Originally posted by
@George Cavazos:
I found my way to these forums from Joe Rogan's podcast.
One day he was interviewing Peter Schiff who pretty gave me my first lesson in economics. I've had the class in high school but it was of no interest to me. But when this guy comes on the podcast saying how the economy will crash, it made a lot of sense to me.
I ended up buying his book that explains how an economy works. I learned that there are competing theories on how economies work which are our mainstream Keynesian versus Peter's Austrian theory. From there I learned more about how to save money, investing in stocks, and finally investing in real estate.
Even Alan Greenspan admitted his ideology was flawed and he was the main finance guy for the U.S. government. I live in Miami and most people I know do not make a lot of money. People work and can barely pay for their rent down here. I know someone who has a master's degree and gets paid $13 an hour.
The only job that you can get into relatively easily without having a lot of money is being professional in the medical field. They are the only ones who can afford anything. But I think there will be another bubble, and the question is how big will the burst be and how much it will affect?
If you follow Peter Schiff's reasoning, he believes it's going to be massive. That there will be a currency crisis and there will be many kinds of bubbles popping from real estate, student loans, and the healthcare field. Now on his podcasts he kind of "covers" himself by saying he "believes" and "if I'm right" so he isn't 100% on the line.
But I do agree that just because we currently have been the global world standard for currency reserve with our U.S. dollar, doesn't mean we're permanently going to be like that. With China's PPP already outpacing us and their GDP to outdo us not too long from now and their much better debt to GDP ratio, it does not sound crazy to me that one day we aren't going to be the big guys in the world anymore with everyone trading in U.S. dollars.
These thoughts did go pretty meta and look at things far above and outside the American real estate market, but if we have another crash then people may start thinking about putting their faith into another currency that isn't American and this would definitely affect the real estate market here.
Man, I just joined this forum today as I'm learning real estate investing but when I saw this topic, this is something that has been on my mind for a few weeks now. So, this is my viewpoint on that matter so far. But I'm still trying to learn a lot and I've been learning accounting and economics to try to figure out what is good info and bad info.