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Anatomy of a Bubble and Crash

Charles Hugh Smith
February 24th, 2021
Of Two Minds Blog
Comments (9)

This article was originally published by Charles Hugh Smith at Of Two Minds Blog. 

Needless to say, few are expecting bubble symmetry to manifest now, because, well, of course, “this time it’s different.” Indeed. It’s always different and yet always the same, too.

Let’s indulge in some basic logic:

1. All speculative bubbles pop, regardless of source, time, or place. (100% of all historical evidence supports this.)

2. The current “Everything Bubble” is a speculative bubble.

3. Therefore the current speculative bubble will pop.

Now that we got that out of the way, the question becomes: how will the crash play out? There is no way to forecast precisely when or how the current speculative bubble will crash, but history offers a few potential templates.

The dot-com bubble offers a classic example of bubble symmetry and scale invariance. (See chart below.) Note how the bubble arose in two legs of X duration and it crashed in two symmetrical legs of X duration. In both legs, the crash returned to the same levels from which the bubble took off.

Scale invariance: this same symmetry is visible in bubbles that soar and crash in 6 days, 6 months, or 6 years. The symmetry also holds whether the instrument soars from $1 to $5 or $100 to $500, or whether it is in index, commodity, or equity. (See charts of Cisco Systems (CSCO) in 2000 and Tesla (TSLA) in 2020 below.)

If bubble symmetry holds this time around, the explosive rallies visible in the charts of the Russell 2000 (IWM) and Global Nasdaq (NOGM) will crash back to their lift-off levels in an equally explosive collapse of similar duration to the explosive rise.

Needless to say, few are expecting bubble symmetry to manifest now, because, well, of course, this time it’s different. Indeed. It’s always different and yet always the same, too.


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    Author: Charles Hugh Smith
    Date: February 24th, 2021

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    1. Marcy says:

      The rich are desperate to hang on to their $ system. They think it gives them power and control over us . Stupid bastards.

    2. Andrea.Iravani. says:

      The Dragnet Web of Deceit and the Scandalous Organized Crime Relationship Between Wall Street and the Surveillance State/Police State 

      We do not need to keep the stock market levitating. It is a national security threat, and so is the surveillance state/police state. Those are the biggest national security threats that America has ever had. Wall Street and the surveillance state/police state have had a history of perpetrating  terrorism. With Wall Street, it was and is for stock price manipulation, with the surveillance state, it was and is for superman complex create a crisis, where they create a crisis, and use the mafia extortion racket technique of protection money. Usually, the two corrupt industries are working in concert.

      After the surveillance state/police state’s illusions of legitimacy and respectability of been totally shattered, on display for the world to see, as well as the entire government’s for their enabling the two corrupt institutions, and pretending that 9/11 was not controlled demolition, and that everyone in at least the first tower did not collude in, since hardly anyone from that building died except for Solomon Brothers, who, I guess just decided that they would rather die than lie, or everyone else hated them and didn’t tell them, the seven false flag wars that followed, the destruction of US Liberty based on blatant lies, with the creation of a giant evil nanny state that is really the big bad wolf that does not do a single thing that is legal, the groping TSA, the Department of Homeland Security, and also the covid scamdemic and assassination through vaccination, BLM, Antifa, 1/6 capitol raid and shooting, Dark Winter, police pedophile websites, Epstein and Maxwell, the illusion of legitamacy is totally gone! 

      What would posess someone to currently join the surveillance state/police state recently? Would they think, I know! I will join the surveillance state/police state spy on the bad guys, in the surveillance state/police and bust them! And then they tried and were told, well, you can’t do that because of the constitution. And they said, “what?!” “The constitution?! What the fuck is the constitution?!” That is my guess. Of course the fact that jerks in the media like John Whitehead make it sound like what they are doing is legal sure is not going to save any lives! It really pisses me off, because Whitehead ought to be insisting that what they are doing is 100% illegal since it is in total violation of the constitution, making those acts like the Patriot Act and other constitutional rights abusing acts, confessions of high crimes and treason, and not laws! You would think that as gigantic as the surveillance state/police state now is, that all of those people that entered it, could not be totally evil. They may be by the time that they retire though! The surveillance state/police state and Wall Street are involved in fraud, theft, drug trafficking, arms trafficking, human trafficking, child trafficking, organ trafficking, terrorism, vandalism, arson, murder, war, and probably other evil things that I know nothing about. I would strongly advise everyone to stay away from both Wall Street and the surveillance state/police state. Why in the hell would they need all of the helicopters?! Just for the hell of it?! 

