- Financial writer and precious metals expert Bill Holter (aka Mr. Gold) has warned for years about what happens in the end when a debt bubble pops. Mr. Gold explains, “This bubble is like any other bubble in mankind’s history..." " In the 1920s, credit was extremely easy. When credit tightened, it was the wealth effect in reverse. We saw this again in the early 1970s. We saw this again in the 1987 crash. Interest rates went from 7% to over 10% . . . and that bubble popped. We had the emerging market debt problem back in the early 1990s, Long Term Capital in 1998, the Dot Com bubble in 2000, the 2007-2008 Great Financial Crisis, and all you have to do is look at a chart of bond yields and you’ll see that each time yields spiked, those bubbles popped. Right now, interest rates are spiking, and this is the biggest bubble. This is the everything bubble. Everything is in a bubble. The only things that are not in a bubble are gold and silver because they are real money. I think gold and silver are reflecting the risk of the debt structure coming down. From a global standpoint, countries are moving away from the dollar. They don’t want to be trapped in the dollar system. The dollar is the world reserve currency that is issued by an insolvent bankrupt entity. Higher rates, that’s what is going to blow everything up, higher rates.” Mr. Gold says the rates can fall back down in a hurry if the economy starts to skid. Mr. Gold also says the so-called “reset” you have been hearing about for years is real. It cannot be stopped, but it is an unfolding process right up until the very end. Holter says: “The reset is not a pushed button until the very, very end. That very, very end is going to be a weekend where you go to bed Friday and things look normal, and on Monday morning, the whole world will have changed. . .. Rising interest rated have happened hundreds of times in history. That is not the reset. The reset is when those rising rates affect t