[The US stock market] had virtually no significant corrections in seven or eight years, which is very unusual. That’s because of massive amounts of money printing originating in Washington, DC, and massive amounts of debt and spending, deficit spending originating in Washington, DC. And the rest of the world copied us, and now all the major central banks – Japan, Europe, and Britain – are all printing staggering amounts of money, so we have an unprecedented artificial ocean of liquidity floating around the world which has obviously gone into shares, but that cannot go on, James. We have to pay the price.
We’ve had economic slowdowns in the US every four to seven years since the beginning of the Republic; we’re going to have them again, and perhaps they’re starting. And I’m not the only one who realizes there’s a problem; the market’s getting it too.
So if you’re looking for a single culprit, look to Washington, DC. ....we’re all going to get hurt. A lot of people have made mistakes in the last seven or eight years, and we’re all going to suffer.