• Sprott Money
    05/26/2016 - 05:58
    How many “emergency” “secret” meetings do the central planners around the world need to have before the citizens of the respective countries begin to fully understand and take notice that something...

Has The Market Crash Only Just Begun?

Tyler Durden's picture


Having successfully called the market's retreat in the fall of 2015, Universa's Mark Spitznagel is not taking a victory lap as he warns Bloomberg TV that "the crash has only just begun."

Investors are facing the most binary "let's make a deal" market in history in Spitznagel's view: choose Door #1 to bet on Keynesianism, central planners, and monetary interventionism; or Door #2 to bet on free markets and natural price discovery.

"There is massive cognitive dissonance here," Spitznagel explains as history teaches us that door #2 is the right choice... but it's not possible to do that today as investors have been coerced to choose door #1, but when door #1 is slammed open "we will see that dreaded black swan monster."

That is what is going on right now:

"Investors want to go with The Fed when it's working - like David Zervos... the problem is, when do you know that it is not working?"

"At some point this stops working..."


"the market is going through a resolution process, transitioning from the cognitive dissonance of Door #1 to the harsh reality of Door #2... if everyone were to change doors at the same time, that is a market crash... it can't be done in a non-messy way."

Must watch reality check behind the smoke and mirrors we call markets... (we note Mark's excellent analogy starting at around 3:10)

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 02/19/2016 - 16:55 | 7208705 lim
lim's picture

Paging user Cognitive Dissonance

Fri, 02/19/2016 - 17:11 | 7208801 InjectTheVenom
InjectTheVenom's picture

you had me at dreaded black swan monster ........

Fri, 02/19/2016 - 17:26 | 7208863 SuperRay
SuperRay's picture

Yeah, yeah, I keep hearing this. Meanwhile WTF is going on? Are there that many coke snorting traders that out of touch with reality and willing to lick Janet's clit for just one more intervention? And what is up with all those 'brilliant' hedge fund douche bags who have played this game for almost eight years, knowing what the inevitable outcome would be? They should all be thrown in jail.

Fri, 02/19/2016 - 17:51 | 7209016 new game
new game's picture

big disgrace, jizz all over his face, we will rock you...

talk about it, talk about it, zzzzzzzzzzzzzzzzzz.

wake me up when the zombies are killing each other....

Fri, 02/19/2016 - 18:21 | 7209169 0b1knob
0b1knob's picture

< dreaded black swan monster

< flying spagetti monster


Which do you most fear?

Fri, 02/19/2016 - 18:37 | 7209245 NoDebt
NoDebt's picture

Lower lows and lower highs.  It's what's for dinner in 2016.


Fri, 02/19/2016 - 18:52 | 7209298 WTFRLY
WTFRLY's picture

Doom porn will be a reality

Fri, 02/19/2016 - 19:17 | 7209380 Durrmockracy
Durrmockracy's picture

I don't just hope they ban cash.  I hope they NIRP your nipples until they turn purple.  I hope they charge your account a $500 monthly fee$10,000 overdraft fee and $5,000,000 NSF fee. I hope you get sent a case of Spiderman Towels on your Visa from your bank (that you didn't order).  I hope they cold call you and your wife at 3AM to say "do you have the time to take a survey?'  I hope they rape your a$$ good as long as you're dumb enough to stay in their system!

Fri, 02/19/2016 - 19:22 | 7209390 clymer
clymer's picture

someone, anyone please shut that bobblehead up. She seems to feel the need to pipe-up with a louder-than-required voice as if the need to justify her existence takes priority over the information itself. The hillary-like shrill doesn't help matters. (i'm talking about the bobblehead, not you Durrmockracy - although it's easy to confuse the two of you)

Fri, 02/19/2016 - 19:22 | 7209405 Durrmockracy
Durrmockracy's picture

Yeah you better not be.. I'm on a roll here...

Fri, 02/19/2016 - 20:05 | 7209526 DownWithYogaPants
DownWithYogaPants's picture

That man-broad is annoying as fuck.  And stupid too.  

God damn I mean she literally could probably pound in nails using her forehead and not feel a thing.

Fri, 02/19/2016 - 20:51 | 7209692 knukles
knukles's picture

She beats her husband. 

