“Moral of story: when the wheels come off, it can happen one at a time, and not be noticed at first.”

TQ, my friend, you are a master of conservative understatement.  :-)

It ain’t just one wheel… and this ain’t a smooth city street!

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Chris Laird tells us that global liquidity has already evaporated faster than anyone believed possible. (click here)   The ‘cascading cross-defaults’ have begun, and THAT is the reason that every liquid asset (read: stocks) is being sold.

Black Monday bets, anyone?