This article was written by Michael Snyder and originally published at his Economic Collapse blog.
Editor’s Comment: The dominoes are set in motion. If the crash of China’s economy can no longer be contained, it is sure to spread to other markets in Asia and across the Western world. Basically everything is exposed to risk, and it could implode in a chain reaction style in financial sectors literally around the globe.
We shall all see what happens next, and hopefully the destruction will be limited.
7 Percent Crash Causes Emergency Shutdown Of Stock Markets In China For The 2nd Time In 4 Days
by Michael Snyder
Did you see what just happened in China? For the second time in four days, a massive stock market crash has caused an emergency shutdown of the markets in China.
On both Monday and Thursday, trading was suspended for 15 minutes when the CSI 300 fell 5 percent, and on both days the total decline very rapidly escalated to 7 percent once trading was reopened. Once a 7 percent drop happens, trading is automatically suspended for the rest of the day. I guess that is one way to keep the stock market from crashing – you just don’t let anyone trade. And of course the panic in China is causing other markets to go haywire as well. As I write this, the Nikkei is down 324 points and Hong Kong is down 572 points.
The amazing thing is that trading was only open in China for about 15 total minutes tonight. Here is how CNBC described what just happened…
China’s stocks were suspended from all trade on Thursday after the CSI300 tumbled more than 7 percent in early trade, triggering the market’s circuit breaker for a second time this week.
That drop-kicked stock markets across Asia, which were already wallowing after a weaker open amid concerns over China’s economic slowdown and its depreciating currency as well as falling oil prices.
On the mainland, the Shanghai Composite tumbled 7.32 percent by at the time of the halt, while the Shenzhen Composite plummeted 8.34 percent. The CSI300, the benchmark index against which China’s new circuit breakers are set, plunged 7.21 percent. If that index rises or falls 5 percent, the market halts all trade for 15 minutes. If it moves 7 percent, trading will be suspended for the rest of the day. In total Thursday, China shares only traded around 15 minutes.
How will European and U.S. markets respond to the chaos in Asia when they open?
That is a very good question. I think that everybody will be watching.
Already, the Dow Jones Industrial Average is down about 500 points for the year. The financial crisis that began in the second half of 2015 is now accelerating as we enter 2016, and nobody is quite sure what is going to happen next.
One key to watch is what happens with the S&P 500.
2000 is kind of like a giant line in the sand on the S&P 500. On Wednesday we saw the market hover around that psychologically-important number, and there is a whole lot of resistance right there. If we break solidly through 2000 and start plunging toward 1900, that is going to break things wide open.
The primary reason for the stock market crash in China on Thursday was another stunning devaluation of the yuan. This explanation from Zero Hedge is very helpful…
Following the collapse of offshore Yuan to 5 year lows and decompression to record spreads to onshore Yuan, The PBOC has stepped in and dramatically devalued the Yuan fix by 0.5% to 6.5646. This is the biggest devaluation since the August collapse. Offshore Yuan has erased what modest bounce gains it achieved intraday and is heading significantly lower once again. Dow futures are down 100 points on the news.
PBOC fixes Yuan at its weakest since March 2011… with the biggest devaluation since August
A massive devaluation of the yuan was also one of the primary reasons for the market turmoil that we saw back in August. The Chinese are playing games with their currency, and this is causing havoc in the global marketplace.
Meanwhile, we have received some other very troubling news about the global economy over the past few days…
-The price of oil continues to collapse. As I write this, the price of U.S. oil is down to $33.26 a barrel. Those that follow my writing regularly already know that this is a really bad sign for the global economy.
-The Baltic Dry Index just hit another brand new all-time record low. Global trade is absolutely imploding, and this is having a devastating impact on China and other major exporting nations.
-U.S. manufacturing is contracting at the fastest pace that we have seen since the last recession. This is precisely what we would expect to see during the early stages of a new crisis.
-U.S. manufacturing imports are also contracting at the fastest pace that we have seen since the last recession. It appears that “the almighty U.S. consumer” is not going to save the global economy after all.
In 2015, trillions of dollars of stock market wealth was wiped out globally. Now this new global financial crisis is picking up speed, and many of the “experts” seem absolutely stunned by what is happening.
