The Greatest depression is coming, are you ready?
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I don't know where you folks live, but here we are already in a recession. Just a few months ago people bought groceries, fuel, and electricity, paid the mortgage, and were saving a few dollars. Today, many are living out of their savings or maxing out credit cards. We are praying for a mild winter. There are many seniors who can't afford heat. Many are becoming dependent on food kitchens for nutrition.
My friends, the recession is here!
My friends, the recession is here!
My fears lie with those who have depended on savings and credit cards. When their savings accounts are empty, and their credit is gone, what are they going to do? I believe they will flock to the government for relief. Over (my guess) fifty percent of the families in the US already depend on the government for a significant part of their income.
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Here is what happened in a nutshell.
CPI comes out terrible, -- Hair on fire, they will raise rates, sell, sell, sell.
then, hey wait a minute he won't raise rates before the election, we can still sell the suckers with their dumb 401K money quick raise the price so we can get out of here with our shirt.
CPI comes out terrible, -- Hair on fire, they will raise rates, sell, sell, sell.
then, hey wait a minute he won't raise rates before the election, we can still sell the suckers with their dumb 401K money quick raise the price so we can get out of here with our shirt.
P
I still think backroom deals are possible and this may not be as bad as it looks possible. Something about Yellen that they keep after her it seems they want to drive home some point? Remember when Clinton wanted to somehow get control of the Federal Reserve or at least he suggested that? What was that about and is there still that kind of talk?
I get it, the Fed is losing billions of dollars. Why not just ask the UK to step in and help them out? Oh, because the UK is broke. What about Australia? Oh, they are broke too. What about Saudi Arabia, they always have money? They just gave Biden the middle finger, don't think they will help either. What about Germany or Japan? Nope, they are both bankrupt as well.
Well if the developed world is out of cash what about the 3rd world?
Just kidding.It's at times like this I suggest the following prayer
Our Father, who art in heaven give us this day our daily bread and forgive us our trespasses as we forgive those who trespass against us.
We have 125% debt to GDP, this is not going to cause a problem as long as we can get the economy running again.
Nope, with rising interest rates Mortgage rates have more than doubled and as a result car sales have tanked and the housing market has tanked. Our economy is like an airplane diving straight to the ground with both engines out and in flames.
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We sold our house this year, and closed in March.
If we tried to sell it today, 7 months later we would have to sell it for $171,000 less because of the higher mortgage rates.
Whatever way you look at it people will be crushed.
1. Homeowners have lost a tremendous amount of equity. It doesn't matter if they sell or not, home equity loans will shrink up and there will be calls all across the nation for people to add equity to their mortgage as the money they owe on their house will be more than it is worth.
2. People who do sell will be crushed.
3. Banks will be crushed. They won't be able to sell new mortgages and the ones they have will go bust.
If we tried to sell it today, 7 months later we would have to sell it for $171,000 less because of the higher mortgage rates.
Whatever way you look at it people will be crushed.
1. Homeowners have lost a tremendous amount of equity. It doesn't matter if they sell or not, home equity loans will shrink up and there will be calls all across the nation for people to add equity to their mortgage as the money they owe on their house will be more than it is worth.
2. People who do sell will be crushed.
3. Banks will be crushed. They won't be able to sell new mortgages and the ones they have will go bust.
P
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We're Heading for a Stagflationary Crisis Unlike Anything We've Ever Seen
Opinion by Nouriel Roubini - Yesterday 12:52 PM
MARKETS TODAY
DJI Dropping fast
INX Dropping fast
COMP Dropping fast
Inflation is back, and it is rising sharply, especially over the past year, owing to a mix of both demand and supply factors. This rise in inflation may not be a short-term phenomenon: the Great Moderation of the past three decades may be over, and we may be entering a new era of Great Stagflationary Instability.
