The end of the superbubble (Bill Fleckenstein)

  (MSN Money) -- That sound you hear is the popping of a financial bubble in housing, the economy and the market. And you can trace it all to Alan Greenspan's Federal Reserve.

  Reading the papers, it's quite clear that the enormity of the problems facing Americans (and the world, for that matter) has emerged to the fore. Consequently, I decided a quick recap of our troubles might be useful.

  There is a budding realization that the housing bubble's collapse will be more difficult than the masses and Wall Street had believed. You could see this last week as the market moved back toward the lowest levels since the collapse began last fall.

I  t's now obvious that this is a problem not only for the consumer but for the financial system itself, which is in dire straits as it tries to deleverage, thereby compounding the problem.

In addition, it has become common to see stories about runaway inflation somewhere around the globe, with riots and protests against high food prices being a binding theme.

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