DJIA

The Crash of 2015: Now Arriving at Gates 3,7,12,19…..

Off the keyboard of Thomas Lewis

Follow us on Twitter @doomstead666

Friend us on Facebook

 

Published on the Daily Impact on August 10, 2015

Visit the New Diner News Page for Daily Updates from around the Collapse Blogosphere


If the world economy were an airline, what we’d be seeing now is hundreds of late and cancelled flights, missing airplanes, bankruptcies, thousands of staff layoffs and millions of unhappy customers. (Whoa, that was supposed to be a metaphor!) If we were in a hub airport of this airline, every incoming flight would be a tattered, smoking airplane with flat tires and bullet holes bearing more bad news from shell-shocked passengers. Some examples:

International Arrivals:

From China: The Shanghai Composite Index lost 13.4 percent of its value in July. That’s more than a correction and would have been a crash if the government had not a) halted trading in half the stocks listed, b) forbade the selling of large blocks of shares, and c) bought most of the shares that were sold. To say that these measures are not working (except that they have temporarily frozen the crash at gunpoint) is an understatement. The Chinese Crash of 2015 is well under way. [See: Peak Insanity: Chinese Brokers Now Selling Margin Loan-Backed Securities, and “China’s Hard Landing Suddenly Gets a Lot Rougher,” among many others.

From Greece: With the Grexit crisis declared over, the Greek stock market opened last Monday, and promptly crashed; all stocks down 23 %, bank stocks 30%. By Friday it had clawed back about 20 points but was some 600 points down on the year.

From Puerto Rico: On Monday, Puerto Rico became the first U.S. Commonwealth Territory ever to default on a debt payment.

From Venezuelafood riots are breaking out in the aftermath of the economic devastation wrought by the crash of oil prices.

From Canada: Implosion of the tar-sands-oil patch and a related bursting of the housing bubble has the country in an all-but-declared recession.

From EverywhereCommodities are tanking and taking the currencies of the commodoties-exporting nations with them. As happened just before the crash of 2008, the price of virtually every industrial commodity –not just oil, but copper, coal, steel, lumber, you name it — has crashed because of drastically slowing manufacturing worldwide, especially in China.

Domestic Arrivals:

From North Dakota and Texas: America’s zombie shale-oil frackers are finally running out of gas, so to speak, after being propped up despite the crash of oil prices by 1) an avalanche of investment and credit from money handlers convinced the dip was only temporary, and 2) hedge contracts that meant they were still getting some $90 a barrel when the market was around $50. The avalanche is now going the other way and the hedge contracts are running out. Investopedia lists seven major players on the verge of bankruptcyAccording to Bloomberg Business News, North American oil producers have seen a stunning $1.3 trillion of their equity valuation vanish in one year as a result of the crash in oil prices. The sudden loss in value has hit a multitude of pension funds and insurance companies hard.

From New York: The stock market is on its knees. The Dow Jones Industrial average at the end of the week  down 700 points since July 16, and 900 points off the market peak in May. In addition to oil and energy issues, tech stocks (Apple, Twitter, Yelp, etc.), mainstays of the recent market, are down sharply. As are the up-to-now-reliable cash cows, the media stocks — Disney, CBS, Time Warner etc.

From Washington: In each jobs report the government insists that the unemployment rate is stable and job creation is improving. Look a little further and you see that each month, the number of people leaving the labor force is far larger than the number of jobs created; and that the number of jobs vanishing each month is rising fast; the number of jobs cut in the US in July, 106,000, was the highest monthly total since 2011 and up 136% from the previous month, 125% year-to-year.

From all overFactories’ output  and consumer spending are weakening as oil production drops (as even the Energy Information Administration is now admitting).

This is far from an encyclopedic review of the bad news that arrived at our gates last week. I have been assembling it for a week, and found that by the time a draft got to be a few hours old, much of the bad news had been replaced by worse news. And then of course I was waiting to hear how the Republican candidates for President would deal with these urgent and mounting threats. Still waiting. You heard anything?

Gotta go. New arrival at Gate 78.


Thomas Lewis is a nationally recognized and reviewed author of six books, a broadcaster, public speaker and advocate of sustainable living. He also is Editor of The Daily Impact website, and former artist-in-residence at Frostburg State University. He has written several books about collapse issues, including Brace for Impact and Tribulation. Learn more about them here.

