I speculated
some time ago abou the possibility of a crack-up boom. Now I'm getting more sure by the day. We are in.
We have new records in the indices and still new records in unemployment and piling up debts. So I think's it can be named "classical".
For me it seems we are not somewhere between 1921-1923. So within the next 2 years, we do get really deep into trouble.
I'm afraid it will get worse by the day. We are now so deep into debt mode, that I can not see how we'll get of it without a big bang
The old saying from von Mises get's more and more obvious:
This country, and with it most of the Western world, is presently going through a period of inflation and credit expansion. As the quantity of money in circulation and deposits subject to check increases, there prevails a general tendency for the prices of commodities and services to rise. Business is booming.
Yet such a boom, artificially engineered by monetary and credit expansion, cannot last forever. It must come to an end sooner or later. For paper money and bank deposits are not a proper substitute for nonexisting capital goods.
Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis. It has happened again and again in the past, and it will happen in the future, too.
That was after WWII and it took quite some time but in the end every boom comes to an end. There may be endless paper printing, but there never will be "wealth printign". All the central bank world-wide do just have on weapon the money monopoly. Every monopoly comes to a natural end sooner-or-later. It's now the time that we probably do not find the way out.