But most of my readers are not surprised. That is because I have been breaking down the signs that have been warning us of this new crisis in excruciating detail for months. The financial carnage that we have witnessed around the globe this week is simply a logical progression of what has already been happening.
To be honest, though, even I have been stunned by what has happened in China this week. I can’t say that I expected an emergency shutdown of the Chinese markets two times within the first four trading days of the year.
Panic and fear are beginning to grip the global marketplace, and once that starts to happen events become very difficult to predict.
Let us hope that things settle down soon, but I wouldn’t count on it.
As I have said before, 2016 is the year when everything changes, and we are going to see things take place over the next 12 months that are going to shock the world.
Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.
Today, Michael is best known for his work as the publisher of The Economic Collapse Blog and The American Dream.
If you want to know what things in America are going to look like in a few years read his new book The Beginning of the End.
It Took 22 Years to Get to This Point
The health "experts" are "on alert" after the first case of bird flu has been found in a child....
This article was originally published by Jane L. Johnson at The Mises Institute. A quick internet...
Once again, Russia is placing the blame for the Nord Stream pipeline sabotage on the United States...
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Global Stocks Crash After Spiraling Chinese Devaluation Unleashes Worldwide Chaos And Selling
“Once China set the Yuan fixing some 0.5% lower, the biggest drop since the August devaluation, all hell broke loose and unleashed a global selling panic after China’s stock market was promptly shut down less than 30 minutes into trading,
then European shares dropped the most in more than 4 months as Asian equities plunges, as did US stock futures, the dollar weakened against the euro and the yen; crude plunged to fresh 12 year lows. Gold rose.”
http://www.zerohedge.com/news/2016-01-07/global-stocks-crash-after-spiraling-chinese-devaluation-unleashes-worldwide-chaos-an
China better go ahead and drop the yuan another 10% or more if they want to sell in the USA. Middle class got zapped here. The big impression I had this Christmas is how prices have jumped on everything.
I’m conflicted because I see a rip-roaring economy where I live. If you want an HVAC repair, its two weeks out. If you want drywall work, you can’t even get anyone to come give a quote. Houses sell in a month in many cases.
So, is the rest of the USA booming? (note booming jobs is a late cycle indicator)
popery;
You in Western Oregon or Western Wa.?
The economy is not booming in many places.
Perfect Storm!?
“One of the (many) fascinating things about this latest global financial crisis is that there’s no single catalyst. Unlike 2008 when the carnage could be traced back to US subprime housing, or 2000 when tech stocks crashed and pulled down everything else,
this time around a whole bunch of seemingly-unrelated things are unraveling all at once.”
http://www.zerohedge.com/news/2016-01-07/perfect-storm
Dow tanked right before closing. Hang on to your butts!
Got………. EVERYTHING????
May be a good weekend to do a little top off shopping boys and girls.
Chinas markets are simply recovering to their normal ~2,000 point average. The spoke to 4600 in june of last year was an anomaly caused by their currency manipulation. The circuit breakers are lowering the numbers gradually to prevent a panic.
This is actually not necessarily a bad thing. the sky is not falling, everyone relax.
spoke= spike. sorry
relax my ASS!…it’s time to get PISSED!…no, that time was a looong time ago…PFFT! relax indeed…maybe you should change yer name to hammerhead.
ok so what are you going to “get pissed” about? The intentional devaluation of the Yuan that caused the Shenghai Composite to more than double from its consistent (3 year…) average of 2000-2500 over 6 short months, or its very predictable tumble back to where it belongs in reality? Panic and anger will not help you regardless of the supposed severity. Call me all the names you like, wont change facts.
It’s ok Buttcrackofdoom –
I’m sure Marcus’s Stock Portfolio is looking spectacular. This is why he feels relaxed and comfortable. I mean seriously … what could possibly go wrong here?
Actually, it is thanks. I added two more polish RPK’s to the portfolio this past week and completed my seed orders so that should round me out for this months investments.