Knarf plays the Doomer Blues

https://image.freepik.com/free-icon/musical-notes-symbols_318-29778.jpg

Support the Diner

Search the Diner

Surveys & Podcasts

NEW SURVEY

Renewable Energy

VISIT AND FOLLOW US ON DINER SOUNDCLOUD

" As a daily reader of all of the doomsday blogs, e.g. the Diner, Nature Bats Last, Zerohedge, Scribbler, etc… I must say that I most look forward to your “off the microphone” rants. Your analysis, insights, and conclusions are always logical, well supported, and clearly articulated – a trifecta not frequently achieved."- Joe D

Archives

Global Diners

View Full Diner Stats

Global Population Stats

Enter a Country Name for full Population & Demographic Statistics

Lake Mead Watch

http://si.wsj.net/public/resources/images/NA-BX686_LakeMe_G_20130816175615.jpg

loading

Inside the Diner

What ISN'T bad about them?  You need to be a scientist and do a study to figure this one out? This sentence just kills me:"Still, following that advice can be hard, especially if for people with limited time and money to spen...

Monsta & I discussed this on the RE & Monsta Mash.  If you haven't viewed it yet, this would be a good time to catch up.RE[embed=1280,72...

Quote from: knarf on Today at 04:41:41 AMTheir masked faces are upturned, looking for the smoking arc of incoming tear-gas fire. The instant the flaming device bounces onto the asphalt, they race into action – eight peop...

New Delhi (CNN)At least 36 people have died this summer in one of India's longest heat waves in recent history, Anshu Priya, a spokeswoman for India's National Disaster Management Authority (NDMA), told CNN.Intense heat has scorched the country for mo...

Scientists at Stanford are doing their part to create what will be an inevitable dystopian nightmare.The staff at the Max Planck Institute for Informatics, Princeton University and Adobe Research have developed software that allows you to now edit and...

Diner Twitter feed

Diner Newz Feeds

  • Surly
  • Agelbert
  • Knarf
  • Golden Oxen
  • Frostbite Falls

Doomstead Diner Daily June 14The D... [...]

Doomstead Diner Daily June 13The Diner Daily is av [...]

Millennials are ‘canaries in the coalmine’ for tox [...]

First global look finds most rivers awash with ant [...]

Doomstead Diner Daily June 12The Diner Daily is av [...]

Quote from: UnhingedBecauseLucid on March 18, 2019 [...]

CleanTechnicaSupport CleanTechnica’s work via dona [...]

QuoteThe FACT that the current incredibly STUPID e [...]

In November 2018, a 66-year-old man named Tommy Th [...]

Dear Readers, Things in Venezuela are getting mess [...]

Quote from: Golden Oxen on April 27, 2019, 01:49:4 [...]

Quote from: Eddie on April 25, 2019, 09:09:46 AMQu [...]

Go to Global Collapse Issues to read more or subsc [...]

A NEW Benchmark MILESTONE!Extinction Conundrum has [...]

Quote from: Surly1 on June 12, 2019, 04:48:55 AMAt [...]

Quote from: RE on June 11, 2019, 04:33:58 AMQuote [...]

Alternate Perspectives

  • Two Ice Floes
  • Jumping Jack Flash
  • From Filmers to Farmers

The Brainwashing of a Nation by Daniel Greenfield via Sultan Knish blog Image by ElisaRiva from Pixa [...]

A Window Into Our World By Cognitive Dissonance   Every year during the early spring awakening I qui [...]

Deaf, Dumb and Blind Who Is Better at Conceding They Are Wrong - Conservative or Liberal Extremists? [...]

The Apology: From baby boomers to the handicapped generations. by David Holmgren Re-posted from Holm [...]

Society Is Made Of Narrative. Realizing This Is Awakening From The Matrix. By Caitlin Johnstone Orig [...]

Event Update For 2019-06-13http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.htmlThe [...]

Event Update For 2019-06-12http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.htmlThe [...]

Event Update For 2019-06-11http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.htmlThe [...]

Event Update For 2019-06-10http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.htmlThe [...]

Event Update For 2019-06-09http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.htmlThe [...]

With fusion energy perpetually 20 years away we now also perpetually have [fill in the blank] years [...]

