Today was a Black Monday for sure, but is this the BIG ONE? The big stock market crash?
It really doesn’t matter one bit. Unless you insist in calling your self an investor. In which case I pity you. Because there are no functioning markets anymore, and therefore no-one who can rightfully lay claim to the title ‘investor’.
Plenty of analysts and market experts still talk about economic cycles, and opportunities, and debate how to ‘play’ the crash. They still have to fill the minutes on CNBC, but all this is useless if and when a market doesn’t function. And just about all markets in the richer part of the world stopped functioning when central banks started directly buying assets in order to fabricate a recovery. That’s when you stopped being investors. And when market strategies stopped making sense.
The western financial press, which has been reporting on non-functioning markets for years as if they actually were still functioning, is worrying about a potential Fed rate hike, telling its readers and listeners that the US central bank ‘looks set to make a dangerous mistake’. But the real ‘mistake’ was made about 7 years ago.