The Breakdown The Macro Market Crash and the End of the Old Order
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Jan 23, 2026 A significant market sell-off suggests a major regime shift, impacting stocks, bonds, and the dollar simultaneously. Multiple factors reveal a deeper transformation in the global order, highlighted by a bold statement in Davos declaring globalization a failure. Notable connections are made between Japan's bond market turmoil and geopolitical tensions, as well as potential consequences for U.S. mortgage rates. As investors retreat to safer assets like gold, uncertainty looms over the future of risk assets and the international financial system.
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Synchronized Market Sell-Off Signals Regime Shift
- Markets sold off across stocks, bonds, and the dollar simultaneously, breaking traditional correlations.
- Nathaniel Whittemore argues this co-movement signals a possible macro regime shift, not a routine drawdown.
Geopolitical Moves Are Symptoms Of A Bigger Fracture
- Greenland tensions and Japan's bond shock are framed as symptoms of a wider unraveling of the post–Cold War rules-based order.
- Whittemore highlights declarations from leaders saying the old bargain that underpinned global stability is breaking down.
Greenland Talk Turned Into Real Volatility
- Whittemore recounts Trump's renewed push for Greenland and the rapid political fallout in Europe.
- He uses these events to illustrate how unexpected volatility drivers can emerge suddenly in markets.