The ‘Everything Bubble” Has Popped

Zerohedge, Authored by Chris Martenson via PeakProsperity,

Now that the world’s central banking cartel is taking along-overdue pause from printing money and handing it to the wealthy elite, thecollection of asset price bubbles nested within the Everything Bubble arestarting to burst.  The cartel(especially the ECB and the Fed) is hoping it can gently deflate these bubblesit created, but that’s a fantasy. Bubbles always burst badly; it’s their natureto do so. Economic suffering and misery always accompany their termination. It’ssaid that “every bubble is in search of a pin”. History certainlyshows they always manage to find one. History also shows that after thepuncturing, pundits obsess over what precise pin triggered it, as if thatmatters.  It doesn’t, because ’cause’ ofa bubble’s bursting can be anything.  Itcan be a wayward comment by a finance minister, otherwise innocuous at anyother time, that spooks a critical European bond market at exactly the right(wrong?) moment, triggering a runaway cascade. Or it might be the routinebankruptcy of a small company that unexpectedly exposes an under-hedgedcounterparty, thereby setting off a chain reaction across the corporate bondmarket before the contagion quickly spreads into other key elements of thefinancial system.