1929 Wall Street crash:
Most of us aren't old enough to remember the wall street crash but the market took a 90% tumble from its highs initiated the great depression of the 1930's. I'm guessing that the excesses of today will be looked up with disdain in a few years time, much like people looked back on the excesses of the so called roaring 20's.
Today we see people drinking champagne, wearing expensive designer clothes, investing using leverage into property and stock markets and everything looks good, unless you dig beneath the surface. The end of the 1920's was really just the end of a debt cycle where easy money was no longer available and speculation dried up. There are many similarities between the late 1920's and today. Not least are the charts. Take a look at the dow jones industrial average from 1917 to 1933. The parabolic blow off top started around 1925, 4 years before the eventual crash.
Next take a look at the S&P chart from 2012 to 2018 (a 6 year chart). The parabolic curve started in 2013 up to today before stumbling. I don't know about you but the rise over the past couple of weeks looks scarily like the dead cat bounce of 1929. just before the market lost a further 80% of it's value.
Perhaps we haven't truly hit the parabolic top yet, but if the last couple of weeks is another blip on the way to new highs it would make the chart look very close to a reversal. Timing the top in parabolic tops is notoriously difficult. Be very careful if you are invested in this market, and ensure that you are well diversified.
For disclosure, I'm not a professional advisor and this is not investment advice, merely my own observations of the market and indexes, so do your own research.
Funny thing you mentioned people flashing their bling bling, as I just posted an blog today about the fall of empires. The "Age of Decadence", is the 6th element of empires collapsing. Keep posting the good stuff @unclehermit
https://steemit.com/steemsilvergold/@rollingthunder/the-7-signs-of-an-empire-in-decline-coming-to-an-empire-near-you
I just watched the video in your post and was struck by the comment 'The final conspicuous consumers who become a burden on the state'. It most certainly seems that we are living in those times now in the west. It would be wise to do the opposite in these times. Don't be a consumer, don't indulge in decadence, don't get into debt and don't be hedonistic. In doing so you should be able to transition comfortably into the next age. A rebirth of the age of pioneers. I see hints of this age now with new technology and space exploration. The next age of pioneers will discover new worlds both internally and externally.
Maybe there are some similarities to 1929 in graph. But the easy money (lone) is not so easy to come like it was in 2008. Since this banking crises banks do not lone money to everyone without a thorough check-up so in this regard is little to fear I guess. Besides the economy now is too healthy for total crash. But also on this other hand this bullish trend cannot continue for ever so I expect that market growth will slow down. Anyway please comment if you have any other indicators that tell otherwise