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“If a big meteor was about to hit the earth, how much money would the Fed print?”

2008 was child’s play compared to what is happening now and is still to come...

The production cuts amount to just over 7mmb/d, which while still a record amount, are hardly enough to put an even modest dent in today's massively oversupplied market.

"We are bearish, angry and would like to see the pain more evenly shared this time with many more economic and Chapter 11 restructurings, which are not liquidations x/ shareholders, by the way..."

"...we well and truly are in unprecedented territory with the largest drawdown for value ever seen..."

No 'bear market' in history, for any reason, ever ended with valuations between 20-28x earnings...

U.S. Middle Class 0 - Federal Reserve 6,083,131,000,000.

...but this exponential curve will never flatten.

Not long after insiders made records with how much stock they sold (in most cases to their own company), they are now back and buying the same shares they dumped just a few months ago.

The fictitious valuation of the stock market will eventually re-connect with reality in a violent decline...

The problem with monetary policy, in all of its forms, is that it disincentivizes capitalism...

When will BlackRock (which is buying these ETFs in any event), create an ETF of ETFs bought by the Fed?

Singapore's iconic oil trader Hin Leong Trading is scrambling to get its banks to unfreeze credit lines to the firm without which the company will not survive. 

"And if a bunch of hedge funds get wiped out - what's the big deal? Let them fail. So they don't get the summer in the Hamptons - who cares."

Real Vision CEO & co-founder Raoul Pal joins Ash Bennington for a big picture look at the events of the last few weeks in the wake of coronavirus with a focus on the global economy. Pal and Bennington discuss the broad changes brought on by the virus, including its impact on US equity markets, the bond market, long-term and durable realignments in the global economy and supply chains, and the rising tide of political risk and fragility across the globe.

Somewhere Rudolf von Havenstein is spinning in his grave.

As the balance sheets of the world are reshaped... You may be surprised at just how dramatically the ROE also declines.

"Where to begin? Life does suck for our business right now."

In a crisis where everyone perceives themselves as 'blameless' it's ultimately "going to take months or years to get back to a new normal."

“These shocks have unhinged the global financial system, probably permanently, and look to have finally destroyed the consensual post-WW2 settlement.”