Doug Casey: "We Are Living In The Middle Of The Biggest Bubble In History."

Tyler Durden's picture

The recovery since the 2008 financial crisis is just an illusion created by the papering-over of our insolvency by central-bank printing. Doug Casey adds that the current state is akin to being "in the eye of the hurricane thanks to this 'cover'" and believes the printing which will ultimately lead to very high inflation once bank lending starts to pick up again. This excellent interview moves from Casey's view of a looming loss of confidence in the dollar (and the impact of mass repatriation) to what must the Keynesians be thinking as the "apparency of prosperity" remains all that we have to lift animal spirits. With an eye to gold (and non-western central banks behavior towards it as they realize "the USD is just an unsecured liability of a bankrupt government"), he evaluates the likelihood of a western economic collapse in 2013 and what that would imply for an implicit gold standard in the world. From Austrian economist Hans Herman-Hoppe's view of a post-Keynesian-crash era to his potential triggers for this collapse (such as gold-energy barter and non-dollar blocs), Casey succinctly reminds us that there is not just one asset-class bubble but that "we are living in the middle of the biggest bubble in history."


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tawse57's picture

It is a bubble so BIG that nothing is left sharp enough on the planet to burst it. It will just keep on growing.

ParkAveFlasher's picture

triple-double trouble-bubble, bitchez!

economics9698's picture

"We Are Living In The Middle Of The Biggest Bubble In History."

No shit Sherlock. 

NuckingFuts's picture

I was just logging on to post the exact same thing, you beat me to it.

No fucking shit? Really? Who knew?

xtop23's picture

An obvious point to those that are informed. Nevertheless, Casey knows his shit.

Winston Churchill's picture

Knows shit about history though.

South Sea,Tulips etc.,

For their time,equally big.

First reserve currency bubble,that we know of.

Uncharted waters.

lakecity55's picture

Hmmmm......Federal Reserve Tulips!

ebworthen's picture

Platinum tulip coins!  Broaches!  Cufflinks!                   

trav777's picture

this is a "no shit" article when you look at human population versus oil production; there's your bubble

erg's picture

You're a bubble...couldn't resist.

Edit: Didn't junk ya but to expand, you look like you're unsuccessfully trying to prick yourself.

It's Friday, traditionally a day of humor, if possible.

Supernova Born's picture

Multiple brilliant observations by Mr. Casey. I've added this man to my must listen to list.


-Pointing out Aristotle's 5 characteristics of "money".

-"US dollars are just the unsecured liabilities of a bank-run government."

-"Gold particularly good for money...we are talking about physical reality here."

-pointed out that there are trillions of dollars held overseas that will repatriate in a matter of days when the dollar cracks, resulting in an inflationary tsunami.

GetZeeGold's picture



When you let freaks print money.....turns out.....they do.

Popo's picture

Casey is 100% right in a big-picture sense.  The problem is, he's been making his call for "It'll collapse next year" for donkey's years now.  

To make an analogy:  In the post WW2 years just about every economist on Earth knew the Soviet system would ultimately collapse as it was presiding over slowing GDP and industrial collapse.  The problem is that those calls for collapse took until the late 80's to come to fruition.

To put that analogy into today's years -- Casey may well be right in 2040 or beyond.   Not that I'm dissing Casey.  He's 100% correct.  But hedge accordingly if you're trading this thesis.

DaveyJones's picture

ironic since we have less gas

and pricks only make it worse 

All Risk No Reward's picture

"US dollars are just the unsecured liabilities of a bank-run government."

This is not true.  This is a common misconception of main stream libertarianism.  The liabilities are secured by *your* labor. 

Now do you know why your rights have been eliminated and the police state has been erected all around you...  oh, and now they've started the effort to disarm you in earnest.  They know it will take time, but the incrementalism has accelerated.

Casey doesn't understand one of Sun Tzu's basic tenets - "know your enemy."

"...believes the printing which will ultimately lead to very high inflation once bank lending starts to pick up again."

