Stocks crashed on the opening bell of the Dow Jones on Monday, sailing past the 777 point loss in September, 2008, during the kick off of the Second Greatest Depression, dubbed the Great Recession by the establishment media.
An expected bounce fifteen minutes after the bell pulled stocks back up to 600, but the fall represents a decline of 1,089 points, or 6.6 percent.
The establishment media quickly tried to assuage fears by noting the tumble is nowhere near the market crashes of 1929 or 1987.
The crash follows the fall of China’s benchmark Shanghai Composite index, down 38 percent from its high in June due largely to unsustainable debt-financed stock market speculation. The totalitarian government took extreme measures to put the brakes on its market fall, to no avail.
The China decline precipitated sell-offs in Japan, Taiwan, Hong Kong, South Korea, Australia and European markets as investors abandoned China’s market.
“When the banking crisis crippled global markets seven years ago, central bankers stepped in as lenders of last resort. Profligate private-sector loans were moved on to the public-sector balance sheet and vast money-printing gave the global economy room to heal,” The Guardian noted last week.
“Time is now rapidly running out. From China to Brazil, the central banks have lost control and at the same time the global economy is grinding to a halt. It is only a matter of time before stock markets collapse under the weight of their lofty expectations and record valuations.”