We are in the Midst of a Systemic Collapse. If you think $SPY means anything, you are missing the Entire Picture. Systemic Risk has Risen.

We are in the Midst of a Systemic Collapse.

If you think $SPY means anything, you are missing the Entire Picture.

Systemic Risk has Risen.

— Paranoid Bull (@paranoidbull) April 24, 2020

Systemic Risk is everywhere.

There are zero excuses for surprise.

The Virus was simply the spark which shook the Foundations.

But they were already irreparably damaged to their Roots.

Now, The Reckoning.

— Paranoid Bull (@paranoidbull) April 24, 2020

26 Million unemployed.

Oil prices went negative.

Auto sales down 30-50%.

Defaults beginning in Credit Markets.

Deepest global recession since Great Depression.

Cycles Matter.

And Risk Exists.

— Paranoid Bull (@paranoidbull) April 25, 2020

The global downturn due to COVID-19 is massive: (i) drops in flash PMIs off the charts; (ii) drops are globally synchronized. That means fiscal deficits are widening EVERYWHERE, making it difficult for countries with little fiscal space (Italy) to finance themselves. #coronabonds pic.twitter.com/FWevLYgtwG

— Robin Brooks (@robin_j_brooks) April 23, 2020

The ECB is finding it increasingly difficult to contain spreads of some eurozone countries. pic.twitter.com/k0tIC21lBd

— Daniel Lacalle Official Account (@dlacalle_IA) April 24, 2020

Swiss National Bank Q1 results:
overall losses CHF38.2bn
FX losses CHF41.2bn
Equities losses CHF31.9bn

Remaining equity CHF129bn
😲https://t.co/1qfUOpCqdQ

— Frederik Ducrozet (@fwred) April 23, 2020