The globalized economy is a colossal Ponzi Scheme in which the vast majority survive on the bread crumbs falling off the table. The possibility of 7 billion people achieving a consumption-oriented lifestyle is zero, so the World Bank conveniently set the poverty line at $1.25/day to legalize global slavery. As long as someone else's children are doing the suffering, it's "all good". Post-2008, this illusion was extended merely by plundering all future generations.
"the rout is prompting investors to pull back from markets and firms such as Jefferies Group to signal weaker earnings from the business of helping companies issue and sell securities."
"U.S. financial stocks have declined more than any other major industry this year on concern that credit costs are increasing because of exposure to energy companies. JPMorgan said it would need to boost reserves for impaired energy loans by $1.5 billion"
Chief Executive Officer Jamie Dimon, taking the stage after Pinto, pointed to signs that earnings may improve:...a backlog of initial public offerings. It’s “very possible” for the market to do better in March, he said."
"The cycle isn't over, it's just resting. There's more dumb money born every day, we just have to wait until it comes to market in March, so we can harvest another batch of idiots..."