At least in China it is. Their stock market is taking a giant dump and it was completely predictable. They have been playing shenanigans for a long time.
I just hope none of the results from this washes up over here… China in many ways is a giant lie, Looks like we may find out just how big the lie actually is.
Over half of their stocks are not even trading as the crash continues to get worse.
http://money.cnn.com/2015/07/08/investing/china-stocks-suspended/index.html?iid=surge-stack-dom
http://money.cnn.com/2015/07/07/investing/china-stocks-shanghai-crash/index.html?iid=hp-stack-dom
At least 1,430 of the 2,800 companies traded in China have elected to pull their shares as markets continue their crazy roller-coaster ride, according to state media.
The number keeps ticking upward – on Wednesday morning alone, hundreds of firms announced a halt in trading, according to a review of stock exchange filings.
The Shanghai Composite plunged 8% at the market open on Wednesday, and spent the entire day in negative territory before closing down 5.9%. The vast majority of stocks listed on the benchmark index shed 10%, the maximum limit shares are allowed to fall before being halted.
Gold and other metals taking a hit as well.
http://money.cnn.com/2015/07/07/investing/china-gold-copper-greece/index.html
Chaos has gripped Chinese stocks in recent weeks, sending the previously red-hot market nose diving 25%. The ferocious selling has forced investors who bought stocks with borrowed money to pay back loans by dumping other assets – including gold and other commodities.
I have been watching this for years. Most analysts are predicting that it IS coming this way, and by fall we will have a crash that makes 2008 look like a warmup.
The parallels to China now with 1929 US is astounding.
See Whiskey Bravo’s post.
The 1929 event most certainly affected the rest of the world. The world was much less interconnected then. I fail to see where there is a circumstance where we are not affected, at least minimally.
Dow is down a little over 200 points right now so I am assuming we are seeing some of it.
How far do you think Obama and our Congresscritters will go to avert that doom?
What can they do? They’re already printing money. They can’t just print more money.
Avert?
The doom is what the want. Chaos brings them power.
Why not? It has not produced the catastrophic inflation that was predicted— yet.
Just throwing this out there… what can a person who has real assets on the mainland do? Specifically real estate which has been propped up by municipal governments for a few years now. Even if one were to sell the asset, it’s not easy to convert large amounts into foreign currency, or to exit it from the country. There are ceilings to how much can leave per person. If you’re one of the rare middle class Chinese, middle aged, is there really anywhere for you to go?
“yet” being the important part…You can’t keep printing money that is backed by nothing but blind faith forever. At some point, people will figure out that it has no real value, and all faith in it will be lost. Once that faith is lost, it can NEVER be regained. Every dollar that’s printed is worth less than the one printed before it… At some point, (I think soon) all these dollars that the U.S. flooded the world with will come back, like a giant tidal wave, when faith in the dollar is lost…
What we have going for us right now is all the news stories of people in Greece being unable to get their money out of the banks. I guarantee this will cause people worldwide to try to keep more cash on hand. I’ve already altered my long-range plans: whatever money I have left at the end of the month is not staying in the bank. I may just develop a rule of thumb that every time I have accumulated $500 above and beyond my expenses, I’m taking it out in cash.
Ding! Ding! Ding! Winner, Winner, chicken dinner!!!
While I agree with you. I’d consider putting part (not all of it) of that extra money into say, silver, (as it’s very affordable right now) or possibly gold. (not so affordable) Neither gold or silver has ever went to zero value… History is full of examples of fiat currency’s that have… Also don’t forget that there’s a concerted effort being made to go cashless, so, any extra cash you have hid would be worthless in that event.
The bottom line for those people is that they’re going to get bent over…
And…we aint?!
You’ve been SPOT ON here lately sir…no pic sums it up better.
Oh, we most definitely are… It’s a toss up as to who is the biggest liar…But, I suspect we’re about to find out. Hang on to your hats, folks… The ride is about to get rough…