ENOCOMIC COLLAPSE Begin Today PETER SCHIFF Pointing to a Stock Market Collapse

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01. did the NOC omic collapse begin today and now begin as stock crash the absurdity that we are witnessing in a financial markets is absolutely breathtaking just recently a good friend reminded me that the Dow peaked had just above 14,000 before the last stock market crash and stock prices were definitely overinflated at that time subsequently the Dow crashed below 7,000 before rebounding and now thanks to this week s rally we on the threshold of Dow 24,000 when you look at a chart of the Dow Jones Industrial Average you would be tempted to think that we must be in the greatest economic boom in American history but the truth is that our economy has only grown by an average of just 1 point 3 3 percent over the last 10 years every crazy stock market double throughout our history has always ended badly and this one will be no exception and even though the Dow showed a nice gain on Wednesday the Nasdaq got absolutely hammered in fact almost every major tech stock was down vid the following comes from CNN meanwhile big tech stocks which have propelled the market higher all year were tanking the Nasdaq fell more than 1% led by big drops in Google goog Elle tech 30 owner alphabet Amazon AMZN tech 30 Apple AAPL tech 30 Facebook FB tech 30 and Netflix NFLX tech 30 momentum darlings Nvidia NVDA tech 30 and PayPal PYP Elle tech 30 and red-hot gaming stocks Electronic Arts EA tech 30 and Activision Blizzard a TVI tech 30 plunged 2 they have been some of the market s top stocks throughout most of 2017 many believe that the markets are about to turn down in a major way what goes up must eventually come down and at this point even Goldman Sachs is warning that a bear market is coming it has seldom been the case that equities bonds and credit have been similarly expensive at the same time only in the Roaring Twenties and the gold and 50s goldman sachs international strategists including christian bliss Minh wrote in the note this week all good things must come to an end and there will be a bear market eventually they said as central bank's cut back their quantitative easing pushing up the premiums investors demand to hold longer dated bonds returns are likely to be lower across assets over the medium term the analysts said a second less likely scenario would involve fast pain stock and bond valuations would both get hit with the mix depending on whether the trigger involved a negative growth shock or a growth shock alongside and inflation pickup nobody believes that is crazy stock market pretty can go on forever these days the real debate seems to be between those that are convinced that the markets will crash violently and those that believe that a soft landing can be achieved I would definitely be in favor of a soft landing but those that have followed my work for an extended period of time know that I do not think that this will happen and with each passing day more prominent voices in the financial world are coming to the same conclusion here is one recent example Vanguard s chief economist Joe Davis said investors need to be prepared for a significant downturn in the stock market which is now at a 70% chance of crashing that chance is significantly higher than it has been over the past 60 years the economists added it s unreasonable to expect rates of returns which exceeded our own bullish forecasts from 2010 to continue a stock market crash has followed every major stock double in our history and right at this moment we are in the terminal phase of one of the greatest stock market bubbles ever there are so many indicators that are screaming that we are in danger and one of the favorite ones that I like to point to his margin debt the following commentary and chart were recently published by will fritter this chart shows margin debt red line left scale and the SNP 500 blue line right scale both adjusted for inflation to tune out the effects of the dwindling value of the dollar over the decade stock market leverages the big accelerator on the way up leverage supplies liquidity that has been freshly created by the lender this isn't team money moving from one asset to another this is money that is being created to be plowed into stocks and when stocks sink leverage becomes the big accelerator on the way down markets tend to go down much faster than they go up and I have a feeling that when this market crashes it is going to happen very very rapidly the only reason stock prices ever got this high in the first place was due to unprecedented intervention by global central banks they created trillions of dollars out of thinner and plowed those funds directly into the financial markets and of course that was going to inflate asset prices but now global central banks are putting on the brakes simultaneously and this has got to be one of the greatest sell signals that we have ever witnessed in modern financial history even Federal Reserve chair Janet Yellen says that she is concerned about causing a boom bus condition in the economy and yet she insists now the Fed is going to continue to gradually raise rates anyway Federal Reserve chair Janet Yellen said the central bank is concerned with growth yet out of hand and thus is committed to continuing to raise rates in a gradual manner we don t want to cause a boom bus condition in the economy Yellen told Congress in her semiannual testimony Wednesday while Yellen did not specifically commit to a December rate hike her comments indicated that her views have not changed with her desire for the central bank to continue normalizing policy after years of historically high accommodation I never thought that this stock market bubble would get this large we are way way overdue for a financial correction but right now we are in a party that never seems to and but and it will and when that happens the pain that will be experienced on Wall Street will be unlike anything that we have ever seen before Michael Schneider when this market crashes it s going to happen very very rapidly the Dow peaked at 14000 before the last stock market crash and now down 24,000 is here the absurdity that we are witnessing in a financial markets is absolutely breathtaking just recently a good friend reminded me that the Dow peaked had just above 14,000 before the last stock market crash and stock prices were definitely overinflated at that time subsequently the Dow crashed below 7,000 before rebounding and now thanks to this week s rally we on the threshold of Dow 24,000 when you look at a chart of the Dow Jones Industrial Average you would be tempted to think that we must be in the greatest economic boom in American history but the truth is that our economy has only grown by an average of just 1 point 3 3 percent over the last 10 years every crazy stock market double