Reply #13: I've been predicting this for 20 years. [View All]

[Captiosus]

Ever since I learned in elementary school the rudimentary foundation of our economic system, I've been saying that it was going to collapse in grand fashion sometime in my lifetime. My entire 12th grade Government thesis, fourteen years ago, was based on this very topic.

Fact is we simply cannot base our economy solely on credit because credit is easily abused. Yet for as long as I've been alive, our entire international economy has been based on the saving and spending of "loaned" money.

The housing bubble was the official coup de grâce. The big boys ignored risk, repackaged the loans as the foundation of the economy. Now it's imploding on them and only now are we starting to see exactly how much their willful ignorance is going to hurt us all.