by Karl Denninger
The pattern is quite-clear and old, and frankly, you better pay attention.
Oh, I know the pundits say, it’s just a little pullback.
Except in a mania you’re never really sure if the “little pullback” is just that or if it’s a crash trigger.
It’s even worse when the mania itself was in no small part stoked by a money-printing extravaganza born from a self-created “crisis” that wasn’t, complete with a half-million dead bodies stacked up by the government — equal to the count of dead from WWII — for the explicit purpose of inculcating fear.
Never forget that revulsion is a thing, and so is spite. Both can last years, or even decades.