      So, if people stop joining the surveillance state/police state, it is the equivalent of people that would stop joining street gangs and the mafia, but on a scale that is about a billion or more times larger when measured in terms of the level of crime and terrorism perpetrated.

      They can go to hell and be with like minded people. They have destroyed the country and the world.

      Oh, forgot to mention the propaganda that attempts to pretend that they are legitimate. 

      The surveillance state/police state is bad company that just refuses to leave, and not to mention that they were never invited in the first place and illegally broke into my life and totally destroyed it and have been torturing and terrorizing me for most of my life, but it became extreme in 2014, when they did unconsented uninformed brain surgery through my nose and ears while unconscious, in Columbia St. Mary’s Ozaukee owned by Ascension Healthcare, which resulted in loud sleep depriving tinnitus, an inability to cry, and an immediate and sudden need for glasses, and illegal unconsented ovum theft that  resulted in immediate and abrupt menopause, and then it became insanely extreme in 2017 when they started using vault7 technology and MEDUSA mob excess deterent using silent audio developed by Waveband corporation techlogy on me, right after they hacked my phone, and they did this when I was mourning the 2015 loss of my mother, the 2020 loss of my brother, and the 2018 loss of my dog. In addition to the fact that they revived me from a clinical state of death, just to torture me and prevent me from living my life, because every time that I leave my house, even to do yard work, it is broken into, vandalized, things stolen, moved around, by neighbors that have stolen things from my home and placed in their windows and used in their yard in front of me, and neighbors stalk me, gas light me, let me know that they are spying on me by repeating things done or said in a normal tone of voice in my home with shades down and windows closed. They are trying to cheat their way through life, and have decided to be fully committed to being illegal, evil, sadistic, insane, idiotic, liars, deniers, stubborn, and wrong, and have convinced themselves that it is a winning strategy, but today might be my lucky day, when they are arrested, prosecuted, sweeping up the whole InfraTard MICIMATT crime ring in one giant web, and thrown in prison for scores of class one felony counts that they have been commiting non stop in a serial crime spree on me, my life, my family, and my property. Stranger things have happened! Like everything that they have done to me and my family! They are totally evil monsters! Many of them are atheists or they believe in determinism. Faith destroys the power of the terrorists. It is the biggest threat to their existences. I know that for a fact. They want people to be in a state of desperation, learned helplessness, and shear panic, so that everyone will feel that they have no choice but to accept what they are doing, I refuse to accept what they are doing, whether they like it or not. I know the law, and I know my rights, and my rights and their limits are defined clearly in the constituion. They want people to believe that their victims are responsible for the behavior of the terrorists. That is not true. They are responsible for their own actions. If they have a scorched earth policy, and I refuse to accept all of the things that I have mentioned, or refuse to stop talking about it, that will be on their heads, and the blood will be on their hands, not mine! They want everyone to feel like, oh, don’t say anything, you will upset the evil terrorists. Well, if you just let them get away with what they are doing and refuse to acknowledge it, that is enabling them to continue terrorizing, so if you are going to lose either way, take them down with you! We don’t want them to be the last ones standing! I am mad as hell at the evil terrorists! Pacifying them is not and never will be on my agenda! Some of these evil terrorists are in their eighties, and have spent their entire adult lives in the emotional state of a two year old! Well, most two year olds learn that no means no. If their mothers were retarded sluts, and they inherited retarded slut genes, that is not my problem. Because they obviously had horiible parents! They behave like spoiled brats. They are obnoxious as hell.

      Andrea Iravani

    3. Andrea.Iravani. says:

      Murder By Mal Practice and Munchausen Sydrome

      “Either we will go down in history as the greatest statesmen of all time, or the greatest criminals.” – Joseph Goebbels

      Terms and Conditions:

      Individuals in the medical community, pharmcuetical industry employees,  drug store employees that are involved in covid vaccines, media, education and university employees, government employees, media employees including elected politicians recognize and understand that they can personally be sued by anyone in America for gross negligence, conspiracy to commit high crimes, treason, mass murder, and accessory to mass murder. This is an offical warning to anyone that is pushing the Blind Faith Mythology of covid, the vaccines, or censoring any content that discloses the fraud of covid and the vaccines. 

