Today may be just a warning sign, and it may take a while longer before the deluge, but it will come. And since China has nothing left to fall back on but even higher private and public debt levels, make that sooner rather than later.
The main advice we’ve always given with regards to debt deleveraging stands: get out of debt.
Update: Panic!! All Major US Equity Indices Halted
Update: Blood On The Streets: Down Dumps 1000 Points At Open, Biggest Drop Since Lehman
Things are happening so fast all across the globe, it's hard to post all the news you need to know so I am just linking to the headlines I think are most interesting.
World markets are in meltdown mode and while the talking heads and "experts" are acting like this is surprising news, most of us out here watching this happen are seeing what we already knew was on the way.
Something that can't go on forever won't. Peak debt is....well ...peak debt. There is a point of no return and while most of us believe we are heading into a storm the likes of which the world has never seen, I would like to remind you ...
GREAT FALL OF CHINA SINKS WORLD STOCKS
DOW FUTURES -666
Black Monday: Biggest slide in Chinese stocks since 2007, Brent oil below $44
Futures Just Crashed To New Overnight Lows, S&P Down 3%
Gartman: "We Should All Be In Survival Mode Today, This Is Not The Time For Courage"
Global Trade In Freefall: Container Freight Rates From Asia To Europe Crash 60% In Three Weeks
"Markets Have Lost Faith In Monetary Policies"
This Wasn't Supposed To Happen: Crashing Inflation Expectations Suggest Imminent Launch Of QE4