I predict a major crash/collapse across stocks, bonds and real estate is on the way. But I don't think we're seeing it unfold just yet.

The recent market weakness seen over the past two weeks is nothing compared to what's in store.  As we’ve been carefully chronicling, bubbles burst from ‘the outside in’, starting at the weaker places at the periphery before progressing to the center.

Emerging market equities are now down -26% from their January highs and -18% year-to-date.  China's stocks market is down -32%, even with substantial intervention by the government to prop things up.

The periphery has been weakening all year, and the contagion has now spead worldwide.

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