{"id":17590,"date":"2016-02-10T12:13:16","date_gmt":"2016-02-10T17:13:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17590"},"modified":"2016-02-10T12:13:46","modified_gmt":"2016-02-10T17:13:46","slug":"a-918-point-stock-market-crash-in-japan-and-deutsche-bank-denies-that-it-is-about-to-collapse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17590","title":{"rendered":"A 918 Point Stock Market Crash In Japan And Deutsche Bank Denies That It Is About To Collapse"},"content":{"rendered":"
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A 918 Point Stock Market Crash In Japan And Deutsche Bank Denies That It Is About To Collapse<\/a><\/h3>\n<\/div>\n
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\"Financial<\/a>On Tuesday junk bonds\u00a0continued to crash<\/a>, the price of oil briefly dipped below 28 dollars a barrel, Deutsche Bank was forced to deny that it is on the verge of collapse, but the biggest news was what happened in Japan.\u00a0 The Nikkei was down a staggering 918 points, but that stock crash made very few headlines in the western world.\u00a0 If the Dow had crashed 918 points today, that would have been the largest single day point crash in all of U.S. history.\u00a0 So what just happened in Japan is a really big deal.\u00a0 The Nikkei is now down 23.1 percent from the peak of the market, and that places it solidly in bear market territory.\u00a0 Overall, a total of\u00a016.5 trillion dollars<\/a>\u00a0of global stock market wealth has been wiped out since the middle of 2015.\u00a0 As I stated\u00a0yesterday<\/a>, this is what a global financial crisis looks like.<\/p>\n

Just as we saw during the last financial crisis, the big banks are playing a starring role, and this is definitely true in Japan.\u00a0 Right now, Japanese banking stocks are absolutely imploding, and this is what drove much of the panic last night.\u00a0 The following numbers come from\u00a0Wolf Richter<\/a>\u2026<\/p>\n