Santa’s present to the capitalist class was a loss of over 18 Trillion Dollars globally as asset markets deflated, an amount exceeded only in 2008. What we have seen thus far is only the first phase of the Bear Market. Phase 2 will only occur when it becomes clear how vulnerable this unequal world has become to collapsing asset bubbles. Phase 2 will not only be driven by corporate insolvency, but, will be compounded by the collapse in spending by the top 10%, whose consumer habits are formed from the “capital gains” provided by these asset bubbles.

a-tale-of-two-years-2017-and-2018.pdf