Selloff is accelerating in Asian markets on top of yesterday's loss. I do not believe this is just about the S&P downgrade any more. This sell-off has taken a complete life of its own.
Hang Seng (-7.44%) (-14% since Aug. 1)
Nikkei (-4.79%)
All Ordinaries (-5.10%)
Seoul Composite (-7.40%)
Taiwan Weighted (-5.19%)
These are on top of huge losses yesterday.
If the central banks don't act soon, this is the beginning of a new worldwide depression.
2007-2011 was just "pregaming".
Now we are entering into the real thing.
Also, tomorrow could see an even bigger Dow selloff than today. I am talking -1,000 points, circuit breaker levels.