Crispin Odey: Capitalism At Risk Amid QE Unwind; Valuations At 1929 Levels

What caused the Dow Jones Industrial Average to decline by 1,400 in the space of an hour on Monday, February 5? In the mind of vocal hedge fund manager Crispin Odey, the rise in bond yields in the three weeks before the decline was "undoubtedly" responsible and behind that a "conviction that after two years of rampant monetizing by the authorities in general, economic activity was picking up quickly and with little give left in global capacity, would result in rising prices and even wages."

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