ANP reached out to Trader Gregory Mannarino, who has been eerily accurate in forecasting what to expect in the markets, for months, to ask him what to expect after the historic events which led to three days of stock market chaos, called the "worst slump in four years" and whether †the "miraculous" rebound the headlines are already reporting will last and his answer was "We may see a bounce here but it will not last. We have seen the highs for this market."
Mannarino †published a commentary on the so-called "correction" we have been seeing in the markets, which some believe was the beginning of a full on crash until the central bank started manipulating and rigging the trades in order to prop up the markets to appear as if they were stabilizing, where he tells us to "prepare for the worst scenario" because he believes we are on the "precipice" of a global depresssion.
He also reiterartes his warning that this is ultimately a resource problem he thinks is the biggest threat to mankind because when resources become scarce there will be a massive loss to human life on a global scale.
"It is possible that right here and now we stand on the edge of the next worldwide great depression" - Gregory Mannarino
We have spoken of preparation at length at ANP, with some of the comment sections being a valuable resource in prepping tips with commenters sharing ideas and even offering to help one another, but recent headlines hammer home the need to prepare now as we see the†"U.K.-U.S. Taskforce on Extreme Weather and Global Food System Resilience found that unless better planning, modeling and trade arrangements are put in place, massive disruptions to our food supply," will cause "extreme food shortages."
That linked article highlights what happened in Egypt when food became problematic and prices increased dramatically and "food protests and riots" broke out because when people cannot feed their families, panic and chaos reign.
A more recent example comes from Venezuela that proves without a doubt that when an economy crumbles, food and medicine shortages cause protests, riots, looting and violence.
So while we see the stock market supposedly rebounding on Tuesday, (See update below, rebound reversal by closing bell left market over 200 down) the panic and chaos of the last three days of trading should be a clear indicator of how fragile the markets are and how close to the edge of catastrophe we are.
With warnings from some very high profile names telling people to prepare to live inside for a month and not to assume banks will be open or ATM machines will work, it is well past the time to prepare, but for those that haven't started.... do so now.
The food will get eaten, the water will be used but if the worst case scenario Mannarino speaks of happens, that food and water may very well be the difference between life and death.
[UPDATE] The "rebound" headlined all day crashed at the end with the biggest reversal seen since 2008. In the second video below, Mannarino cautions the "sell-off is not over."†