All bubbles lead to a meltdown. This is what's so alarming in this Business Insider piece that talks about 10 bubbles in the making: China; gold; renewable energy; the Fed snapping up $1.25 trillion of mortgage backed securities; the prices of junk financial stocks like Fannie, Freddie, AIG, Citi and Bank of America getting pushed up in the rush to buy cheap; education; repackaged subprime mortgages; securitised life insurance schemes; commercial real estate (definitely popping now) and emerging markets in developing countries.

If the piece is right, the next meltdown could make what we have just gone through look like a picnic.

As I pointed out in one of my columns here, we need a system to anticipate and manage bubble because they're inevitable.

"The forces that create bubbles are only partly to do with economics. The big drivers are social and psychological. We need an infrastructure that can anticipate our thinking, inhibit the growth of bubbles and stop the damage, not only to the economy but to the social fabric."