So, let me get this "logic" straight.

1. The banks run the government.

2. The banks (that run the government) are lending 30 years at 3%

3. The banks hold the keys to serious / hyperinflation

4. The banks hold trillions in debt instruments...  trillions more when you roll up the corporatacracy underneath the OWNERS of the multi-national banks

5. The banks own trillions in debt instruments...  and trillions more in derivatives tied to keeping interest rates low.

1 through 5 somehow adds up to the banks inflating their own wealth away and bailing out the debtors.

What?  The? 

That's irrational.

"The best way to control the opposition is to lead it" (or finance and promote the ideas of groups you want to be the "opposition")
~Valdimir Lenin

The rational explanation of 1 through 5, above, is that the banksters will continue to loot society of trillions in cash and offload trillions in debt to society until that well runs dry.  At that point, they won't lend to a debt saturated, broke-*ss debtors.  They will withhold credit from society, bankrupt society and then BUY UP REALITY FOR PENNIES ON THE DOLLAR USING ALL THE TRILLIONS IN DEBT INSTRUMENTS AND DEBT MONEY RECEIPTS.

BTW, that's YOUR CHIT, YOUR FAMILY'S CHIT, YOUR COMMUNITIES CHIT they will be stripping and rolling up under their corporate fronts.

They may choose to hyperinflate, but by that time, the common person will have been seriously asset stripped, the multinationals and their interests will own almost all of reality and it will be a book keeping adjustment to "balance their books."

Remember, the TBTF banksters are TBTF...

Note that Mises was financed by the Rockefeller Foundation, but people espousing my view were not financed by Rockefeller interests.

The bottom line...

1. Would you lend 30 year money at 3% if you were about to hyperinflate?

2. Would you hyperinflate if you owned trillions in cash?

3. Would you hyperinflate if your owned trillions more in debt?

No, no and no.

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt.”
~Henry Ford

Debt money is a fraud.  There are really two classes of people - 1. the money definers and creators and 2. the money definer and creator victims.

All other groupings are trivial, but are exploited by the money definers and creators to keep people from understanding their true enemy.

Socrates meditated on the meaning of words.  Some on Zerohedge would do well to do the same.

It isn't about "Jews," it is about content of character.  The vast majority of Jews are are victims of money definers and creators - but the money definers and creators love it when people lump them together with a broader group.  They get to hide.

Also, I've read some people talking about people of African descent in America being genetically ignorant.  That's not true.  They were targeted by the money definers and creators based as a beta test for all the nasty stuff they would eventually do to everyone else...  based on ignorant bias and prejudice in society.  The criminal money definers and creators understand you better than you understand you.  They are SCIENTIFIC, TECHNOLOGICAL ELITE.

Eisenhower Warns of Domination of Scholars by (banker controlled) Government

"...and the POWER OF MONEY (money definers and creators - pay attention!) is ever present and GRAVELY TO BE REGARDED."
~President Eisenhower, Farewell Speech

The wickedness rained down upon the African American community, some subtle, some not so subtle, has been epic.  Any people would be distorted by this.

John Taylor Gatto would go into the "dumb class" iin New York and he was able to get them to perform like the talented kids in the school in about 8 months.  Many of these kids were black.  If there was a genetics issue, he could not have done this.  Of course, Gatto had to circumvent the methods engineered to hinder true enlightenment from these children.

The Ultimate History Lesson is free on Youtube - watch it...  especially if you ever wondered why school sucked so much and how so much of society thinks they "know" something without understanding the data and logic required to actually know something.  Gatto has other works out there - search them.  Yes, Google is evil.

Research The Trivium - and search "Trivium Binder" for a good start.

Remember one thing and pass it on.  The monetary system is a fraud.

Debt Money Tyranny

The only two classes of people that really matter loong term are the two classes of people nobody in the establishment will ever talk about...

