The acknowledged accelerant catalyst for this crisis is the Coronavirus or Covid-19 and its' unexpected Demand and Supply shock. Both shocks together are unprecedented and certainly not seen on a Global Basis since WWII.

The Critical Crack that initially is being exposed is what we warned about in our last session Charles and that is Collateral Adequacy or more accurately Inadequacy, stemming from extreme debt and its distorted supporting leverage levels.

The Critical Tipping Point here in my estimation on a longer term impact basis will be a shift to Fiscal Policy or Helicopter Money from (and because of) Monetary Ineffectiveness.