My mea culpa for having inadvertently neglected FF2F for so long, and an update on the upcoming post [...]

NYC plans to undertake the swindle of the civilisation by suing the companies that have enabled it t [...]

MbS, the personification of the age-old pre-revolutionary scenario in which an expiring regime attem [...]

Daily Doom Photo

man-watching-tv

Sustainability

  • Peak Surfer
  • SUN
  • Transition Voice

Farewell to the Fishes"Ninety percent of the world’s marine fish stocks are now fully exploited, overexploited or dep [...]

Climate Change Reversal at Whole Village"During the burn people were taken around the farm to see the 40,000+ trees we have planted, ou [...]

Pitching Seaweed Straws"Kelp-based straws will beat the price of paper straw competitors later this year and could und [...]

What is your climate pawprint?"If US dogs had their own country it would be bigger than 200 other countries and likely be on [...]

Orellana's Robots"Climate scientists are now connecting the dots and starting to glimpse how a terra preta thera [...]

The folks at Windward have been doing great work at living sustainably for many years now.  Part of [...]

 The Daily SUN☼ Building a Better Tomorrow by Sustaining Universal Needs April 3, 2017 Powering Down [...]

Off the keyboard of Bob Montgomery Follow us on Twitter @doomstead666 Friend us on Facebook Publishe [...]

Visit SUN on Facebook Here [...]

To fight climate change, you need to get the world off of fossil fuels. And to do that, you need to [...]

Americans are good on the "thoughts and prayers" thing. Also not so bad about digging in f [...]

In the echo-sphere of political punditry consensus forms rapidly, gels, and then, in short order…cal [...]

Discussions with figures from Noam Chomsky and Peter Senge to Thich Nhat Hanh and the Dalai Lama off [...]

Lefty Greenies have some laudable ideas. Why is it then that they don't bother to really build [...]

Top Commentariats

  • Our Finite World
  • Economic Undertow

I was just rearranging their little totally incorrect statement. I agree with you on all the extras [...]

Thanks Kim. I hadn't heard about the functions of boron, and I will definitely look into that. [...]

I was thinking more about things within the economy but not inside an actual physical market. For in [...]

I don't have nearly enough knowledge or expertise about the oil industry to be able to make a j [...]

Yes, I am sure that mineral deficiencies are common due to eating food grown in poor soil. Boron hel [...]

Hi Steve. I recently found what I believe is a little gem, and I'm quite confident you'd a [...]

The Federal Reserve is thinking about capping yields? I don't know how long TPTB can keep this [...]

As some one who has spent years trying to figure out what the limits to growth are. let me say that [...]

Peak oil definitely happened for gods sake. Just because it isn't mad max right now is no indic [...]

@Volvo - KMO says he made some life choices he regrets. Not sure what they were. And I don't th [...]

RE Economics

Going Cashless

Off the keyboard of RE Follow us on Twitter @doomstead666...

Simplifying the Final Countdown

Off the keyboard of RE Follow us on Twitter @doomstead666...

Bond Market Collapse and the Banning of Cash

Off the microphone of RE Follow us on Twitter @doomstead666...

Do Central Bankers Recognize there is NO GROWTH?

Discuss this article @ the ECONOMICS TABLE inside the...

Singularity of the Dollar

Off the Keyboard of RE Follow us on Twitter @doomstead666...

Kurrency Kollapse: To Print or Not To Print?

Off the microphone of RE Follow us on Twitter @doomstead666...

SWISSIE CAPITULATION!

Off the microphone of RE Follow us on Twitter @doomstead666...

Of Heat Sinks & Debt Sinks: A Thermodynamic View of Money

Off the keyboard of RE Follow us on Twitter @doomstead666...

Merry Doomy Christmas

Off the keyboard of RE Follow us on Twitter @doomstead666...

Peak Customers: The Final Liquidation Sale

Off the keyboard of RE Follow us on Twitter @doomstead666...

Collapse Fiction

Useful Links

Technical Journals

This paper assessed the variability and projected trends of solar irradiance and temperature in the [...]

Following the impact of droughts witnessed during the last decade there is an urgent need to develop [...]

A “nadir-only” framework of the radiometric intercomparison of multispectral sensors usi [...]

A fuzzy random conditional value-at-risk-based linear programming (FCVLP) model was proposed in this [...]