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How do we know when irrational exuberance has unduly escalated asset values?

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Escalate Exuberance Irrational Unduly Value

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If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
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How do we know when irrational exuberance has unduly escalated asset values?
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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The worst have failed; investors no longer fund them and are not likely to in the future.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Excessive optimism sows the seeds of its own reversal.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
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