"It's crazy. This is the explosion of an era. It's the apocalypse of the media, TV, the big newspapers, the intellectuals, the journalists… This is a wide-ranging F*** off." Italy is the next flashpoint. A “No” vote in Italy is virtually assured at this point. But it won’t be the end of the anti-elite surge. Voters in Europe’s biggest countries could soon throw out their “mainstream” parties in favor of populist and Eurosceptic alternatives...
Less than two months after Ray Dalio warned about a potential wipe out in the bond market, he has been proven right: the November surge in global yields has resulted in the worst monthly loss in the Bloomberg Barclays Global Aggregate Total Return Index, which lost 4% in November, a record drop, and equivalent to $.17 trillion in losses. The index’s market value fell $2.8 trillion over past two months.
This is the first time, within the last three years, the markets have pushed a 3-standard deviation move from the 50-day moving average. Such a move is not sustainable and a correction to resolve this extreme deviation will occur before a further advance can be mounted.
"Things have not suddenly become awesome over the course of the past week... It is very easy to be sucked into the gushingly positive narratives and often unsupported narratives put forth by the financial media. This is particularly true when the move in asset prices can make minutes seem like days and hours seem like months. Excessive market valuations, weak internal measures, and a deteriorating backdrop has historically been a “wicked brew” for investor outcomes."
"There are fears he is having a nervous breakdown. He’s surrounded by all these crazy people, but there’s nobody he listens to or who can rein him in. He’s a mad genius, and he’s spiraling further and further out of control."
“We are faced with the same questions as a guy that woke up the day after a Vegas bachelor party deep in the desert, naked, tied to a cactus and a dead clown, namely, how the fuck did we get here and what the fuck do we do now?”
"Trump is importantly supported by dislocated, disoriented voters who are angry about a number of unquestionably significant trends that are impacting them and their communities. Regardless of the outcome of the election, they and their sentiments will remain a powerful force."
The zombie economy is moribund, the productive people have been pillaged, and the bread and circus act is running on fumes. The American welfare/warfare state is crumbling. The ruling elite are desperate. They don’t want their Ponzi scheme to end, but they always fail. It’s a confidence game, and the game is over. The economic crisis is foreseeable to anyone with their eyes open. This empire will crumble and fall, just as others before throughout history.