Monty Pelerin says that NYC is a fragile ecosystem built upon a weak foundation of debt, corruption, and easy money that will be wiped out during the coming financial storm of the century. NYC and the empire it represents are like a 225 year old majestic oak tree in Central Park that appears healthy and strong to the naked eye, but in reality it is diseased and rotting within. It will only take a predictable storm to bring it crashing down to earth.
Financial engineering, pandering to government unions, issuance of debt, luxury retail, and conspicuous consumption, wrapped in a surveillance police state is not a sustainable economic model. Only the hubristic, arrogant, wealthy aristocrats believe they can sustain such a freak show. They are delusional and blinded by pride and belief in their own infallibility. They, along with the millions of unsuspecting New Yorkers, should really be uneasy. Their paradise of materialism will not survive the hurricane of consequences headed their way.
Sign up (on the right side) for the instant free Financial Survival Toolkit and free weekly newsletter.