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Stockman said a decline in earnings growth, global headwinds, mismanagement by the European Central Bank and lack of leadership from the Fed have led to a market resting on thin ice.
"As soon as the markets realize that the Fed and the ECB are out of ammunition, it's over," Stockman said. "I think we're in an extremely unsafe world — we've never been here before."
The proof of that uncertainty can be found in Asia, he said. Japan, China and South Korea all saw exports drop by double digits in the first two months of a years.
"The world economy is drifting into recession and we are not decoupled," said Stockman. "We are not exempt."
The S&P 500 has staged a massive 13 percent comeback since February's low but Stockman said broad swings are nothing but the beginning of a long and burdensome bear market.