The biggest ever outflow of capital from the bond markets has been in Greece this week.
The presages of significant financial disturbance is evidenced all over the Planet.
Greek savers have withdrawn about 2 billion euros from banks over the past three days, with outflows accelerating rapidly since talks between the government and its creditors collapsed at the weekend.
Barclays says that capital controls are "imminent" unless a debt deal is struck, and there are reports that preparations are being made for a "bank holiday" in Greece. Meanwhile, Chinese stocks are absolutely crashing. The Shanghai Composite Index was down more than 13 percent this week alone.
And if there is no debt deal by the end of this month, the Greek debt crisis is going to totally spin out of control and financial chaos will begin to erupt all over Europe. But instead of trying to be reasonable, EU president Donald Tusk "has delivered an ultimatum to Greece", and it almost appears as if EU officials are more concerned about winning a power struggle than they are about averting financial catastrophe.
EU president Donald Tusk has delivered an ultimatum to Greece, claiming the country must 'accept an offer or default' at an emergency summit set for Monday - in a last-ditch effort to stop the debt-stricken nation crashing out of the euro.
'We are close to the point where the Greek government will have to choose between accepting what I believe is a good offer of continued support or to head towards default,' Mr Tusk said today.
His comments come as Greek Prime Minister Alexis Tsipras warned that his country's exit from the eurozone would trigger the collapse of the single currency.
'This would be an irreversible step, it would be the beginning of the end of the eurozone.'
While all of this has been going on, the obscene stock market bubble in China has started to implode. Major indices had experienced extreme levels of volatility in recent weeks. Margin debt in China has soared to a record $363 billion, according to Bloomberg, and the median stock in mainland China is now trading at 95 times earnings, which even tops the price-to-earnings multiple of 68 back at the 2007 peak.
Meanwhile, in the U.S. money is flowing out of bonds at a staggering pace. The following quote originally comes from Bank of America: "High grade credit funds suffered their biggest outflow this year, and double the previous week (and also the biggest since June 2013). High yield outflows also jumped to $1.1bn, the biggest since the start of the year. However, government bond funds suffered the most amid the recent spike in volatility, with outflows surging to the highest weekly number on record ($2.7bn). This brings the total outflow from fixed income funds to almost $6bn over the last week, the highest since the Taper Tantrum and the third highest outflow ever."
Presidential candidate Donald Trump admitted that the Fed has benefited people like him but the economy we are witnessing is a "big fat economic and financial bubble like you've never seen before".
Ron Paul also believes that this financial bubble is going to end very badly. He believes the Fed's easy money policies have left stocks and bonds are on the verge of a massive collapse. "I am utterly amazed at how the Federal Reserve can play havoc with the market," Paul said referring to Thursday's surge in stocks. The S&P 500 closed less than 1 percent off its all-time high. "I look at it as being very unstable."
Deputy Ambassador of the Czech Republic to Russia, Lubos Vesely, was among 20 diplomats, who were expelled from the Russian Federation