Given that the most historically reliable measures of market valuation we identify already range between 140% and 170% above their historical norms, this adjustment in growth assumptions is likely to be accompanied by one of the most violent market declines in U. history, even if interest rates remain depressed....
Given current valuation extremes, both for the S&P 500 Index itself and across every decile of stocks; given the repeated emergence of the most extreme 'overvalued, overbought, overbullish' syndromes we define; and given clearly deteriorating market internals, we estimate extreme downside risk across virtually every corner of the stock market over the completion of the current speculative market cycle. and EU agreed on an overall plan, then suggested it to other governments?
Dozens of countries have placed limits on the maximum amount of money that can be moved without reporting.
Some, notably France, have already begun lowering their limits.
Today many people are familiar with this puzzle and its solution.
Phase II will be the second wave of measures and they will be more draconian than Phase I: In recent months, I’ve warned repeatedly that, since confiscations of deposits will take place, we must assume that banks will additionally raid safe deposit boxes, as stated in the above list.
Some banks, beginning with JPMorgan Chase, have placed limits on what forms of wealth can be placed in safe deposit boxes.
Since then, Greece has taken this one step further.
In future, Greek citizens will be required to declare cash exceeding €15,000, jewellery and precious stones valued at over €30,000 and declare the location of the safe deposit box in which they’re stored.