Empieza a salir en los medios de comunicación principales que vivimos en la era de las burbujas, y conforme más gente lo sepa, más rápidos y fuertes serán los vaivenes que provocan. Todos los intentos de dinero papel inflacionario han acabado igual, cada vez con crisis más seguidas y más fuertes hasta la desaparición de la moneda que las provocaba.

"Age of Bubbles" Why More Investors Feel Pressure to Join the Rally: Tech Ticker, Yahoo! Finance

"Age of Bubbles": Why More Investors Feel Pressure to Join the Rally

Worries about debt levels were renewed this week following Dubai's debt crisis. And MF Global pulled a $250 million, 10-year bond deal. A year after Lehman's collapse and the credit crisis, it's hard not to wonder whether this is the beginning of another leg down.

"You're starting to get concerns about sovereign debt," says our guest Greg Zuckerman, senior writer for The Wall Street Journal. "'All the debt that's piled up by nations around the globe, we've shoveled money at almost every kind of problem out there," says Zuckerman, also author of a new book, "The Greatest Trade Ever", that chronicles billionaire investor John Paulson's winning wager against the housing market and financial companies.

A year since the global credit meltdown, investors have waded back into corporate debt and junk bonds. "This rally could go on a little longer so you don't want to get too nervous," says Zuckerman, summarizing his sources.

Performance anxiety. Beyond the credit markets, what's notable and worrisome is the growing herd mentality on Wall Street, Zuckerman says. Whether or not you believe the rally since March, you're almost forced to join the trade (out of fear of missing it), subsequently adding to the run up and creating a domino effect. Some Wall Street watchers argue once fund managers lock in returns this year, trouble bubbling underneath will surface in 2010.

"There's a lot of that. More so in the last few years than I've ever noticed before," Zuckerman says. "That's really troublesome. I believe we’re in an age of bubbles.”

So what bubble might burst next? Emerging markets possibly, Zuckerman says.

Best-case scenario, you can follow in the footsteps of investor Paulson and embrace and learn from bubbles. He scored about $20 billion of profits between 2007 and early 2009 betting against housing and financials. As Zuckerman has reported, Paulson now is launching a hedge fund dedicated to gold, buying shares of miners and other bullion-related investments.

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