'It was another week of important corroboration of the Global Bubble Thesis. Market historians might look back at Tuesday's Italian debt "flash crash" and sovereign bond dislocation as another warning of impending illiquidity and general market mayhem. How much leverage and systemic risk are embedded in perceived low-risk derivative trading strategies? And it's not unusual for U.S. equities to go on their merry way right into trouble. The S&P500 rallied to record highs after the subprime eruption in 2007. U.S. stocks advanced strongly right into July 1998 - only weeks from near Financial Armageddon. Q1 2000. 1987. 1929.'
- Doug Noland,
Italian Drama, June 2, 2018
Context'..a decade-long debt .. emerging markets..' - '..a tech bubble larger than March of 2000..'