BREAKING NEWS: Dubbed Black Monday 2.0, the world is witnessing a dramatic global stock MELTDOWN. With concerns escalating as the Federal Reserve faces calls for an emergency rate cut to prevent an even deeper recession. Taylor Kenney is here to bring you the latest developments as they continue to unfold.

TRANSCRIPT:

Hi everyone. Thank you for being here on what some are calling Black Monday 2.0. In case you missed it, there is a global stock meltdown happening that started in Japan and is very much in the United States. We’re also seeing cryptocurrency down 20%, and people are calling on the Federal Reserve for an emergency rate cut to prohibit an even greater economic recession or crash.

So there is a lot to get into, especially why this is happening and how it impacts you. Now, I am not here to cause or create panic, but this is incredibly concerning. If you’re not paying attention, now is the time to wake up, because what we are seeing is just how quickly things can flip. One day they’re telling you that everything is fine.

You have nothing to worry about. You’re in the stock market. You’re making money. The next day, you blink and you are losing everything. And they’re telling us that we are in a recession. One of these articles I saw said that it sent shockwaves throughout the world to think that the United States might be in a recession. To that I say, welcome to the party.

And I’m sorry, but we have been saying that for months, and I know you already know that as well. But of course, last week’s unemployment numbers were on the rise. We’re seeing the economy finally slow down and people are waking up that the soft landing narrative we’ve been sold was a pack of lies, and now we’re seeing a true reaction, one that is delayed, one that should have already happened a while ago.

So to be honest, I don’t know what’s going to happen in the next 24 hours. I don’t know what’s going to happen in the next week, but I can tell you, I don’t think that this is the end. I think this is just the beginning. So again, this all started in Japan with the Nikkei logs. Worst day since 1987 black market crash,

Essentially, the Japan carry traders over there were borrowing against the yen at 0%. Investing elsewhere like the United States,  Bank of Japan, raises rates the same way the Federal Reserve did here. They were forced to raise rates just a little bit, and suddenly all these people who had borrowed at 0% now had higher borrowing costs at the same time that the United States was looking to cut rates.

So now you’re upside down. That’s what happened in Japan to a $20 trillion market causing this crash. Now, suddenly in the United States, everyone’s waking up and the Dow opened a thousand points down.

There is a tech bubble that I have been talking about for months that is overinflated. We saw last week that Warren Buffett’s Berkshire Hathaway slashed its stake in Apple by 50%, which made a lot of people pause and go, well, what do they know that we don’t?

Do we think that maybe Apple was a little bit ahead, putting the cart before the horse, saying that I was going to do all this stuff, and then suddenly people start to realize, wait a second. A majority of the stock market is made up by just a handful of companies. All of these tech companies, the AI companies that are essentially boosting the entire market.

And if we pause and think that these companies are overvalued, well, suddenly we’re in trouble. And that’s exactly what’s happening now. And I still think we have a ways to go with these. And then cryptocurrency dropped 20%

Bitcoin price crash. Why is the crypto market collapsing? This article says when traditional financial markets begin to tumble, the crypto market typically mimics the downward movement as investors offload risky and volatile assets.

So we have a situation where there are a lot of things happening right now. It’s a lot to take in, it’s a lot to process. but I think again, it’s just showing us how quickly these things can change and how important it is to be protected before something happens, not after which a lot of people are discovering now who were trying to sell their stocks.

As all this was going on. You might have seen this one already, but this one stopped me in my tracks. I’d like to say I was surprised, but I’m not. Retail investors can’t log on to online trading platforms amid stocks sell off. Supposedly. Brokerage company Charles Schwab says clients are having trouble logging on due to a technical issue.

And it’s not just Charles Schwab, it’s also Fidelity. E-Trade and Robinhood are all happening to experienced technical difficulties as stocks decline around the world. Wouldn’t you go figure? Isn’t that convenient that that only happens during a sell off and not a run up when the traffic is visiting your website? Technical issue I don’t know about that, but something smells fishy to me.

And I think what this shows me also is that once again, what you think you might own, you don’t own. They do. It’s an illusion. Because ultimately, if you really had total control over your position, over your stocks, you would be able to sell them if you wanted to. You wouldn’t have to wait an hour. You wouldn’t have to be relying on technical difficulties, Unlike gold.

And I know I have been saying it, but a day like today, this is when I sit here and think. I hope that everyone out there has already taken the steps to protect themselves. Because ultimately, if you own physical gold, physical gold and silver, you own it. If you hold it, you own it. But this you don’t hold, you don’t own.

And we can see how quickly it can switch on you. Whereas gold, gold continues to maintain its value because it’s a safe haven asset during risky times, during times of turbulence, gold holds its value because it is true money. It is a true store of wealth. That is why I sit here and I always tell everyone, make sure that you’re protected outside of the system for times like this, because if you have all of your eggs in one basket, if you have all of your eggs in the system and something flips like this, you are going to be up a creek without a paddle.

Whereas if you own gold, you are going to be able to sit back and know that you have your insurance policy in place. Now, of course, our team has been doing this for decades. Our expert analysts have years of experience and helping people get prepared. So even if you think you are already prepared, talk to one of our expert analysts.

Make sure you have a strategy in place. Because again, I don’t think that this is the end. I think this is the beginning of honestly, of what’s coming next and what’s going to happen no matter what. Just make sure you’re all taking care of yourselves. Because another thing that’s going on, I mentioned it earlier, these emergency rate cuts that are looking likely, why would they do an emergency rate cut unless they think the economy is truly in trouble?

And they’ve known they have known that the economy is troubled the same way that you have known and I have known, but they have extended and they have pretended, and the job numbers haven’t reflected the reality of what’s going on. We both know that with the revisions that happen every single month. So if they are finally facing the music and realizing the economy is not looking good and they can no longer pretend around it, then how much worse is it really?

That’s what I ask you. That’s what keeps me up at night. And we know that geopolitical tensions are on the rise in the Middle East. I mean, in the next 24 hours, things could change completely.

So again, if you’re not already protected, make sure that you take the steps to do so. I so appreciate you being here today. I’m sure we’re going to have a ton more to talk about in the coming days and weeks, and I will be keeping you updated.

Thank you for being here again. My name is Taylor Kenney with ITM trading, your trusted source for gold, silver and lifelong wealth protection. Until next time.

SOURCES:

https://www.cnn.com/business/live-news/global-stock-markets-plunge/index.html

https://www.cnbc.com/2024/08/05/asia-markets.html

https://www.barrons.com/articles/apple-stock-microsoft-google-meta-dbaa7e99

https://www.independent.co.uk/tech/bitcoin-price-crash-latest-why-crypto-b2591294.html

https://www.washingtonpost.com/business/2024/08/05/schwab-vanguard-fidelity-trading-down

https://www.businessinsider.com/fed-rate-cuts-recession-outlook-economy-job-market-interest-rates-2024-8#:~:text=Traders%20are%20increasingly%20pinning%20their,next%20week%2C%20according%20to%20Bloomberg

https://www.defense.gov/News/News-Stories/Article/Article/3860462/us-will-send-more-defensive-military-capabilities-to-middle-east