Hello, fellow rebel capital. So hope you're well. So a one in a trillion event just happened.

And if you're saying to yourself, oh, George, right, you're just making that up just for the title.

This is clickbait. No, I'm sorry. You would be wrong. And I'm talking about what just happened in the FX market, which I think is a proxy for

the fragility of the global monetary system.

This is why it's so important to pay attention to things like the yield curve and all

these other interest rates that are waving these red flags.

And a lot of people sit there and say, oh, that stupid yield curve.

That doesn't even matter.

I mean, it inverted like two years ago and the unemployment rate still at 4.2 percent.

Like Jim Kramer, buy, bye, buy, buy, buy.

What that fails to recognize is what the yield curve is telling you is the risk that's

within the system.

So if we do have some sort of, let's say, speed bump, then that impact of the

speed bump is going to be exponentially greater to the downside.

And what we just saw, I don't know how this plays out.

This could be a long-term capital management. This could require bailouts of banks. We just don't know yet.

So let's get right over to probably start with MarketWatch. And we're going to go over to Bloomberg.

And I haven't looked at what I'm guessing Zero Hedge did an article on this as well

because it was quite literally an event that people thought was impossible.

So and usually when you have, I'm not saying this is going to be a GFC or anything like that,

but usually when you have the start of something major, it usually

begins with something that was a total black swan. And this would be the definition of black swan.

...