Fri, 02/19/2016 - 22:19 | 7209962 Keyser
Keyser's picture

It's like Easy Street, you can't get there from here... Same thing, you cannot migrate from Door 1 to Door 2 without a collapse in the interim... By the way the Bloomberg numpties were squirming in their seats on every point that Spitznagel made, they know it too... 

Fri, 02/19/2016 - 23:25 | 7210163 Doña K
Doña K's picture

Let's just call it a gray swan and get on with it. When a large hedge fund heads for the exits and cannot, the system will be blamed as unable to handle the number and speed of the selling. That will be the black swan. 

Fri, 02/19/2016 - 23:45 | 7210214 InjectTheVenom
InjectTheVenom's picture


Sat, 02/20/2016 - 11:07 | 7211156 Wile-E-Coyote
Wile-E-Coyote's picture

Does that bitch have a volume control, a mute button would be better.

Fri, 02/19/2016 - 20:43 | 7209657 SILVERGEDDON

Durradummass - the jelly roll. Nasty fatses on the outsides from putting the lotion on it's skins, and nasty fillingses on the inside. Ewwww.

Fri, 02/19/2016 - 21:56 | 7209915 kamikun
kamikun's picture

Coke is a great performance enhancer for speakers... makes you feel ten times smarter and alacritous than you usually are. Of course, others don't see it that way - just seems to make you loud and freakin' jumpy and annoying.

Fri, 02/19/2016 - 21:02 | 7209742 marts321
marts321's picture

wake me up when the zombies are killing eating each other....



Fri, 02/19/2016 - 21:59 | 7209922 e_goldstein
e_goldstein's picture

Yeah, strikethrough doesn't work in the peanut gallery (and now you know).

Fri, 02/19/2016 - 18:38 | 7209249 Dolus
Dolus's picture

I just threw up in my mouth. Thanks.

Fri, 02/19/2016 - 20:29 | 7209618 Abiotic Oil
Abiotic Oil's picture

Janet Yellen has a clitoris?

Talk about some cognitive dissonance.

Fri, 02/19/2016 - 20:57 | 7209689 Escrava Isaura
Escrava Isaura's picture



new SuperRay: Yeah, yeah, I keep hearing this. Meanwhile WTF is going on? What is up with all those 'brilliant' hedge fund douche bags who have played this game for almost eight years, knowing what the inevitable outcome would be? They should all be thrown in jail.


Predictable Outcome Symbolizes Intent

Ray, 1971 growth in the US was over because US oil started its decline. So, what did you expect the financial sector would do?

What did you expect the manufactures would do but not to move production overseas?

Now about your statement: ….who have played this game for almost eight years. They should all be thrown in jail.

Financialization of the economy started in 1970’s. We’ve being playing financialization for over 40 years.

We’ve being offshoring jobs for over 30 years.

Now, six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product.

All the while we have ideology and propaganda to dumbdown and indoctrinate the general population iin steroids.

Do you want to find out what comes next? Compared 1920’s Germany versus 1930’s Germany. From a high culture society to raven’s lunatics in less than 15 years.

13 Bankers: The Wall Street Takeover and the Next Financial Meltdown



Fri, 02/19/2016 - 17:11 | 7208803 Supernova Born
Supernova Born's picture

Ruehl's brain fell out at the end of the aviation analogy @3:23

Fri, 02/19/2016 - 17:57 | 7208840 BlueStreet
BlueStreet's picture

The chick is obnoxious. Mark is an adult among children but he's probably sitting there thinking this is why we're all fucked. She calls what we've seen a market crash, ha. You ain't seen nothing yet baby. You might want to try a career in sports broadcasting instead. You've got that desperate wanna be one of the boys vibe going on. 

Fri, 02/19/2016 - 18:03 | 7209084 Consuelo
Consuelo's picture



The only thing I thought about watching this cunt flap her gums was...



Fri, 02/19/2016 - 20:06 | 7209542 DownWithYogaPants
DownWithYogaPants's picture

I would not fuck her with your dick!

That man-broad is annoying as fuck.  And stupid too.  

God damn I mean she literally could probably pound in nails using her forehead and not feel a thing.