      Oh Yes We Can!

      The Blind Faith Mythology of Covid by the Pseudo-Intellectuals and Atheists in the Age of Evil

      Silicon Valley atheists have faith that God does not exist and have faith that covid exists, even though nobody has proven to the pseudo-intellectuals and atheists that God does not exist, and nobody has ever proven to the pseudo-intellectuals and atheists that covid exists, but it has been proven that covid does not exist when 1,500 covid samples were examined by seven different universities using electron microscope examination which revealed that all of the samples were infulenza A or influenza B. Dr. Derek Knauss also called the CDC and asked for the covid virus genome sequence, which the CDC said that they do not have.

      Shown here:

      International Illegality of scamdemic:

      Q –  Is America a super power anymore?
      A – America has gone from being a super power to a super failure, or technically, a super duper failure.
      Q- Does America have military superiority anymore?
      A – Not even close.
      Q- Does America have technological superiority anymore?
      A – Not even close.
      Q – Does America have human rights superiority anymore?
      A – Not even close.
      Q – Does the UN ever intervene when human rights abuses are taking place in a country?

      Better do an immediate about face on the scamdemic and vaccines America, before somebody else does it for you!

      Either that, or face the same fates that Hitler, Goebels, and Nazi war criminals faced!

      Joseph Goebbels 

      “Joseph Goebbels, in full Paul Joseph Goebbels, (born October 29, 1897, Rheydt, Germany—died May 1, 1945, Berlin), minister of propaganda for the German Third Reich under Adolf Hitler. A master orator and propagandist, he is generally accounted responsible for presenting a favourable image of the Nazi regime to the German people. Following Hitler’s suicide, Goebbels served as chancellor of Germany for a single day before he and his wife, Magda Goebbels, had their six children poisoned and then took their own lives.” –

      Nuremburg Trials

      “Nürnberg trials, Nürnberg also spelled Nuremberg, series of trials held in Nürnberg, Germany, in 1945–46, in which former Nazi leaders were indicted and tried as war criminals by the International Military Tribunal. The indictment lodged against them contained four counts: (1) crimes against peace (i.e., the planning, initiating, and waging of wars of aggression in violation of international treaties and agreements), (2) crimes against humanity (i.e., exterminations, deportations, and genocide), (3) war crimes (i.e., violations of the laws of war), and (4) “a common plan or conspiracy to commit” the criminal acts listed in the first three counts.”

      “In rendering these decisions, the tribunal rejected the major defenses offered by the defendants. First, it rejected the contention that only a state, and not individuals, could be found guilty of war crimes; the tribunal held that crimes of international law are committed by men and that only by punishing individuals who commit such crimes can the provisions of international law be enforced. Second, it rejected the argument that the trial and adjudication were ex post facto. The tribunal responded that such acts had been regarded as criminal prior to World War II.”-

      Andrea Iravani

    4. Andrea.Iravani. says:

      Individuals in the surveillance state/police state have the mind set of a rapist, and have found a way to commit non-stop total life rape, but conceal their identity, so that their victims do not know who their perpetrators are. This leads to the victim mistrusting everyone, since anyone that they encounter, may be their perptrator, and I say this from personal experience from being terrorized and tortured by the megalomaniacal, narcisstic, psychopthic, predatory monsters in the surveillance state that have the most outrageous and alarming sense of entitlement that the world has ever known, without absolutely any legal, moral, or intellectual justification for their barbaric crimes against humanity.

      Andrea Iravani

    5. Andrea.Iravani. says:

      Individuals in the surveillance state/police state have the mind set of a rapist, and have found a way to commit non-stop total life rape, but conceal their identity, so that their victims do not know who their perpetrators are. This leads to the victim mistrusting everyone, since anyone that they encounter, may be their perptrator, and I say this from personal experience from being terrorized and tortured by the megalomaniacal, narcisstic, psychopthic, predatory monsters in the surveillance state that have the most outrageous and alarming sense of entitlement that the world has ever known, without absolutely any legal, moral, or intellectual justification for their barbaric crimes against humanity. I know who some of them happen to be. It is a really gigantic cult though.

