Canary In The Iron Ore Pits: Prices Plunge Below $100; Massive Glut Building

David Stockman reports:

The deformations in the global economy arising from the central bank fueled credit deluge of the last two decades become more visible and foreboding by the day. One vector of special salience is the global iron ore market where prices have now punctured the $100 per ton mark to $94, and are down 50% from a peak of $200 in 2012.

Are we closer to a recession?