Yes, I actually did purchase a meaningful (i.e as a fraction of my net worth) amount of gold, and have been buying for years. And for the rest of my net worth,

Yes, I actually did purchase a meaningful (i.e as a fraction of my net worth) amount of gold, and have been buying for years. And for the rest of my net worth, I went all cash (dollar & yen) or short term treasuries some years ago - other than some small angel investments, which I will likely lose. And I have been renting the place I live. So this 40% stock market crash or the real estate bust hasn't meant anything to me personally. All I am saying is that there were many very smart people warning about these exact issues (examples: Paul Volcker, Warren Buffet, Nouriel Roubini, Steve Roach, Doug Noland ...) for many years. Alas, their pessimism, based on facts and logic, has proved entirely justified.