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Unless you are middle-aged and gray-haired, you probably hadn’t heard about the term stagflation until very recently. You may have barely heard about inflation. For a long time, until 2021, inflation—the increase in prices year to year—was below the advanced economies’ central banks’ target of 2%. Usually inflation is associated with high economic growth. When aggregate demand for goods, services, and labor is strong, coupled with positive animal spirits, optimism about the future, and possibly loose monetary and fiscal policies, you get stronger than potential economic growth and higher than target inflation. Firms are able to set higher prices because demand outstrips supply, and workers receive higher wages given a low unemployment rate. In recessions, on the other hand, you have low aggregate demand below the potential supply of goods, which leads to a slack in labor and goods markets, with ensuing low inflation or even deflation: prices go down as consumers’ spending declines. Stagflation is a term that refers to high inflation that happens at the same time as stagnation of growth or outright recession.
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LONDON — Embattled British Prime Minister Liz Truss axed her finance minister and a flagship policy Friday, in a bid to save her job after weeks of market panic stoked by her economic plan.
Truss announced at a news conference that she would scrap a planned tax cut, the latest reversal in the face of mounting political and economic pressure.
She added that she was "absolutely determined" to carry on, saying she had changed course "to reassure markets of our fiscal discipline.”
She was also seeking to reassure her ruling Conservative Party, whose polling numbers have plummeted alongside the value of the pound — fueling speculation that she could be ousted just weeks after taking office.
Chancellor of the Exchequer Kwasi Kwarteng and British Prime Minister Liz Truss attend the annual Conservative Party conference on Oct. 2, 2022 in Birmingham, England.Leon Neal / Getty Images
Truss said she stood by her radical low-tax strategy and remained "ambitious for growth."
"But it is clear that parts of our mini-budget went further and faster than markets were expecting," she added. "So the way we are delivering our mission right now has to change."
She scrapped plans to keep her predecessor Boris Johnson’s promise to raise corporation tax from 19% to 25%, an embarrassing climbdown from a pledge that helped her win the race to succeed the scandal-tarnished Johnson as leader.
Hinting at spending cuts to fund the remainder of her plans, Truss said that future "spending will rise less rapidly than previously planned," a move that will be pilloried by opposition parties as imposing further pain on a British public already facing a cost-of-living crisis.
Truss announced at a news conference that she would scrap a planned tax cut, the latest reversal in the face of mounting political and economic pressure.
She added that she was "absolutely determined" to carry on, saying she had changed course "to reassure markets of our fiscal discipline.”
She was also seeking to reassure her ruling Conservative Party, whose polling numbers have plummeted alongside the value of the pound — fueling speculation that she could be ousted just weeks after taking office.
Truss said she stood by her radical low-tax strategy and remained "ambitious for growth."
"But it is clear that parts of our mini-budget went further and faster than markets were expecting," she added. "So the way we are delivering our mission right now has to change."
She scrapped plans to keep her predecessor Boris Johnson’s promise to raise corporation tax from 19% to 25%, an embarrassing climbdown from a pledge that helped her win the race to succeed the scandal-tarnished Johnson as leader.
Hinting at spending cuts to fund the remainder of her plans, Truss said that future "spending will rise less rapidly than previously planned," a move that will be pilloried by opposition parties as imposing further pain on a British public already facing a cost-of-living crisis.
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Wall Street is worried something is about to break in markets. Here's where Jamie Dimon, Cathie Wood and 5 other top experts think the rupture will come.
[email protected] (Zahra Tayeb) - 8h a
Signs of stress in the system are piling up, from whipsaw moves in assets, to growing threats to economic stability, to runaway fears of distress at major banks like Credit Suisse. Political disarray in the UK has laid bare the risks in government bonds and pensions, usually seen as safe havens.
3 of 6 Photos in Gallery "Inflation has been a bigger problem but I think it has set us up for deflation," Cathie Wood said in a recent CNBC interview.The Ark Invest chief noted that chronic supply-chain issues, and Russia's ongoing invasion of Ukraine, have fostered higher inflation this year.However, she asserted that even elite retailers such as Walmart and Target are struggling to get rid of excess inventory, raising the prospect of widespread price cuts and deflation in the coming months.Wood added that consumer sentiment has plunged to record lows, in part because Americans are bristling at painful inflation. She suggested that trend could also pull down prices.
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3 of 6 Photos in Gallery©Patrick T. Fallon/Getty Images
Cathie Wood
"Inflation has been a bigger problem but I think it has set us up for deflation," Cathie Wood said in a recent CNBC interview.
The Ark Invest chief noted that chronic supply-chain issues, and Russia's ongoing invasion of Ukraine, have fostered higher inflation this year.
However, she asserted that even elite retailers such as Walmart and Target are struggling to get rid of excess inventory, raising the prospect of widespread price cuts and deflation in the coming months.
Wood added that consumer sentiment has plunged to record lows, in part because Americans are bristling at painful inflation. She suggested that trend could also pull down prices.
"We are seeing multiple standard deviation moves in things like the Swedish krona, in Treasurys, in oil, in silver, like every other day. These aren't healthy moves," Alpha Theory Advisors' Benjamin Dunn told CNBC.
Many strategists blame the Federal Reserve's aggressive campaign to cool inflation by raising interest rates at the fastest pace ever. That has sent bond yields soaring and the dollar to 20-year highs – causing economic strains that are leaking into markets.
Here's where 7 top experts think something could break:
Jamie Dimon, CEO of JP Morgan: Credit markets, ETFs
"You saw it with the gilt markets here. You see a lack of liquidity in a lot of markets. … It is going to happen," Dimon said at a London conference.
"The likely place you're going to see more of a crack, and maybe a little bit more of a panic, is in credit markets. And it might be ETFs, it might be a country, it might be something you don't suspect.
"If you make a list of all the prior crises, sitting here we would not have predicted where they came from, though I think you could predict at this time that it probably will happen. So if I was out there, I'd be very cautious."
Scott Minerd, global CIO at Guggenheim Partners: Stocks, emerging markets
"They're going to push until something breaks," Minerd said recently, talking about the Fed.
Related video: Cathie Wood’s New Venture Fund Allows Small Investors to Invest
"I think the break will probably come through, you know, equity prices, but could come in other places — it could come in the emerging markets.
"Eventually, this will end in tears."
Cathie Wood, head of Ark Invest: Financial services sector
"There are also signs that there's distress out there in the financial services sector. We've been watching the credit default swaps of money center banks doubling and tripling, and you know, in Europe they're at all-time highs," Wood told CNBC.
"So there are stresses and strains in the financial system that I believe have begun to show themselves, first with the LDI crisis in the UK. And the reason this is happening is we are experiencing a major financial shock."
Mohamed El-Erian, chief economic advisor of Allianz: Zombie companies, earnings
"Zombie companies are finding it much harder to refinance. And if they can get refinancing, the cost of refinancing makes the numbers look completely different," El-Erian told CNBC last week, referring to overly indebted companies that scrape by.
"Then you can go to various investors who overlevered, that's going to be an issue."
"The Fed is so late, it will probably break something on the way to reducing inflation," El-Erian told CNBC in a separate interview.
"The most likely victim is economic growth. I think the marketplace is starting to recognize that the risk of recession, and what that does to earnings is an issue."
Larry Summers, former US Treasury Secretary: Global economy
"What's happened in the United Kingdom — some of that is a self-inflicted wound, but some of that is tremors of what's happening in the global system," he said Friday at the Institute of International Finance's annual meeting.
"And when you have tremors, you don't always have earthquakes, but you probably should be thinking about earthquake protection."
Ed Yardeni, president of Yardeni Research: Emerging markets
"I think it's already breaking. What's breaking is the soaring dollar," Yardeni told Bloomberg, pointing also to the Fed's rate-hike campaign.
"A soaring dollar has been associated in the past with creating financial crises on a global basis.
"We have to have a global perspective on all of this, and this tight monetary policy here is having a tremendous impact on the rest of the world, especially in emerging markets."
Kamakshya Trivedi, Goldman Sachs' head of global FX research: Emerging markets
"In some of the more vulnerable pockets of emerging markets, where there is a substantial amount of dollar-denominated debt, there is already a debt crisis," Trivedi said on a podcast.
"That's the place you need to look for the real debt problems that are beginning to take place."
CR
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[email protected] (Zahra Tayeb) - 8h a
- Wall Street is worried about building signs of stress in markets and the financial system.
- Whipsawing assets, economic strains and dysfunction in the UK are raising red flags.
- Here's what Jamie Dimon, Cathie Wood and 5 other experts say about where things could break.