1. Debt Money Tyrants - the definers and creators of money

2. The victims of Debt Money Tyrants.

Unfortunately for the overly simple paradigm crowd, it is not possible to look to race or religion to identify these people.  

The real; issue is as Martiin Luther King so clearly stated - "content of character."

Such a simple truism that most people simply can not grasp if their life depended on it...


FEDbuster's picture


"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."

- Napoleon Bonaparte, 1815


George Carlin knew the score:


All Risk No Reward's picture

Absolutely.  There seem to be two kinds of national leaders.

1. Bankster controlled pieces of trash

2. Non bankster controlled pieces of trash about to be attacked by Bankster Controlled pieces of trash.

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt.”
~Henry Ford

The sick part of the hyperinflation psy-op is that there is a lot of truth to it.  The end game before the big reset will likely be hyperinflation.  That is true.

But the trick that so very few understand is that the Banksters have to convert their trillions in debt holdings and trillions more in cash INTO REALITY FIRST....  before they hyperinflate.

Now THAT time frame is gonna be a b* because if the multinational banksters and their corporate fronts own almost everything real, IT MEANS EVERYONE ELSE OWNS ALMOST NOTHING.

What happens when the common person has nothing and hyperinflation hits to "balance the books" of the criminals running their Debt Money Tyranny crime spree upon a willing government and an ignorant population?

We will find out once the Banksters have "Quantitatively Eased" their debt loads off onto a population of galactic chumps and the looting of the Treasury has run its course.

It's what you and I would do if we were a psychopaths in their shoes...  and they employ people much, much, much smarter than us.  I'm overwhelmed deconstructing their evil plans and these SOBs thought them up and pulled them off, all the while the chumptocracy sucks their thumbs and laughs at anything with the name "conspiracy" in it.

Debt Money Tyranny - the monetary system is a confidence game engineered to strip society's wealth dry

They want world control and they will get it, too - using economic theory (the real stuff) to incentivize us to cut the throats of our community members, or at least stand idly by while they pay someone else to cut their throats - unless people get educated and active in a big way.

You want to know something ironic?

No matter how I work through this problem, the root cause is not caring for our neighbor as we care for ourselves.  This tyranny only works on a population of narcissists that can't be bothered while someone else is being victimized...  or even act when they are being victimized but they simply can't feel the effects of it yet.  This ill afflicts both the Debt Money Tyrants and their victims.

Do you knwo what the Bible calls failing to care for your neighbor equal (not more, not less) than yourself?

Sin.  Is everyone enjoying the fruits of the "sin" tree?

I don't point this out to push a particular religious agenda (what is passed off for Christian churches today come off as establishment manipulate dorganizations).  Rather, I point this out as an interesting historical fact.

PS - Carlin was razor sharp on many of these issues.  He is missed.

Bollixed's picture

Thank you for the above posts. Very astute and concise summations of the problems. Clearly a message that needs more exposure.

I believe you're dead right about the hyperinflation scenario. It's what most people get wrong, and outside of Martin Armstrong, et al, you don't see that point of view expressed enough. Thanks again for putting such clarity to what is no doubt one of the most elusive conundrums we face as a society.

All Risk No Reward's picture

Hi Bolixed, you are welcome.  It is basic economics.  The Banksters will do what is in the Bankster self interest.


They won't hyperinflate until it is in their interest to do so.

The mistake that most make is envisioning that government is sovereign - they are not!  Government is the financed and promoted hand maiden of Biggest Finance Capital - the money definers and creators.

Casey doesn't presume the government is sovereign - so he gets it.  However, he seems to have 1. failed Econ 101, 2. forgotten Econ 101 or he's knowingly setting people up to get asset stripped.

You see, by my paradigm, the #1 goal of the Debt Money Tyrants is to get as many people positioned for hyperinflation as possible AND THEN PULL THE PLUG ON CREDIT.

That's going to hurt badly when it comes down the pike.

