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Peter Schiff On the 2 Day Stock Market Crash That Was Larger Than Any 1 Day Stock Market Crash In U.S. History

Friday, August 21, 2015 20:00
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FOR MORE NEWS BY VOICE OF REASON CLICK HERE!

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WHAT A WEEK THE GLOBAL STOCK MARKETS HAVE HAD!?!?!?

In the video below, Peter Schiff discusses what we just witnessed this past week in the financial markets after the worst performance in about four years. Officially, we are in what is considered a “market correction,” as the Dow Jones lost over 1000 points and is off about 10% from its all time highs. More than one third of the S&P stocks are already down over 20% from their highs, 20% marking an official “Bear Market.” This week’s two day stock market crash was actually larger than any one day stock market crash in U.S. history. 

WHY? WHAT CAUSED IT?

Let this week serve as a BIG wake-up call to anyone who was buying the garbage Obama was shoveling about a “robust recovery.” Interest rates have been at damn near 0% for over SIX YEARS, and even the slightest hint that the fed might raise rates sends the market into a tailspin. Peter even  expresses some fear that what may come Monday is eerily reminiscent of Black Monday back in 1987. Back then, there was a huge drop on a Friday, much like today, followed by another huge drop the next Monday. Come on… anyone with sense SHOULD know there is NO WAY the Fed could raise rates now, because of exactly what we’re seeing. Sooner or later though, the Piper is going to come calling. Listen to the video below to get the rest of Peter’s forecast on what to expect:

BE SURE TO CHECK OUT THE LINKS AT THE BOTTOM… 

THE FINANCIAL TSUNAMI THAT IS COMING IS VERY VERY REAL FOLKS!

At some point Americans are going to have to face all the Horrifying Realities They Have Refused To Face Until Now. When they do it is NOT going to be a fun experience. Sooner or later it’s time to come to grips with the fact that The US is Transitioning to Third World Country Status.There is no escaping it!

 

Michael Snyder at the Economic Collapse Blog Writes:

We witnessed something truly historic happen on Friday.  The Dow Jones Industrial Average plummeted 530 points, and that followed a 358 point crash on Thursday.  When you add those two days together, the total two day stock market crash that we just witnessed comes to a grand total of 888 points, which is larger than any one day stock market crash in U.S. history.  It is also interesting to note that this 888 point crash comes in the 8th month of our calendar.  Perhaps that is just a coincidence, and perhaps it is not.  It just struck me as being noteworthy.  This is the first time that the Dow has dropped by more than 300 points on two consecutive days since November 2008, and we all remember what was happening back then.  Overall, this was the worst week for the Dow in four years, and there have only been five other months throughout history when the Dow has fallen by more than a thousand points (the most recent being October 2008).  Of course we still have six more trading days left in August, so there is plenty of time remaining for even more carnage.

By itself, the 530 point plunge on Friday was the ninth worst stock market crash in all of U.S. history.  The following list of the top eight comes from Wikipedia

#1 2008-09-29 −777.68

#2 2008-10-15 −733.08

#3 2001-09-17 −684.81

#4 2008-12-01 −679.95

#5 2008-10-09 −678.91

#6 2011-08-08 −634.76

#7 2000-04-14 −617.77

#8 1997-10-27 −554.26

Another very interesting thing to note is that the largest stock market crash in U.S. history took place on the very last day of the Shemitah year of 2008, and now we are less than a month away from the end of this current Shemitah year.

It is funny how these strange “coincidences” keep happening.

The financial carnage that we witnessed on Friday was truly global in scope.  On a percentage basis, Chinese stocks crashed even more than U.S. stocks did.  Japanese stocks also crashed, so did stock markets all over Europe, and emerging market currencies all over the planet got absolutely destroyed.

The following is how Zero Hedge summarized what went down…

China’s worst week since July – closes at 5 month lows

Global Stocks’ worst week since May 2012

US Stocks’ worst week in 4 years

VIX’s biggest weekly rise ever

Crude’s longest losing streak in 29 years

Gold’s best week since January

5Y TSY Yield’s biggest absolute drop in 2 years

Even though I specifically warned that this would happen, and have been explaining why it would happen on my website in excruciating detail for months, the truth is that I didn’t expect stocks to start crashing this quickly or this ferociously.

Normally, August is a fairly slow month in the financial world.  As I have discussed previously, most of the really noteworthy stock market crashes throughout history have taken place during the months of September and October.  So I thought that things wouldn’t start getting really crazy for another few weeks at least.

Financial markets tend to fall much faster than they go up, and I believe that we are moving into a time of extraordinary volatility.  There will be huge down days, and there will also be huge up days.  In fact, the three largest single day rallies in Dow history happened right in the middle of the financial crisis of 2008.  So don’t let what happens on any one particular day fool you.

An absolutely gigantic global financial bubble is beginning to burst, and stocks could potentially fall a very, very long way.  For instance, just consider what MarketWatch columnist Brett Arends has just written…

I don’t mean to be alarmist or to induce panic, but someone needs to tell the public that there is a plausible scenario in which the U.S. stock market now collapses by another 70% until the Dow Jones Industrial Average falls to about 5,000.

It is important to keep in mind that Arends is not a “bear” at all.  He is a very level-headed analyst that tries to objectively look at all sides of things

I sincerely hope that global financial markets will stabilize for at least a couple of weeks.  But there is absolutely no guarantee that will happen.

So many of the things that I have been warning about on this website and on End of the American Dream are starting to unfold right in front of our eyes.  If I am right, this is just the beginning.  I believe that we are moving into a time of unprecedented chaos, and our nation is about to be shaken to the core.

Hopefully you have been preparing for the storm that is coming for quite a while and you will not be surprised by what is about to happen.

Unfortunately, the same cannot be said for the vast majority of Americans.  Most of them are totally unprepared for what is coming, and they are going to be completely blindsided by the events that will unfold in the months ahead.

The relative calm of the past few years has lulled millions into a false sense of complacency.

If you are one of those that have dozed off, I have a word of warning for you…

Wake up and get ready.

It’s starting.

 

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