By Zero Hedge
US cash equity markets opened with no panic-bid, instead being met with a wall of selling after the ugly overnight futures session.
The selling wave was almost unprecedented, with a TICK below -2000 – the fifth largest ‘sell program’ in history…
As Bloomberg notes, sell programs of this size are typically not single events. They tend to happen in clusters and that probably means stocks might be in store for bigger losses.
This puke sent the S&P 500 to the lows of the year and into bear market territory…
Elsewhere, the picture is just as bloodbath-y with Bitcoin puked back below $24k…
Gold topped $1880 briefly then plunged back below $1840…
The yield curve (2s10s) briefly inverted this morning, as the short-end underperforms (but the entire Treasury market is getting hammered)…
And credit markets are really hemorrhaging with IG credit crashing back to its COVID lockdown spike lows…
The last time credit markets puked like this, The Fed turned up the intervention amplifier to ’11’.
This is totally on biden. biden wants you to be a Russian serf, own nothing and be happy.
so, michael and greg, vote for the democrats in November because more of this will be delivered by them
“You will own nothing and be happy” was a statement from a leader of the elite World Economic Forum.
But, now that WEF is suspending the “be happy” part of the deal for their serfs.
All you should aim for is a “psychologically enriching,” life.
https://www.weforum.org/agenda/2021/08/research-good-life-happy-meaningful/
Key points:
Experience doesn’t have to be fun in order to qualify as psychologically enriching. It might even be a hardship.
Living through war or a natural disaster might make it hard to feel as though you’re living a particularly happy or purposeful life, but you can still come out of the experience with psychological richness.
Or you might encounter less dramatic but nonetheless painful events: infertility, chronic illness, unemployment.
Regardless of the specifics, you may experience suffering but still find value in your experience.
As DOW Futures Dive, President Trump Says “There Was No Reason for This, All Self Inflicted”
It’s Official: Dow Jones Is Down 500 Points Below Stock Market Level When Joe Biden Entered Office
Watching these idiotic fool try their infantile trick of opening every statement with “Putin’s inflation” or “Putin’s price hikes” is simply embarrassing. Worse is the embarrassing fact that some actually pretend to believe this shit because they are too gutless to face the fact of the disaster they helped bring upon the nation. I say “helped” because the bulk of the blame is assigned to the election fraud the left carried out to put this incompetent asshole idiot Biden in office.
It is the socialist strategy to destroy the capitalist economy and replace it with a socialist discipline. Notably, it takes socialism to destroy our healthy capitalist discipline. Is what we are watching an intentional attempt to destroy the United States as an economic and, thus, a military power or is this simply sheer stupidity? It’s really sad that the point can even be argued.
It looks like we either get a lot more inflation or a hard recession. Brought to you by the most incompetent person to ever inhabit the Presidency.
But someone will be along to blame Trump.
Biden always did have trouble with facts.
https://www.dailymail.co.uk/news/article-10907593/Bidens-claim-fastest-growing-economy-chat-Jimmy-Kimmel-FALSE.html