The Financial Apocalypse Accelerates As Middle East Stocks Crash To Begin The WeekIt looks like it is going to be another chaotic week for global
financial markets. On Sunday, news that Iran plans to dramatically ramp
up oil production sent stocks plunging all across the Middle East.
Stocks in Kuwait were down 3.1 percent, stocks in Saudi Arabia plummeted
5.4 percent, and stocks in Qatar experienced a mammoth 7 percent
decline. And of course all of this comes in the context of a much
larger long-term decline for Middle Eastern stocks. At this point,
Saudi Arabian stocks are down more than 50 percent from
their 2014 highs. Needless to say, a lot of very wealthy people in
Saudi Arabia are getting very nervous. Could you imagine waking up
someday and realizing that more than half of your fortune had been wiped
out? Things aren’t that bad in the U.S. quite yet,
but it looks like another rough week could be ahead. The Dow, the
S&P 500 and the Nasdaq are all down at least 12 percent from their
52-week highs, and the Russell 2000 is already in bear market
territory. Hopefully this week will not be as bad as last week, but events are starting to move very rapidly now.