      My advice to any victim of abuse by the surveillance state would be not to move. You will probably end up in the same circustances within a very short time frame based on reports that I have read from targeted individuals, in addition to the fact that you just let you known perpetrators off the hook free and clear for their crime spree on your life. As the saying goes, keep your friends close and your enemies closer. If you mose you will be off kilter. Moving is extremely stressful. Moving during international unprecedented corruption of the scamdemic, and during surveillance abuse, makes adaptation to a new environment all the more challenging than it would typically be for someone moving under normal circumstances, or moving to something, and not trying to move from something, and the surveillance state is everywhere. Political parties, federal agencies, police unions, national and international corporations makes moving a fool’s errand if it is for the purpose of trying to move from the surveillance state.

      Andrea Iravani

    6. Andrea.Iravani. says:

      Texas Snow Job and Operation Dark Winter Brought to You By The Committee of 300 Assholes

      They are claiming that the Texas Snow Job was so severe that it prevented oil and gas from flowing, which Texans might possibly fall for, but I doubt it, considering that the there are regions in the country that experience this every winter. Bill Gates said that it is because they aren’t “weatherized” whoch sounds like a totally bogus claim to me, since I live in Wisconsin and the gas pipes on everyone’s homes are not weatherized either! And Oil supply lines are not weatherized in the east either, which experiences frequent snow storms! Ya know, if you could just convince everyone that they had to be weatherized when they didn’t and do nothing about but turn the gas and oil back on after demanding federal funds, that would be quite a racket!

      As I previously reported:

      Texas government, oil sector, and investors frequently engage in terrorism. I have noticed the pattern for over a decade. When oil prices would start falling, they would constantly have fires at oil refineries, to drive the price of oil back up through supply reduction. Oil prices have been going up, but, Biden has outlawed KXL, which is great, since it went through the Ogalala aquifer that is used by farms in the farming region and supplies farms with water, and all of the KXL oil was strictly for export, so only the refineries and investors, shipping, and pipeline industries would reap the rewards at everyone else’s expense. I do not believe that this was caused by the weather. I believe that they allowed it to happen and deliberately shut energy off, and intentionally restricted gas to create a panic in retribution for the shut down of KXL, used to demand more money from the government. Bill Gates coincidently just wrote a book on this, just like he coincidentally held Event 201 and had been 
      “warning” about a plandemic. Bill Gates has moved on from the irrational fears and scientific fraud of the plandemic, and has moved onto irrational fears and scientific fraud of Climate change. Bill Gates is now the largest farmland owner in America, with over 240,000 acres, and is terrorizing people with soylent green factory grown synthetic meat. The man is an evil monster and terrorist that belongs in a federal pennitentary for the rest of his life!

      They have been calling for Dark Winter, because this was planned, with SOP 303, to shut down communications, and to incite martial rule, which congress would be out of the loop on, but the 1/6 deep state staged coup did not achieve their intended goal of doing that.

      These people are terrorists and thieves. Terrorism is their business model. How much proof do you need? 9/11, the 7 false flag wars that ensued, 2003, 2009, and 2020 plandemics, BLM and Antifa terrorism, 1/6 staged rioting? Not to mention the missing $21 trillion from the Pentagon. It is time for them to move to Panama or Brazil. They are anti-American terrorists! California fires are another indicator. They claim that it is global warming. Arson is more likely in many instances.  They have a scorched earth policy. Gates is calling for infrastucture ending on the power grid and sewer and water systems. Grafton WI high school which I wrote about years ago, looks like a prison, is outdated, and they voted to spend $7 million to update the plumbing! You could build a new highschool for that! The Grafton government moved the village hall to an 11,000 square foot building years ago! There are only 11,635 people in Grafton! They could have turned that building into a high school, rather than use it for lazy overpaid employees. Menial labor for Grafton government pays $90,000 a year. The median annual household income in Grafton is only $72,432. The village president James Brunnquell works zero hours in the village, obviously! He claims to be a Republican, but is as conservative as the Liberace, another famous Wisconsonite! 

