"I would not trade America's position in the world - our ledger, our debts and assets - for any country in the world. There isn't a country in the world even close to America."

Previous Quote

What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.

— James Chanos