Oh, yuck. Another terrible day on the stock markets. Down 588 points. This is ruining my summer. It was bad enough that the summer in Sandpoint was wrecked by massive super forest fires in Washington state and Idaho, filling the air with a wretched brown haze, wreaking havoc in my lungs, destroying our spectacular view. It was bad enough that my wife, the goddess of goddesses, has been sick for the last month and barely leaves her bed.
But now, The Crash. It has cost us Steins too much money — at least in the short run. In the long run, it will be fine because Mr. Buffett will snatch up stock and companies at bargain prices and make us Berkshire Hathaway holders a bit of money. Also in the long run we will be dead. So, in the afterlife, money won’t matter. (Or maybe it will!)
Anyway, the media is filled with the most hilarious reasons for the Crash. The main one floating about like that brown haze in Idaho is that weakness in China is going to kill the U.S. economy, and in particular that devaluing the yuan will hurt the U.S. economy.