PIMCO says the coming financial crisis is your fault.

Looks like the con men are positioning themselves for spin control as the dying junk debt is signaling that the next crisis will arrive soon.  PIMCO is making public statements that the reason for the crisis is that "excessive savings and declining interest rates are caught in a vicious circle, creating more severe asset bubbles that may spark the next financial crisis.

"Excess savings not only pushed down [natural real interest rates] and actual interest rates but also drove up asset prices and caused serial asset bubbles in equities, emerging markets,  housing, credit, eurozone peripheral bonds and commodities," Pimco managing director and global economic adviser Joachim Fels told Vanessa Desloires of the Australian Financial Review."

So let me get this straight.  Because people are saving too much, it is create a bubble in equities?  And where is this commodities bubble of which the talking head speaks?  If there was one, it has come and gone and now we are in a commodities great depression!  So how can this be in any way a cause of the next crisis??

Savings is not the problem folks!!!  The problem is too much debt and the problem is caused by a rubber band money supply that makes it easy for a nation, errr, world, to become so highly indebted that unpayable levels of the toxic stuff are the result.  Don't listen to this "savings is a sin" crap for even one second.  Who will take care of you in your old age if you don't save your ass off now?  The gub'ment? Really?  Those children you didn't have?  WHO?

The con men want us to go spend everything we have RIGHT NOW and then die off quickly in retirement.  That is their plan.  I think that people will be rejecting it in increasing numbers as mass boomer retirement increases at an exponential rate.  Then, when young people see how the boomers get screwed out of their retirement for not saving enough, it will cause them to save even more and in different ways.