The Dow Jones Industrial Average fell 1,000 points on Monday amid a huge decline in Chinese stocks and a global sell-off.

The drop was the Dow’s biggest since 2008 and even though the index recovered some of the losses, the Dow was still down over 400 points as of late morning.

The Standard & Poor’s 500 index also fell into “correction territory,” meaning that it’s down 10% from a recent peak.

The global sell-off was triggered by growing concern over a slowdown in China and the Federal Reserve’s non-stop creation of money called “quantitative easing” which devalues the dollar.

“China’s stocks plunged the most since 2007 as government support measures failed to allay investor concerns that a slowdown in the world’s second-largest economy is deepening,” Kyoungwha Kim with Live Mint reported. “The Shanghai Composite Index tumbled 8.9% to 3,197.31 at 1:14 pm local time, erasing its gain for the year.”

“The Hang Seng China Enterprises Index lost 7.6%, poised for its biggest decline since 2008. Futures on the CSI 300 Index decline by the 10% daily limit.”

In response, U.S. Treasuries exploded as investors bought less risky assets to shield themselves from the turmoil.

Multiple financial experts, including Harry Dent, Gerald Celente, Dr. Ron Paul and Peter Schiff, have warned of a coming financial crisis.

Dent in particular predicted the Black Monday financial collapse nearly two weeks before it happened on the Alex Jones Show.

“China is the greatest bubble in history, and it’s finally coming unraveled,” he said Aug. 13. “That’s why I’m confident that we are in, I’d say, weeks of the global bubble bursting again.”

“I think the U.S. markets are going to start heading down by early September, peaking in the next week or two, so I think this is happening.”

Celente echoed a similar prediction.

“I’m now predicting that we are going to see a global stock market crash before the end of the year,” he said in early August. “There’s going to be panic on the streets from Wall Street to Shanghai and from the UK down to Brazil.”

“You are going to see one market after another begin to collapse.”

Dr. Paul also saw what was coming.

“We still have another stock market bubble and another housing bubble going on, but the big bubble I think is in the bond bubble,” he said on the Alex Jones Show. “It’s been going on for 35 years, taking interest rates from 21% down to actually negative.”

“[Central banks] have been getting away with it, so this means distortion, and not only is there money involved, but it also distorted all the investments made during this time.”

And the biggest distortion this encouraged, Dr. Paul added, is debt.

“It encouraged debt for a lot of people, but in particular government,” he continued. “As long as our government is able to print the reserve currency [the U.S. dollar], it’s going to limp along, even though our economy is limping along, but that will come to an end.”

“Right now we’re starting to see the whole thing coming apart; I mean we look at Detroit as an example, we see what’s happening in Greece, they’re worrying about what’s going to happen after Greece is actually recognized as totally bankrupt and there will be other countries.”

Dr. Paul also warned that the central banks will keep trying to delay the inevitable by printing and spending even more money. “But that’s coming to an end,” he said. “The day of reckoning is at hand.”

And Peter Schiff warned of an inevitable collapse.

“In truth, the U.S. markets had been selling off for days before any change in policy from Beijing became remotely clear,” he wrote Aug. 14. “With U.S. economic data deteriorating, corporate earnings falling, and 95% of economists forecasting a rate hike in the next few months, a sharp sell-off of already wildly valued stocks could be considered a logical development that needs no overseas explanations.”

But what will happen if the current sell-off continues?

“Any sober reading of the current economic data, which shows anemic investment, minimal productivity growth, barely positive GDP growth, wage stagnation, and falling labor participation, should allow for the strong possibility that recession is looming in the U.S.,” Schiff continued. “If it occurs, or to prevent it from occurring in an election year, the Fed will be forced to immediately shelve its tightening plans (if it even has any) and instead deliver another round of QE.”

“When that occurs the confidence that inspired the dollar’s rise will prove to have been misplaced, and the rally nothing more than another Fed-induced bubble.”

On the other hand, Treasury Secretary Jack Lew falsely claimed that China’s markets aren’t “linked” to the global economy during a presentation in July.

“I will say that China’s markets still are pretty much separated from world markets,” he asserted. “They’re, obviously, moving towards being more integrated, but right now they’re not.”

Black Monday proved his statement false.

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