A bubble is just ordinary greed and the excitement of seeing prices go up. This is much bigger and more sinister.

While bubbles may never go away, state-sponsored Ponzi schemes don't have to exist if governments are actually under the control of the people.

In most Bubbles, but not all - the Dot Com boom is an example - leverage or gearing provided by the deficit basis of "money as debt" is primarily responsible.

The deficit basis of our economy is a systemic issue, and my view is that - to turn the classic Bubble justification on it's head....

"This time it's Different".

This time the system is terminally fucked.

"The future is already here -- it's just not very evenly distributed" William Gibson