The story of the Titanic shipwreck is a lesson about what happens when man’s hubris reaches epic proportions. We’ve all heard the story about how the Titanic, thought to be unsinkable, sank to the bottom of the icy Atlantic on April 15, 1912. The ship’s captain, Edward Smith, sought to impress the world with Titanic’s record maiden voyage across ‘the pond.’ Despite knowing his ship could strike an iceberg, he still ordered the record setting pace. The Titanic did indeed strike an iceberg, and approximately 1,500 people lost their lives in an event that was totally preventable.
Like the Titanic, the U.S. economy has had a captain at the helm who is ignoring caution and the lessons of their trade. That person is our Federal Reserve Chairman. Unlike the Titanic though, the U.S. has two captains whose hubris will ensure our tragic ending. In this Kennedy Financial video, we examine the last decade and witness the slow demise of an economy once thought to be ‘unsinkable.’
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