February 6, 2018
One of the preconditions for any serious grassroots political movement is an economic decline. Are we about to get that?
Wall Street saw its worst trading day in years on Monday as the Dow Jones industrial average plunged 1,175 points, marking the biggest daily point decline ever seen.
The collapse shaved 4.6 percent off the index, which represents a price-weighted average of 30 blue-chip American stocks that are generally the leaders in their industry.
The Dow also set an intra-day record drop of 1,600 points and at one point fell 800 points in a span of just 10 minutes.
The previous record drop in points took place on August 24, 2015, when the Dow plunged 1,089 points during the trading session. The biggest decline in percentage terms was on May 6, 2010, when the “flash crash” resulted in more than a 9 percent fall. Monday’s drop erased all gains by the Dow this year, with the index down 1.51 percent since January 1.
I don’t really understand any of that financial mumbo-jumbo.
But some traders are freaking out:
“A lot of people who have been in this market for the past three or four years have never seen this before,” said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas, as quoted by Reuters. “The psychology of the market changed today. It’ll take a while to get that psychology back.”
And most importantly for us, seeing how many crypto-enthusiasts we have in our ranks:
The entire cryptocurrency market was in double-digit losses on the day. Ethereum was down almost 30 percent at $589, losing all the gains it saw this year. It peaked $1,433 less than a month ago. Ripple plunged to $0.59 from a high of $3.80 in January.
And then there’s Zerohedge, which predicts emminent financial collapse every other day. Take it with a grain of salt, but they’re totally freaking out. I have no idea what the details all mean. But suffice it to say that a lot of people are in panic. There is talk of a similar meltdown as the one ten years ago.
Cue pictures of traders in suits covering their faces in shock:
I have to say though, is this a healthy state of affairs?
I’d say that 99% of people don’t have a clue what’s going on. And they have entrusted the well-being of the economy to people that shouldn’t be trusted as town dog-catchers.
And now we all have to worry about meltdowns that happen at a moment’s notice and plunge countries into recession, wiping people’s savings out.
But no one knows wtf is going on. It’s no different than praying to the rain gods for extra rain in spring to have a good harvest. Sometimes it works, sometimes there’s a drought. We peasants have no control over any of it, really.
I had to watch like 5 documentaries to even begin to understand what happened with Lehman and the Great Recession. Most people didn’t even bother.
Again, is this the way things should be?
Some computers running algorithms that shave off massive profits for Jewish trading firms, and in the process potentially sending the markets into freefall, leading to layoffs and bankruptcies?
This can’t be the only way of running things. In fact, it isn’t.
This time around though, I don’t think people are going to take it lying down. Ten years ago, everyone was just baffled, confused and ready to vote in Obama.
Now, I doubt they’ll be so easily fooled. IF things go south, we won’t get Occupy Wall St. This time around, we’ll get BANE.