John Galt over at Shenandoah has found a few things that add up to a mechanism that I've missed. It starts out with a news story that the Illinois Teacher's Retirement System is selling off $3 Billion to meet required payments.
If Illinois is doing it…
CALPERS is probably doing it….
If California is doing it….
Florida is probably doing it….
If we’re doing it, everyone will be selling as price levels trip liquidation panic.
Understand that 46 other states and thousands of communities and counties are having the same problem. Then think about what happens when they all see price levels tripped and they all attempt to hit the “sell” button a the same time.Go read. It's short.