of central banks.

The consensus holds that central banks–the Federal Reserve in the US–will gradually inflate away the world’s rising debt burden while propping up assets and the economy with the usual bag of monetary magic: suppress interest rates so debt service costs ease, increase the money supply and credit to prop up asset bubbles in stocks and hou...