Efforts have been made to expose the debt money system as the fraud it is.  You'll never hear it discussed in the "mainstream" because the criminal, collaborator establishment controls the mainstream.  The Vichy Media, as it were.  Or watch They Live on Netflix and note the people who aligned themselves with the "aliens" who only dressed in suits and ties.

Do your best to understand what thhis chart is communicating then pass the link far and wide with your own interpretation of how this wrecks entire society's.

Debt Money Tyranny

We are under tyranny now, but the tyrants are implementing Sun Tzu's Art of War principle that "all war (war, people, war - they are warring with us!) is deception.

The other point is that people need to understand the first three of the classical liberating arts.  People don't know how to think. 

Only irrational people reach conclusions they think are solid without understand the data and logic and eliminating contradictioons and fallacies.

BUT THEY DON'T TEACH THAT IN "SCHOOL."  Unless you are awake enough to extrapolate the scientific method to the non schooling sciences, that is - and that is rare.

Schooling teaches you what to think and props up fallacies (eg, appeal to authority) as knowledge sources.  Of course, the "authorities" are bought and paid for by the money definers and creators.

Education teaches you how to think logically and critically...

1. Gather all the data you can, all in the context of a good understanding of what humans have done throughout history.

2. Apply logic to the data in order to reach conclusions.  This includes removing contradictions and fallacies.  If you don't know what a fallacy is, you can't very well remove it, now can you?

Carlin was dead on about this - the education system was hijacked by the Debt Money Tyrants and their aligned robber baron industrialists way back in the early 1900s.

John Taylor Gatto is the go to source for the history of education in America and for many other insights into history.

For example, to paraphrase Gatto, "there was a second American revolution in the late 1800s.  It wasn't won through the force of arms, but through the force of insight into how to create public opinion."

BAM!  That's insightful Veritas right there that very few understand.

Some good source documents include Propoganda (Edward Bernays, Freud's nephew), None Dare Call It Conspiracy and Tragedy and Hope (5 lbs of conspiracy that names names, dates and agendas by Bill Clinton's mentor, Carroll Quigley).

All are available for download at

Ultimately, a proper thought process is the root of the solution - because people who can't think straight are easily led around by the nose...  and they rather enjoy it...  just as Aldous Huxley predicted...

“There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution”

The Ultimate Revolution

BTW the EPA scientists union oppose putting fluoride (flurosilicic acid straight from the phosphate smoke stacks) in the water.

Note that the money definer and creator controlled government wanted to make 4 PPM levels of this toxic waste acceptable.

Harvard came out with a meta study showing that 2.5 PPM was correlated to a 7 point IQ drop and 3.5 PPM was associated with mental retardation going from 3% to over 20%!

Search "harvard fluoride brain children" on Google Scholar and the first link should be a "DOC" file with the relevant study results.

Notice that people like the EPA scientists and myself provide the data behind our conclusions.

Now compare that to bankster controlled media.  They tell you the answer and try to mix it in with highly emotional responses to keep you from realizing TV programming is meant to program you!

FEDbuster's picture

George Orwell and Aldous Huxley seemed to "get it", too.  Not sure if we will end up with a "1984" or a "Brave New World" or some hybrid matrix of the two, but in the end it's about ending this notion of freedom and liberty and mastering control of the individual through whatever means necessary.

I used to think you could predict the economic future based on what was good for the government, but now it's all about what is good for the TBTF banksters and their corporate goodfellas.

Pseudolus's picture

Whether Orwell or Huxley very much depends, I think, on how quietly humanity goes along with the scheme...


TacticalTrading's picture

Yes but....

When you owe the Banks Billions, that's your problem

When you owe the bank Trillions, that's the banks problem....

Who's zooming who?

Disenchanted's picture



All Risk No Reward said:


It isn't about "Jews," it is about content of character.  The vast majority of Jews are are victims of money definers and creators - but the money definers and creators love it when people lump them together with a broader group.  They get to hide.


