Submitted by Bill Bonner of Bonner & Partners (annotated by Acting-Man.com's Pater Tenebrarum),
“Massive Deterioration” – Worse Than 2008
The Dow is down by almost 9% since the start of the year.
“These developments, if they prove persistent, could weigh on the outlook for economic activity…” proffered a nervous-looking Janet Yellen in her testimony on Capitol Hill. She was signaling to investors.
Smoke signals…
Mario Draghi is set to address the European Parliament's Committee on Monetary and Economic affairs in Brussels on Monday.
Draghi's comments will of course be parsed for any hints as to what the ECB will do next month, when Draghi is expected to announce further easing, either in the form of another rate cut or an expansion/extension of PSPP.
The first shot in the global war on cash was just fired, by none other than the ECB, which moments ago Handelsblatt reported...
ECB wants to stop issuing 500 Euro bills - our exclusive https://t.co/LLe2qyhBjK
— Daniel Schäfer (@schaeferdaniel) February 15, 2016
Ealier today, we quoted John Plassard, senior equity-sales trader at Mirabaud Securities LLP in Geneva, who explained the surge in global risk as follows: "The Chinese market didn’t react as bad as we feared and with the weak export data there is some big hope that he central banks will react quite fast... It’s a mix of hope of intervention from the Asian central bank, short squeeze and also a relief in some energy and banking sectors, the most shorted sectors."