In the last decade or so, the American economy has been undone by a series of bubbles. First there was the dot-com boom, in which start-ups without business models were suddenly worth billions of dollars. Then after a brief recession, we began speculating about real estate, so that Las Vegas tract homes tripled in value before they even had roofs. The latest suspect for a bubble is gold, which has doubled in price over the past three years.
Read this article in The New York Times here.
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