I think the trigger of monday's market crash was the Bank of Japan raising rates by a miniscule 15 basis points, which took all kinds of wind out of trades that were relying on the fact japan is the only economy left with near 0 interest rates. There was an unimaginable amount of money sitting there. Everything else helped too of course.
Also a lot of big names went out to say that the AI trade isn't actually making any money.
There's still way too much money in the system as you can see by Nvidia being a bloody graphics chip manufacturer and being the largest company on earth for a bit there.
There's a lot going on, though. Everyone who is willing to call an economy bad is ringing alarm bells right now because every indicator that isn't directly under state control looks bad.
sj_zero /
npub1z6…6lj4z
2024-08-06 23:23:02
in reply to nevent1q…a0lc
Author Public Key
npub1z6s842evxljv9upzs0y0468xaq8jzxqd0cp9487ny92l5ezmgtms86lj4zPublished at
2024-08-06 23:23:02Event JSON
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"content": "I think the trigger of monday's market crash was the Bank of Japan raising rates by a miniscule 15 basis points, which took all kinds of wind out of trades that were relying on the fact japan is the only economy left with near 0 interest rates. There was an unimaginable amount of money sitting there. Everything else helped too of course.\n\nAlso a lot of big names went out to say that the AI trade isn't actually making any money.\n\nThere's still way too much money in the system as you can see by Nvidia being a bloody graphics chip manufacturer and being the largest company on earth for a bit there.\n\nThere's a lot going on, though. Everyone who is willing to call an economy bad is ringing alarm bells right now because every indicator that isn't directly under state control looks bad.",
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