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Has "it" begun?
Signs everywhere…
-third Chinese "backdoor QE" announcement in two months Friday
-heightened chatter of increased BOJ stock purchases
-European stocks plunging despite QE having started. Major Western sovereigns (even France, which had its outlook downgraded to negative by S&P last week) plunging to all-time lows…but PIIGS stocks and bonds collapsing, led by Greece (Athens stock index down 30% since April, and Greek 10-year yields up 200 bps last week)
-EU manufacturing, industrial production, sentiment plummeting, led by Germany - clearly in continent-wide recession, and falling quickly
-U.S. retail sales, industrial production plummeting. NFLX, WMT major earnings announcments last week, and IBM earnings catastrophe today
-Aritcle - "need or want, demand is dying"