Speaking of stocks, consider looking at the 5-year Shenghai charts to see what going on in the fake paper money world, not the super scary 1 and 6 month charts that make it look like the collapse has arrived. And like I told buttcrack, chill out; getting angry isn’t going to help.
sorry, i’m typing with my hand over my mouth, laughing uncontrollably. yes, the shitstorm we been predicting for several years is upon U.S., and no amount of trying to hide it by a troll isn’t going to change the outcome. we had an opportunity for americans to stand up and march on washington 8 years ago, but nobody was willin’ because they all(90%) wanted to keep their heads buried in the sand. we had 300 to 1 against the bailout of the banks that caused all this mess(with help from CONgress, and others) and we could have sent them to bankruptcy court, hitting the reset button…but no, americans just stood by and let it happen. and now we are on the brink, with virtually EVERY city, state, county, and the feral gubmint DEEP in debt, with NO WAY to pay ANY of it back…we would have suffered a severe recession, or more likely a depression, but now we get COMPLETE collapse…yes, they may pull one or two more rabbits out of their ass, but we ARE going down, as a nation. calamity and turmoil will be the order of the day soon…very soon. and only an idiot, a congressman, or a troll will deny that….which one are YOU?….calm down, indeed. please go back to moveondotorg and leave us to our preppin’, K?
I’m with you on this one, Buttcrack.
wait ’til marcus sees where the market is a year from now….sorry, got to type one-handed again..PPPFFFFTTTTT!
Still with the name calling? Now I’m some sort of left wing troll, lol? The Chinese market is correcting. Prove me wrong with facts, not misinformed insults.
As far as the US is concerned, when OUR decades-overdue bubble bursts, of course it will be much worse. But this isn’t “the big one” despite the fear mongering by tools like George Soros.
Its now the end of the first quarter, no crash and the shanghai composite has leveled off after its expected correction. See you at the end of the year.
Yeah, I think a bit of prep topping is in order.
It is here.
An old hermit once told me to grow food to live on you cannot go wrong by growing root crops. Like potatoes, sweet potatoes, onions, turnips, carrots, and garlic. Why; because these are plant and forget. Now add corn, green beans, and zucchinis planted together. Where the corn supports the pole beans and the zucchini provides cover you have your food needs covered. Remember keep simple.
Side note: I add tomatoes and bell peppers.
Good post! I agree!
Super Fast (and easy) Way To Start Seeds – Pre-sprouting
“It reduces the time of seed germination by 70%, and more than doubles the success rate as well!
A great way to test and use older seeds…
Use up old seeds: If you have seeds that are a few years old, this is a great way to quickly test if they are still alive.
We have been able to grow healthy plants from cabbage or tomato seeds that are over 5 years old! If you store seeds in a cool and dry place, some can have quite a long life to them!”
http://www.apieceofrainbow.com/super-fast-way-start-seeds/
That’s a good start. Then learn to preserve your bounty.
oil down t $32.85
I know everybody likes cheap gas
but this is a bad BAD sign
it shows in just a how bad a shape the economy really is
That’s OK.
Use that ‘saved’ money to pay down/off debt, stock up on cash (in your mattress, NOT the bank), stock up on food and everything else.
Yes, and we don’t need another Michael Snyder article telling us how bad it is.
i gotta call you out on that one…of COARSE we need mike to keep talkin’….aint nobody(hardly) woke up YET…i say keep ’em comin’ michael, until it starts to sink in. at this point it don’t look like the simps EVER wake up from their stupor…just because YOU don’t need another article, doesn’t mean the OTHER 349,999,999 americans don’t need a talking-down to. thanks to michael. i pass on his figure often to people that are asheep at the wheel, he makes it easy to educate the dumb-masses with all his figures and FACTS…and he makes it easy to check up on his work to see where it came from, by linking to his sources(often the gubmint’s OWN websites)…yes, we DO need to hear more from him. thank you michael snyder, for being a beacon in the night in the fight to educate the people.
BCOD –
Sheeple don’t and wouldn’t visit a site like this or others like it. Even if they come across a “headline” such as Snyder’s … they would automatically deny the information as “fear mongering” because their Stock Market Portfolio says otherwise as in – doing just fine.
I believe NOBAMA was hinting that people like you and I … do not need another Snyder Article. Though I like Snyder’s work … it can be a bit repetitive.
We know our Economy is bad … We know the world Economy is bad … the Sheeple will still deny it to the very end, until their accounts get wiped out again.