Fri, 02/19/2016 - 21:43 | 7209881 Casey Jones
Casey Jones's picture

+ the forehead hammer

Sat, 02/20/2016 - 09:07 | 7210856 The best Sun
The best Sun's picture

Yeah, the nasty hate fuck is some good sex though.

Fri, 02/19/2016 - 18:09 | 7209118 decon
decon's picture

You're exactly right, everything about her was like fingernails on a chalkboard for me.  I wanted to smack her head with a 2x4.

Sat, 02/20/2016 - 09:12 | 7210862 The best Sun
The best Sun's picture

Then screw her?

Dude! Wa chicka wa wa.

That be some fucked up shit.

Fri, 02/19/2016 - 18:25 | 7209189 Spitzer
Spitzer's picture

She is fine compared to that disgusting cunt that goes after Peter Schiff all the time. And its not bc she disagrees with Schiff. I just don't like her. At all.

Fri, 02/19/2016 - 19:43 | 7209475 hawaiian waverider
hawaiian waverider's picture

Exactly what I was thinking.  He uses restraint with her and class knowing she is going to get pummleded and is one who dispenses with detrimental blabber to the masses all day long as if it's some finanicial soap opera.

Fri, 02/19/2016 - 19:51 | 7209492 hawaiian waverider
hawaiian waverider's picture

Check her dropped jaw when he is explaining the plane/yoke dynamic 3:25.  She's like.."you pull it back then push forward when you fly a plane?"

Fri, 02/19/2016 - 20:08 | 7209549 DownWithYogaPants
DownWithYogaPants's picture

Yeah I saw that.  It's like an alien landed and started giving her the run down on the tried and true method for cold fusion.

Fri, 02/19/2016 - 17:41 | 7208971 bbq on whitehou...
bbq on whitehouse lawn's picture

The market is trying to find a buyer with cash and finding non will ask the Fed to buy what it has baught.

Fri, 02/19/2016 - 16:55 | 7208706 One-Eyed-Thong
One-Eyed-Thong's picture


Fri, 02/19/2016 - 16:56 | 7208710 One-Eyed-Thong
One-Eyed-Thong's picture


Fri, 02/19/2016 - 16:58 | 7208725 Pool Shark
Pool Shark's picture



[Thanks for play, though...]


Fri, 02/19/2016 - 17:01 | 7208733 vq1
vq1's picture

hate to be a stickler- 

your second was actually the third comment.

Fri, 02/19/2016 - 17:10 | 7208793 InjectTheVenom
InjectTheVenom's picture

you had me at dreaded black swan monster .....

Fri, 02/19/2016 - 17:03 | 7208749 Miffed Microbio...
Miffed Microbiologist's picture

Don't be so mean. Poor thing hasn't done shit for his life. Maybe someday he will get a pony and life will be grand.


Fri, 02/19/2016 - 17:15 | 7208827 Yen Cross
Yen Cross's picture

   Nice post Miffed. "Maybe someday he will get a Unicorn and life will be grand." :-)

Fri, 02/19/2016 - 18:08 | 7209106 Miffed Microbio...
Miffed Microbiologist's picture

Well Mr smiles at me and claims he already has received his unicorn but I really think that's a ploy to get sex.;-)

Nice to see you Yen. Now if only Angus shows up my smile will be complete.


Sat, 02/20/2016 - 19:56 | 7212910 Miffed Microbio...
Miffed Microbiologist's picture

Well not a smile but a hearty belly laugh! And I am most thankful the one end was displayed rather than the other.

Thanks my friend,


Fri, 02/19/2016 - 21:47 | 7209896 jerry_theking_lawler
jerry_theking_lawler's picture

He should ride up to one of the 12 non-Federal Reserve Banks....I hear they are giving out Unicorns daily.

Fri, 02/19/2016 - 17:20 | 7208854 The Saint
The Saint's picture

Somebody buy that man a suit and tie.  Maybe then he will be credible..

Fri, 02/19/2016 - 19:27 | 7209419 Help Is Not Coming
Help Is Not Coming's picture

Maybe he wants a pony? The Vacant Lot - I Want A Pony

Fri, 02/19/2016 - 20:54 | 7209697 knukles
knukles's picture


Do NOT follow this link or you will be banned from the site!