Journalist and book author Michael Snyder says the collapse is not an event, but a “process.” Snyder explains, “I believe it is already in the process of coming apart. . . . One fifth of global stock market value is already gone. That means we only have four fifths left. At one point this month, $16.5 trillion had been wiped out from global stock markets since mid-2015. So, this started last year.
We saw oil collapse. We’ve seen junk bonds collapse. We’ve seen commodity prices collapse. The $16.5 trillion I just mentioned is just for stocks, and when you add up the other losses, that’s trillions of dollars more wealth that has been wiped out all over the world. What we have seen already has been extraordinary, but we are still in the process. People want to think of it as an event or a single day or a month, but this is a process.”
Snyder also contends, “The Baltic Dry Index dropped below 300 for the first time ever. We did not even see that during the 2008 Great Recession and financial crisis. I didn’t know the Baltic Dry Index could go that low. We are seeing exports decline dramatically in South Korea.
New numbers for Japan came out . . . their exports were down 12% year over year. Exports in China have been falling month, after month, after month. U.S. exports were down 7% for the last monthly figure we had. India’s exports are down. This is happening all over the world. Real economic activity is grinding to a halt.”