Is Snyder’s information good and informative? Absolutely … but if others refuse to take a gander at it and ponder the possibilities … then, they are not gonna bother with anything else to take the proper approach to secure their own well-being.
Like I mentioned earlier on this article – Basically nobody has a thriving economy to buy China’s goods. It was only a matter of time for China’s production to catch up to the Worlds dismal Economy. In due time, the Stock Market will have to show it’s ugly true colors.
Feds are running out of options to prop up this dog and pony show … time is not on their side.
more people are waking up every day…at least, i HOPE they are. i’m seeing more in my sphere asking questions, looking for answers…i’m teaching a class on preparedness tonight…if i’m right, it will be a very rewarding evening for me, to help to waken them, and get to prepping. hope springs eternal, even though i KNOW it’s too late to stop this muhfugguh from coming unglued…at least i can have a few more that won’t be at MY door to take MY stuff. our oathkeepers group is seeing more people at every meeting too…many of them show up with lots to say…it’s amazing to hear what they got to say when you turn ’em loose…they’re all hungry to be HEARD…y’all remember, jesus is coming….and boy is he PISSED!
Nice to know that you have come across others who have taken an interest in current events sort of speak. I can’t say the same where I am … people around me are hooked on the idiot box and sports. Seems to be their priority … they could care less of what is happening in the world around them … sad to see … and even harder to deal with.
A day will come, and none of them will matter because they will not survive the coming Tsunami that is arriving.
bcod,
I am also seeing more people waking up. This is good.
the wheels of progress turn slowly…..but they DO turn…yes, more waken every day, but it won’t be enough to save U.S…
Prepper tip
Many diseases and infections are becoming resistant to antibiotics. We need to learn to grow and use herbs and medicinal plants to heal and keep our families healthy. This will be especially important when the SHTF.
Links to useful information…
List of over 150 Herbs, Together With Their Uses & Benefits
http://knowledgeweighsnothing.com/list-of-150-herbs-together-with-their-uses-benefits/
Survival Food Series: Medicinal Plants for the Survival Garden
http://readynutrition.com/resources/survival-food-series-medicinal-plants-for-the-survival-garden_04012010/
Type in “medicinal uses” in the search bar at http://www.offthegridnews.com
A number of common plants and their uses will come up.
Plantain – Medicinal Properties and Herbal Use
It is a common weed that can be used to treat snake bites, bee stings, spider bites, pain relief (earache, toothache) and even severe blood poisoning.
http://www.altnature.com/gallery/plantain.htm
30 Most Popular Herbs for Natural Medicine by Tess Pennington
http://readynutrition.com/resources/30-most-popular-herbs-for-natural-medicine_06092011/
Wooly Lamb’s Ear – Medicinal and Edible
Grow Your Own Antibacterial Bandages. The plant is medicinal and also edible. The leaves can be used as toilet paper, cotton balls and/or as menstrual pads.
Note: I have read that this plant can be invasive. So, plant this in a contained area.
http://theprepperproject.com/grow-antibacterial-bandages/
Wooly Lamb’s Ear: Natural Antibacterial Bandages that you can grow
http://chippewa.com/lifestyles/greenspace-lamb-s-ear-a-durable-interesting-plant/article_ade717f2-852c-11df-8b64-001cc4c03286.html
Dow’s only down 260, not nearly as bad as everyone has been saying this morning.
I’ll bet we don’t end up as nearly as bad and probably even go green tomorrow.
yes, because the market is rigged
LMAO – say it ain’t so? They wouldn’t do that … would they?
FEDS ‘R US – “we matter, cuz you don’t”
Keep in mind that this is about 900 points lower than early last week.
I am sure the Feds are actively doing all they can to prop up the markets.
The danger lurking around the corner is something that the Fed can’t controll – Saudi Arabia. Obama has pissed them off so much with his Iran deal that they are looking at dumping the dollar.
With the oil glut that already exists is combined with the the de-coupling of the petro-dollar, it’s game over.
Why would you decouple your currency from the dollar and receive your income in say, the Yuan or Ruble, if you have to buy the arms to defend your country in dollars ???
