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.
Monday, September 26, 2016
"This Is Not Lehman" Much
"Then we fixed the debt problem by borrowing more money..."
Another eight years of non-stop bullshit and corporate Shock doctrine
CNBS blowing smoke up everyone's asses non-stop
Global risk asset correlations at 100%
Carry trades unwinding
Financials, Transports, Energy, Materials, Resources, Housing, Autos, Retail all lagging
Defensive stocks liquidating
Global stocks rolled over
IPO market pumped and dumped
Narrowing of breadth
One year of volatility and risk bought with both hands
World's most leveraged bank imploding. Check.
China implosion. Check.
China FX reserves (black) with Aussie/JPY:
Oil with imported deflation. Check.
Carry Trade unwind. Check.
Rest of world implosion. Check:
Retail implosion. Check.
Cyclicals/autos imploding. Check.
Bad breadth, no support beneath the market. Check.
Nasdaq new 52 week highs:
Yield liquidating. Check.
One year of volatility bought with both hands. Check.