by Bill Holter, Miles Franklin:
We have seen unprecedented volatility over the last 2 months, in particular the last 3 weeks. This is highly unusual as most year ends and beginnings are calm with very little news. The news on a global scale has had the volume turned up so that nearly no market has been left unaffected. The obvious markets are FOREX and oil, the not so obvious market is that of the hidden markets, OTC derivatives. We have just finished the worst three days to start the year in history, what has happened?
I wrote about this yesterday and don’t want to be redundant but it is my belief, someone is already “very dead” …we just don’t know “who”. Before going any further, in my opinion it really doesn’t matter “who” has been blown up because everyone is sleeping with everyone else so to speak. It doesn’t matter who has been bankrupted, it matters who the bankrupt “owes” …and then it matters who they owe …and who they owe etc. etc.. The fact is, we live in a credit based daisy chain where no one can be allowed to fail or they all fail. This truth was displayed in 2008 with Lehman, we were only hours away from a complete seizure while the Fed was working behind the scenes with a $16 trillion fire hose.
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