Jim Rickards explains why the next market crash will be a doozy.

Smart people like Ross Perot, Ron Paul, Peter Schiff, Jim Rickards and a good number of others often stand in front of the herd trying to make their case about how the herd is wrong headed.  As a result, they don't get as far as quickly as they wish they could have.  Perot was right about that giant sucking sound of lost jobs and all the other fools on stage with him rolled their eyes like the clueless useless fools they are.  Ron Paul has predicted many things that have happened but he could not even come close to winning the presidency.  Peter Schiff was right as rain about the 2006-7 housing crash but still lost his senate race.  And people listen to Jim Rickards but few take him very seriously.  After all, the doom and gloom he keeps predicting hasn't happened yet and therefore will probably never happen.  You know, like in recency bias 101.

All of these men are or were standouts in their understanding of the fundamental nature of things.  But none of them got the timing just right and the herd is all about the timing.  Nobody wants to live conservatively when there is so much fun to be had living liberally.  It's only when the shit hits the fan that people actually realize the mistakes of their liberal ways.  One old military saying is that there are no atheists in foxholes.

Sooner or later everything that Peter Schiff, Ron Paul and Jim Rickards are warning about will transpire.  When, not if.  It's already baked into the cake and there is no longer any way out.  Rickards said something in a recent interview that I know is true.  After explaining how trading works today and how it is different than in years past he predicts that during the next crash there be only sellers.  He concludes that when the next crash comes there's going to be no bottom because there is going to be "no bid".

It all sounds ridiculous until the bombs start dropping and everyone suddenly realizes they sitting in a foxhole.