By John Rubino – Re-Blogged From Dollar Collapse
Back in the 1990s, critics of the dot-com bubble used to point out that the global economy depended on the US stock market and the US stock market depended on, like, ten Internet stocks with negative aggregate earnings. The resulting inverted financial pyramid was, the critics claimed, very easy to tip over.
They were right of course. But apparently not right enough to keep us from repeating the same mistake. From today’s Wall Street Journal: