The global economic implosion continues to worsen.
China is growing at 3%… possibly even lower. One of the only remotely accurate Chinese economic data points is rail traffic. Well, Chinese rail freight has fallen at a pace not seen since the Asia Financial Crisis. In fact, it’s even worse today than it was in 2008.
This tells us that China’s economy is collapsing. China is an export economy… with much of it going to the US.
So it should be little surprise that the US’s import data just posted the worst collapse since Lehman Brothers.
If it is collapsing then global trade should be doing the same. And it is. The Baltic Dry index, which is a proxy for global trade, has fallen 80% in the last 18 months. It just recently hit an all-time low (even lower than during the 2008 collapse).
And the Fed’s own GDP tracker has collapsed to ZERO growth (down from a forecast of 2% growth a few months ago)
And against this backdrop… investors are completely bullish. The Investors Intelligence Survey shows the lowest number of bears in history.
The time to prepare for what is coming is now BEFORE the Crash hits.
And yet, 99% of investors will ignore the clear warnings today… just as 99% ignored the warnings in 2007 and 1999.
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Best Regards
Graham Summers