Doesn’t make any sense. 🙂
keep in mind that every year they trot out that old line that “as goes the first WEEK of the year, so goes the rest of the year”…if the first week is up, then the rest of the year should be up too….that’s what they will say on friday(unless it’s DOWN BIG, then that line will be suppressed)…but you can bet yer ASS they will pull out all the stops to make a positive market for the first week…i wouldn’t doubt a MASSIVE rally is planned for friday….or today…remember the mother of all short-covering rallies we have been in for the past 5 years or so.
Really…so want to take a bet on tomorrow?
And every body said that China would crush the USA in the world markets!!! HA.
Added some thing the other day, PM, Ammo, Food, and vitamins. Just a little ahead of the curve. Still looking to add a rifle. The rest fell into the hole when we had or last earth quake.
Sgt.
China’s Economy Crumbling: Second Crash of 7 Percent Triggers “Emergency Shutdown of Markets”
That tends to happen when a country has finished bulk product to ship and does not have a reliable buyer to consume their goods.
Yellowstone about to blow? Scientists warning over SUPER-VOLCANO that could kill MILLIONS
h ttp://www.express.co.uk/news/science/632054/Yellowstone-about-to-blow-1-in-10-chance-super-volcano-will-kill-millions
“There are few real contingency plans in place to deal with the ticking time bomb, which they conclude is likely to go off within the next 80 years.”
“The chance of such as eruption happening at one of the major volcanoes within 80 years is put at five to ten per cent by the experts.”
just a little distraction from all the bad economic news
LOL !!!
Exactly what that is Satori – a distraction and nothing more. Besides, what are we as people can do about it? Not a damn thing … so a day will come, and it will blow and nature will take it’s proper course.
No need for anybody to get upset and worried about it.
There are things you can do. First, you need face masks because of the dust and a way to get filtered air into your house. Secondly, you need to clean up the ash in your yard, unless it happens to have some good minerals in it. In that case, work it into your soil all over your property so your plants will grow better. Thirdly, your garden might not do as well the first year or two, so you need at least three years of food stored.
Of course, if you live within a few hundred miles of Yellowstone, you’ll be screwed. If you live farther away, you’re going to see a lot of refugees.
wait , wait! .. that cant happen until Harry Reid sells it off to the Chinks
Dammit!!! … EOTS is right … “hold up on everything folks … Mr. Reid hasn’t made his money yet … you sir, over there … take your damn hands off of that TNT Plunger!”
“Some people need to cash in on their business opportunity before it disappears!”
-188. Oops. I think we missed our crash. Maybe next week. We’re green tomorrow.
Keep stackin’ everything.
Still early in the day and we have Friday yet to come … Fridays are typically the day the Market takes a massive hit in loss’s.
I believe it is too early for a Panic At The Market in our country … but there too will be a day coming soon enough.
The Ponzi Scheme will have to eventually show it’s ugly true self in due time.
interesting turn of events
China Suspends Circuit-Breaker Rule – “This Is Insane; We Were Forced To Liquidate All Our Holdings This Morning”
h ttp://www.zerohedge.com/news/2016-01-07/china-suspends-circuit-breaker-rule-insane-we-were-forced-liquidate-all-our-holdings
You have to love watching this stuff. All the info from this site and others that the lame string media has down played. The only news on watch on TV is OAN (One American News) Fox anymore just pissed me off…they are going the way of CNN.
How does Snyder keep writing the same prediction year after year and still get published?
Dow is only down 118 points at 1000hrs central time. By close it will be green.
Sgt
Dow down 416 pts as of 1430 CST…
There has been a significant decline for the stock market in the past week.
Thursday, December 29th, DOW closed at 17,718
Thursday, January 7th, DOW closed at 16,514
That is a drop of 1204 points.
Why does KY Mom keep only repeating news that has already been aired or published, probably wants a collapse to happen, never comments about anything else. I’ve noticed a trait in people who only repeat things-they want to reinforce the bad news. They keep repeating that which occupies their mind until they believe others see it just like them. Maybe a depressed individual wants other depressed persons to identify with.
Henry,
I did not realize you had been appointed to rate comments.
No. I do NOT want a stock market crash to happen. Based on everything I have read, I believe this will happen.
Apparently, you missed the other posts about herbs, medicinal plants, and sprouting seeds.
I try to post informative or useful posts.
Keep praying and prepping everyone.