True...but it is those that are hiding behind the broader group that are the first to scream "antisemite" when their policies, plans, and agendas are questioned or criticized. The world's most powerful "Debt Money Tyrants - the definers and creators of money" hide behind the skirts of Judaism(racial and religious) even though they are not even of true semitic origin.

Why do you think Eustace Mullins was immediately labeled as an 'antisemite' when his book Secrets of the Federal Reserve came out?


"Americans love their captivity. There's no responsibility. When you're a captive, you don't have to make a decision about anything, though you have no Liberty. People don't want Liberty. Liberty is nothing but uncertainty. It's much easier to have someone tell you where you'll be, what you'll do and who you'll pay tomorrow than to worry about it yourself. The same goes for what you think." — Eustace Mullins


From two Amazon reviews of the book:


I find it humorous that some reviewers refer to this book as antisemitic. A Jewish psychiatrist I loaned this book to, considered it one of the most important books he had ever read and ordered a copy for himself. Although a Jew, he didn't say one word about it being anti-semitic. Yes, the content is shocking, at least to the typical brainwashed American who rarely tries to escape the imprisonment of his onerous indoctrination. I have over 6,000 books in my library which is much better than the libraries of the several little schools I taught in and consider this book one of the most important in my library. This book is a primary source from which I can write my book on bankers.


Having read this book, in the beginning of my quest for truth about History, I was blown away by his sourcing and level of detail, and by the confidence i was able to have in his information.


The few cries of " anti-semite" shown here must either be 1) "seeds" attempting to discredit this damaging information, or
2) Members of the "neo-empathetic" movement we have seen rise lately, where folks not even under the alledged umbrella of the group alledgedly offended become offened on the behalf of those the suppose would be offended.


Being Jewish, and close to several Jews that seek similar knowledge, we are NOT offended, nor believe their to be any anti semitism here. We do believe this to be one of the best efforts to date to raise the collective consciousness of this world. Actually, we are all pretty surprised this book hasn't been bannished, or burned, by the real anti-semites in this world. We beg of you, if this matter interests you, to PLEASE read this, and , pass it on.

blu's picture

Beyond here there be monsters.

NuckingFuts's picture

You got that right brother/sister!

WmMcK's picture

Abandon all hope, ye who enter here.

erg's picture

Speak, friend, and enter...the mines.

prains's picture

from here to the depths is nothing but pain my friend

Ctrl_P's picture

No fooling you--


It's turtles all the way down.

Quinvarius's picture

Priced in GOLD, the dollar bubble is actually bigger than South Sea and Tulips put together.

GetZeeGold's picture



Cool thing about's not priced in......yet.

BKbroiler's picture

trying to call a top has ruined many a man.  This is going to be PAINFULLY slow and it's far from reaching the breaking point.  sit back, roll one, keep your powder dry and wait.

blu's picture

One thing you can count on, TPTB will keep this freak of nature inflated and bouncing along for as long as they possibly can.

They will move mountains. They will part seas. They will summon winged demons from Hell. They will call the names of the forgotten gods of lost civilizations and spill virgin blood upon their pagan altars cracked with ancient thirst.

Anything. And everything. To. Keep. It. Running.

It will be epic. Their gyrations and prestigitations. Their black art and magic. It will defy anything any race of men have attempted in any epoch of human endeavor in all the long, unwinding pages of our fabled history.

Gods & Stars we are so fortunate. In a sickening way like Adam leaving Eden we are lucky to have seen it even in loss. What we witness next might be the last vision of greatness any group of humans may ever behold, but it will be no less great for being the last.

There, I have tried to encompass this in words. I have failed utterly of course, for words must fail. But put it to music and have David Spielberg direct it with a budget of $5B and maybe you'll get a little closer to the truly transcending failure we are shortly condemned to endure.

BKbroiler's picture

There, I have tried to encompass this in words. I have failed utterly of course

actually I think you did pretty well. invoking revelations and all.. 

GetZeeGold's picture



It will be epic.


Note to self.....pack a lunch.

FEDbuster's picture

In mylar bags packed in five gallon pails.

bobert's picture



you're good

Go Tribe's picture

The serpent has a mighty grip.