      It seems that they initially intended to walk away with enormous gains with the internet shutting down from Y2K, which did not happen, and then attempted to shut it down with the controlled demolition of the World Trade Towers, 1996 being a practice run, which did not happen either, then in October of 2014, Obama issued a space weather warning that could destroy the internet, which I pointed out that the WWW is world wide, the internet is not in one place, it is stored in satellites, as well, and fiber optic cable is impervious to EMP attacks, then it was revealed they they planned on SOP 303 to shut communications down under martial rule and the FBI was orchestrated the 1/6 event working with Q Shahman as a manchurian candidate that they cultivated, as they typically do, in addition to Proud Boys, Ohio Militia founder and Publix heiress Wilkens who did in fact suspect that she was being played when asked to go to DC for 1/6 and did in fact inform militia members that she had sensed that it was a set up. QAnon, who I strongly believe is Christopher Wray who was a WANO attorney who would have energy clearance, and appointed FBI director right before QAnon appeared, but SOP 303 plans were revealed by Global Research who has also been fantastic with the scamdemic. Obviously, if the FBI had any interest at all in silencing, investigating, amd exposing QAnon, it is within their capability to find out precisely who QAnon is. Why has QAnon not been charged with incitement and insurection as Trump was charged?

      Andrea Iravani

      As well as this:

      James Woolsey is a pathological liar and a psychopath in league with the Rockefellers and Bill Gates. James Woolsey was the “brains” behind 2001 Operation Dark Winter, and also 2020 Secure the Grid, calling for increased spending on the power grid, leading to the Texas Black out Panic! 

      Now pathological lying James Woolsey, former Idiot in Chief at the CIA, 1993-95 is ridiculously claiming that Krushchev ordered the JFK assassination, without any evidence. 

      Not to mention how ludicrous the notion of the White House and surveillance state keeping Krushchev alleged invlovement of the JFK assassination classified! Sure that the Dems would love to claim that Trump didn’t de-classify everything because he wanted to protect Russian secrets! It was the Israelis! Even reported by Israeli media in Israel, but it was ignored by the press in the US! JFK had it in for the Israelis because of nuclear power pkant development! He was Irate! He was upset about it uppending the entire Middle East! He also wanted to have the Jewish League register under FARA. Yes, JFK and Kruschev did have a great amount of mutual respect for each other. What was declassified in Israel over 50 years ago, has still not been de-classified in America! 

      Listen to tape 88 on the JFK library.

      Andrea Iravani

    7. Andrea.Iravani. says:

      It is really not possible to take any “journalist” seriously, or respect them for being a propagandist. The fact that Pepe Escobar has never criticized the Chinese or Russian government on a single occasion is proof that Pepe is a propagandist, and not a jounalist. 

      I was pro-Putin to a degree, but lost my enthusiasm for Putin initially for Netenyahu rushing to Russia every month starting in about 2017, and Putin caving to his demands, or not known to me until then, and even more so for collusion in the scamdemic, but I have more respect for Russia than China as a nation. Go ahead, trust the Chinese, and I will be there to say, I told you so, after they screw you over like they did to America, and no country has had a stronger alliance and partnership with China than America, so when it comes to China, ignore what the Americans are telling you, because they have lost all credibility for pathological lying, which is their own fault, but, even a broken clock is right twice a day, and when it comes to China, America is correct in claiming that the Chinese are tyrants, the Chinese keep changing the rules, the Chinese keep committing the same offenses and refuse to stop, and that the Chinese do not get along with any of their neighboring countries or autonomous zones that they have denied all autonomy from, which is also against international agreements. The Chinese blame the CIA for all of this too, refusing to acknowledge tgat they are stripping neighboring countries and autonomous zones of their sovereign rights. If you choose to ignore the Americans, ask the Vietnamese, Indonseians, Japanese, Malaysians, Thai, Philipinos, Cambodians, Laos, India,Ulguirs, Burmese, Taiwan, or Hong Kong, and then aske them if they work for the CIA if they oppose the Chinese policies and be laughed at for being a complete idiot! 

      Andrea Iravani

    8. Frank Thoughts says:

      This story made me laugh: “’At Least I Was Used To Fasting’: Covid Plunges Muslims Into Poverty As Demand For Help Soars
      A record number of Muslims are seeking a financial lifeline as shocking figures reveal the full impact of the pandemic.”(

      Things must be bad: the British can’t afford the decommissioned Islamic fighters they imported from the Middle East.

    9. cranerigger says:

      The graphs presented in the article demonstrate the higher–prices-for-investment due to uncontrolled printing (Fed.Res. Increasing money supply) of currency. We have seen the results of this game plan (think Weimar Republic, Zimbabwe, Argentina, etc.).

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