KY Mom
Don’t take advise form me on the Stock market. I really screwed this one up!!!!!!!!
OOOOOOOOOPPPPPPPSSSSSSS!!!!!!!
As one of my childhood hero’s would say “Live Long and Prosper”!
Sgt.
the future (hell,the present) isn’t so bright
and NO
you will not need shades
Most Americans are one paycheck away from the street
ht tp://www.marketwatch.com/story/most-americans-are-one-paycheck-away-from-the-street-2016-01-06
Repeal the federal reserve act of 1913…..
Why are we experiencing all these financial woes?
Because of the illegal criminal syndicate known as
The Federal Reserve System.
Every year a vote is taken in the government theater
and every year if fails to pass. Now that is where the
line in the sand should be drawn.
See on U-tube “Secrets of The Federal Reserve” by:
Eustace Mullins.
You’re preaching to the “choir” on that particular information … thanks for the heads up though ☮
This is just a healthy correction to China’s over-investment. Keep in mind: manufacturing is stagnant or contracting in the US, Canada and the UK. None of these countries is benefiting from China’s woes.
China, on the other hand, now has most of the world’s factories, commodities and a hard-working workforce packed with engineers and scientists and Asian hotties. All they have to do is let the RMB sink and all of that spare capacity hits the right sweet spot and exports come back online.
I would be more worried for Western countries currently being over-run with angry Muslims, awash in debt, and with crumbling manufacturing and science R&D capacity.
“This is just a healthy correction to China’s over-investment.”
I kindly disagree sir –
All one has to do is focus on the Baltic Dry Index – lowest ever recording … nothing is being shipped = low volume to nobody buying much of anything.
China has quotas to make on the things they make … if they can’t move finished products from their warehouses … manufacturing becomes a standstill.
In essence: Supply & Demand is not being fulfilled.
Think you have a handle on the situation in Harney Couny, Oregon?
Google rep. Greg Waldon addressing US House on situation in Harney county Oregon. This may help with perspective. Please note the concern of your state reps. by their overwhelming attendance.
China took circuit breaks off so tonight/tomorrow the market in china will free fall then tomorrow ours can tumble big time and look it just so happens to be friday perfect day to crash it then monday can be even worse cus every body will try to pull out. On a good note i ordered seed survival packs off amazon got multiple different ones from 9.00 to 34.00 i figure a cheap pack will be worth a fortune when time comes in trade like a dozen chickens ect also cal vet supply ammoxacillin and cipro (in case i need to raise fish in my pool wink wink) im thinking we may be down to the hour as far as time left to get ready
Godsoldier – Careful of the fish Antibiotics, as a Veterinarian once told me that they aren’t always held to the same high quality standards as the ones for humans.
FYI, for the past year, as part of my own personal overall shtf plan, I’ve been taking high quality Probiotics 2x every day that build/strengthen the immune system. This is something many tend to overlook, yet it’s so important.
I know that they are working because I’ve been the only one who hasn’t gotten sick or come down with a flu, sore-throat and bad cold. I could also feel the difference after only the first week of taking them. It has now been a year and I know my immune system is stronger than a year ago when I was catching almost everything going around. Strong immune system also = more energy. Probiotics are also known for clearing up (and even curing) many stomach and digestive related problems.
They cost me, all totaled, $70 per month, but I’m sure this has saved me from having to take antibiotics because I did not get sick even after being exposed to sick people on numerous occasions. I really think they are well worth it… and it’s never too late to start taking them daily, especially considering that when the shtf, disease will be rampant and all the prepping in the world isn’t going to mean much if we are sick and tired.
CommonCents- I actually took some of those fish meds, by accident of course. They knocked out a wicked UTI. My fins are looking pretty good too;)
dow down 250
OPEC basket crude price $29.71(1st time since 2004)
Question, will the govt try to bailout the shale industry??
Nope they have hite the end of the road even stock mkt gonna go too poo
Donald Trump trying to make as ass of himself
and succeeding
Donald Trump gloats after massive Macy’s job cuts
ht tp://finance.yahoo.com/news/donald-trump-gloats-massive-macys-125936586.html
Revenge is a flaw in his character, but international adversaries will think twice about pissing him off if he becomes President.
And that could be a good thing. 🙂