throughout our history has always ended badly and this one will be no exception and even though the Dow showed a nice gain on Wednesday the Nasdaq got absolutely hammered in fact almost every major tech stock was down bid the following comes from CN and meanwhile big tech stocks which have propelled the market higher all year were tanking the Nasdaq fell more than 1% led by big drops in Google goog Elle tech 30 owner alphabet Amazon AMZN tech 30 Apple AAPL tech 30 Facebook FB tech 30 and Netflix NFLX tech 30 momentum darlings Nvidia NVDA tech 30 and PayPal PYP Elle tech 30 and red-hot gaming stocks Electronic Arts EA tech 30 and Activision Blizzard a TVI tech 30 plunged 2 they have been some of the market s top stocks throughout most of 2017 many believe that the markets are about to turn down in a major way what goes up must eventually come down and at this point even Goldman Sachs's warning that a bear market is coming it has seldom been the case that equities bonds and credit have been similarly expensive at the same time only in the roaring 20s and the golden fifties Goldman Sachs international strategists including Christian Willard Whisman wrote in the note this week all good things must come to an end and there will be a bear market eventually they said as central bank's cut back their quantitative easing pushing up the premiums investors demand to hold longer dated bonds returns are likely to be lower across assets over the medium term the analysts said a second less likely scenario would involve fast pain stock and bond valuations would both get hit with the mix depending on whether the trigger involved a negative growth shock or a growth shock alongside and inflation pickup nobody believes that this crazy stock market pretty can go on forever these days the real debate seems to be between those that are convinced that the markets will crash violently and those that believe that a soft landing can be achieved I would definitely be in favor of a soft landing but those that have followed my work for an extended period of time know that I do not think that this will happen and with each passing day more prominent voices in the financial world are coming to the same conclusion here is one recent example Vanguard s chief economist Joe Davis said investors need to be prepared for a significant downturn in the stock market which is now at a 70 percent chance of crashing that chance is significantly higher than it has been over the past 60 years the economists added it s unreasonable to expect rates of returns which exceeded our own bullish forecasts from 2010 to continue a stock market crash has followed every major stock double in our history and right at this moment we are in the terminal phase of one of the greatest stock market levels ever there are so many indicators that are screaming that we are in danger and one of the favorite ones that I like to point to is margin debt the following commentary and chart were recently published by will Fricker markets tend to go down much faster than they go up and I have a feeling that when this market crashes it is going to happen very very rapidly the only reason stock prices ever got this high in the first place was due to unprecedented intervention by global central banks they created trillions of dollars out of thinner and plowed those funds directly into the financial markets and of course that was going to inflate asset prices but now global central banks are putting on the brakes simultaneously and this has got to be one of the greatest sell signals that we have ever witnessed in modern financial history even Federal Reserve chair Janet Yellen says that she is concerned about causing a boom bust condition in the economy and yet she insists that the Fed is going to continue to gradually raise rates and a Federal Reserve chair Janet Yellen said the central bank is concerned with growth get out of hand and buses committed to continuing to raise rates in a gradual manner we don t want to cause a boom bus condition in the economy Yellen told Congress in her semiannual testimony Wednesday while Yellen did not specifically commit to a December rate hike her comments indicated that her views have not changed with her desire for the central bank to continue normalizing policy after years of historically high accommodation I never thought that this stock market bubble would get this large we are way way overdue for a financial correction but right now we are in a party that never seems to and but and it will and when that happens the pain that will be experienced on Wall Street will be unlike anything that we have ever seen before you every crazy stock market double throughout our history has always ended badly and this one will be no exception and even though the Dow showed a nice gain on Wednesday the Nasdaq got absolutely hammered in fact almost every major tech stock was down vid the following comes from CNN meanwhile big tech stocks which have propelled the market higher all year were tanking the Nasdaq fell more than 1% led by big drops in Google goog Elle tech 30 owner alphabet Amazon AMZN tech 30 Apple AAPL technically a good friend reminded me that the Dow peaked had just above 14,000 before the last stock market crash and stock prices were definitely overinflated at that time subsequently the Dow crashed below 7000 before rebounding and now thanks to this week s rally we on the threshold of Dow 24,000 when you look at a chart of the Dow Jones Industrial Average you would be tempted to think that we must be in the greatest economic boom in American history but the truth is that our economy has only grown by an average of just 1 point 3 3 percent over the last 10 years old man Sachs is warning that a bear market is coming it has seldom been the case that equities bonds and credit have been similarly expensive at the same time only in the Roaring Twenties and the gold and 50s goldman sachs international strategists including christian mueller bliss minh wrote in the note this week all good things must come to an end and there will be a bear market eventually they said as central bank's cut back their quantitative easing pushing up the premiums investors demand to hold longer dated bonds returns are likely to be lower across assets over the medium term the analysts said did the NOC omic collapse begin today and now begin as stock crash the absurdity that we are witnessing in a financial markets is absolutely breathtaking just recent three Facebook FB tech 30 and Netflix NFLX tech 30 momentum darlings Nvidia NVDA Tech 30 and PayPal py PL tech 30 and red-hot gaming stocks Electronic Arts EA tech 30 and Activision Blizzard a TVI tech 30 plunged to they have been some of the market s top stocks throughout most of 2017 many believe that the markets are about to turn down in a major way what goes up must eventually come down and at this point even goal