* It wasn't a Black Monday of the 1987 variety, but it was one for the record books
* The Dow was down opened downjust over 1,000 points - the biggest intra-day point drop ever
* When the market opened down that low, bargain hunters came in for a spectacular rally
* Bringing the Dow almost back into positive territory before surrendering those gains and ending the day down 588 points, another 3.5% drop, closing at 15,871
* Taking out the 16,000 handle just a few days after taking out the 17,000 handle
* All of these drops are being blamed by the media on China
* The Dow Jones is down about 11% year to date
* After today's drop, the Chinese market was down less than 1%
* This is not all about falling Chinese stocks
* It's the Fed - Everybody believes the Fed is going to end the party
* As we got closer to September, the stock market was already going down
* I've said all along that the Fed was bluffing - it is a game of chicken
* Finally, today, Barclay's is predicting a Fed rate hike in March of 2016
* I think the Fed will launch QE4 before we get to a rate hike in March 2016, which is an election year
* The media wants to blame the correction on China, as if there are no domestic problems to worry about
* China should be blaming it on us - we're the ones who got the world hooked on zero percent interest rates
* The fantasy was that we could raise rates without an impact on the economy
* The falling stock market is going to have an impact on the real economy
* The economy is weak and getting weaker
* This correction will turn into a full-fledged bear market unless we get some official statement from the Fed that they will not raise rates
* That may come later this week in Jackson Hole
* I am going to be in Jackson Hole at an anti-Fed conference
* Here's an example of how ridiculous the "Blame China" rhetoric is:
* Maria Bartoromo was talking about the market decline with respect to the China currency devaluation
* She actually said that by devaluing the Yuan, Chinese made products will be more competitive against American-made products
* America does not produce products that compete with Chinese products!
* She's grasping at straws to connect the stock market correction with the Chinese Yuan devaluation
* Right now it is positive for America if we can purchase Chinese products more cheaply because we're buying them anyway
* Eventually, however, Chinese products will get more expensive when the yuan goes up
* She's just trying to fit the narrative because that's what makes everybody feel comfortable
* That's why I am not on CNBC and CNN - they realize my comments do not support their editorial policy
* I am not talking about Armageddon for the markets - I am talking about the Fed saving the day
* I don't think the market is going to crash, but I believe it will go down until the Fed cries "Uncle" and prop up the equities markets with another round of QE
* The Federal Reserve did not solve our problems in 2008 - they interrupted the crisis with QE and zero percent interest rates
* That crisis would have solved the problem but we kicked the can down the road and we finally caught up to that can
* We are resuming the financial crisis that the Fed interrupted from a much deeper hole
* Had the Fed raised rates two years ago, we would have been in recession sooner
* They should have allowed the markets to solve the problems they caused
* Now we have more debt than ever before
* I have also been talking about the developments in the foreign exchange markets
* The dollar has been strong because rate hikes were expected
* The strong dollar has weakened commodities, Our Sponsors: * Check out Chilipad and use my code sleep.me/GOLD for a great deal: https://sleep.me * Check out DBJourney and use my code Schiff15 for a great deal: https://dbjourney.com * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai * Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy