S&P 500 Loses TWO TRILLION in Market Capitalization in 5 Hours Yesterday

Date: November 21, 2025

Source: Hal Turner

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The Standard and Poors (S&P) 500 Index lost two trillion dollars in market capitalization within five hours yesterday.

Earlier in the day, this website reported that the country of Japan had just destroyed the "Yen Carry-Trade" and this would force those who borrowed Yen at ZERO interest, so they could buy stocks and bonds, to SELL-OFF what they bought or face bleeding to death from Interest that would now be applied to those formerly ZERO percent Japanese loans. (That Story HERE)

From the size and speed of yesterday's S&P500 sell-off, it appears my article was exactly, precisely, correct.

While this was taking place, RESERVE BALANCES in Japan were also plummeting:

This means liquidity (cash) was also drying up.

And while the liquidity was drying-up, Gold, Real Estate, and Crypto were all also plunging.

So where was all the money going?    Best guess: Back to Japan from the Yen-Carry-trade unwinding.

This may get worse, today.