DaveyJones's picture


it will run for some people and constipate others. It all depends on pain tolerance 

All Risk No Reward's picture

The Debt Money Tyrants are not interested in keeping the current system running.  They are interested in controlling society - and that means conveying the wealth of the citizenry to their corporate fronts.

"New World Order" is just a name...  like "Patriot Act" and "Affordable Care Act."

There is nothing new about "New World Order."  It is just better packaged feudalism for the Debt Money Tyrants and serfdom for their victims.

Debt Money Tyranny

Put another way, If I (Debt Money Tyrant) lend you (Society) $20 @ 5% interest, you will owe me $21 in 1 year.

Do you see the problem?  How much money did I create and give to you?  $20.  But you owe me $21 or I turn the Police State on you.

Now, it isn't true the debt can't be paid back.  You can pay me back, but only IF I LET YOU.  You see, I rule this show and you are my subjected to my rule.

I can let you work for me to earn the $1 I accrue in interest so you can pay me $21 ($20 I gave you and $1 I let you earn in a timely manner).

Or you can sell me your stuff, BUT ONLY IF I LET YOU, for $1 in a timely manner to pay me the $21.

Or I can create another $20 that makes the first $20 easier to pay off BUT EXPONENTIALLY GROWS THE DEBT PROBLEM so obvious when just one $20 bill is issued.

Oh, and for all those people who think our rulers (Machiavellian for the time being) are stupid, do you know what a "bailout" is?

A bailout is when I create $20, stick it in my back pocket and then charge you the full $21 after one year WHEN YOU RECEIVED NOTHING TO BEGIN WITH!

Ladies and gentlement, stand in awe of the finest implementation of the Art of War the world has ever seen.

Some take-aways...

1. Money is debt, debt is money.  One person's monetary wealth is someone else's unpayable, interest bearing debt.

2. The richer the bailout insiders get, the more indebt everyone else.

3. The debt based monetary system is the biggest hoax and fraud ever played on anyone in human history - it's all fraud.

Cenk mocked Alex for believing in a conspiracy where a few people sat around the table in a smoke filled room and decide the fate of the world.

Cenk, isn't that EXACTLY what happened at Jekyll Island?

But Cenk isn't "illuminated."  His "light" isn't on. 

Daniel Boorstin once said, ""The greatest obstacle to discovery is not ignorance, it is the illusion of knowledge."

He doesn't understand how debt based money is essentially a "Debt Star" that systematically and covertly asset strips and impoverishes an entire world.

Oh, and what group doesn't allow debt based money?

Muslims.  But once al Qaeda is financed by the Debt Money Tyrants to over run places like Libya, a central bank is set up to issue enforce Debt Money Tyranny onto the populace.

This isn't conspiracy theory, this is CONSPIRACY FACT.

Research "Jekyll Island" for more information.

Also read Quigley's "Tragedy and Hope" and a much shorter book by other aurthors entitled "None Dare Call it Conspiracy."

Both books are available for download at

Another excellent resource is The Ultimate History Lesson with JOhn Taylor Gatto (free on youtube) and and Trivium Binder ( search it - sorry, google is evil).

Top_Kill's picture

Better yet, keep your powder in pm's so you don't have to worry if it gets wet!

DoChenRollingBearing's picture

Dry powder and PMs complement each other nicely.

FEDbuster's picture

Especially brass, lead and copper.

azzhatter's picture

Dammit I thought everything was fixed. I watch CNBC

ebworthen's picture

lol, aye.

Maria "G6" Bartiromo says all we need to do is fix entitlements and push the retirement age to 70 and it will be 1982 all over again.

bobert's picture

Pushing it to 70 pushes me off the edge.

ZeroAvatar's picture

Long impromptu R.V. villages on Gold Nugget Road, AZ.

Go Tribe's picture

Can you imagine working with a buncha 70 year olds? The Chinese will eat us alive.