Signs of stress in the system are piling up, from whipsaw moves in assets, to growing threats to economic stability, to runaway fears of distress at major banks like Credit Suisse. Political disarray in the UK has laid bare the risks in government bonds and pensions, usually seen as safe havens.
3 of 6 Photos in Gallery "Inflation has been a bigger problem but I think it has set us up for deflation," Cathie Wood said in a recent CNBC interview.The Ark Invest chief noted that chronic supply-chain issues, and Russia's ongoing invasion of Ukraine, have fostered higher inflation this year.However, she asserted that even elite retailers such as Walmart and Target are struggling to get rid of excess inventory, raising the prospect of widespread price cuts and deflation in the coming months.Wood added that consumer sentiment has plunged to record lows, in part because Americans are bristling at painful inflation. She suggested that trend could also pull down prices.
Auto Rotation Off
Full screen
3 of 6 Photos in Gallery©Patrick T. Fallon/Getty Images
Cathie Wood
"Inflation has been a bigger problem but I think it has set us up for deflation," Cathie Wood said in a recent CNBC interview.
The Ark Invest chief noted that chronic supply-chain issues, and Russia's ongoing invasion of Ukraine, have fostered higher inflation this year.
However, she asserted that even elite retailers such as Walmart and Target are struggling to get rid of excess inventory, raising the prospect of widespread price cuts and deflation in the coming months.
Wood added that consumer sentiment has plunged to record lows, in part because Americans are bristling at painful inflation. She suggested that trend could also pull down prices.
"We are seeing multiple standard deviation moves in things like the Swedish krona, in Treasurys, in oil, in silver, like every other day. These aren't healthy moves," Alpha Theory Advisors' Benjamin Dunn told CNBC.
Many strategists blame the Federal Reserve's aggressive campaign to cool inflation by raising interest rates at the fastest pace ever. That has sent bond yields soaring and the dollar to 20-year highs – causing economic strains that are leaking into markets.
Here's where 7 top experts think something could break:
Jamie Dimon, CEO of JP Morgan: Credit markets, ETFs
"You saw it with the gilt markets here. You see a lack of liquidity in a lot of markets. … It is going to happen," Dimon said at a London conference.
"The likely place you're going to see more of a crack, and maybe a little bit more of a panic, is in credit markets. And it might be ETFs, it might be a country, it might be something you don't suspect.
"If you make a list of all the prior crises, sitting here we would not have predicted where they came from, though I think you could predict at this time that it probably will happen. So if I was out there, I'd be very cautious."
Scott Minerd, global CIO at Guggenheim Partners: Stocks, emerging markets
"They're going to push until something breaks," Minerd said recently, talking about the Fed.
Related video: Cathie Wood’s New Venture Fund Allows Small Investors to Invest
"I think the break will probably come through, you know, equity prices, but could come in other places — it could come in the emerging markets.
"Eventually, this will end in tears."
Cathie Wood, head of Ark Invest: Financial services sector
"There are also signs that there's distress out there in the financial services sector. We've been watching the credit default swaps of money center banks doubling and tripling, and you know, in Europe they're at all-time highs," Wood told CNBC.
"So there are stresses and strains in the financial system that I believe have begun to show themselves, first with the LDI crisis in the UK. And the reason this is happening is we are experiencing a major financial shock."
Mohamed El-Erian, chief economic advisor of Allianz: Zombie companies, earnings
"Zombie companies are finding it much harder to refinance. And if they can get refinancing, the cost of refinancing makes the numbers look completely different," El-Erian told CNBC last week, referring to overly indebted companies that scrape by.
"Then you can go to various investors who overlevered, that's going to be an issue."
"The Fed is so late, it will probably break something on the way to reducing inflation," El-Erian told CNBC in a separate interview.
"The most likely victim is economic growth. I think the marketplace is starting to recognize that the risk of recession, and what that does to earnings is an issue."
Larry Summers, former US Treasury Secretary: Global economy
"What's happened in the United Kingdom — some of that is a self-inflicted wound, but some of that is tremors of what's happening in the global system," he said Friday at the Institute of International Finance's annual meeting.
"And when you have tremors, you don't always have earthquakes, but you probably should be thinking about earthquake protection."
Ed Yardeni, president of Yardeni Research: Emerging markets
"I think it's already breaking. What's breaking is the soaring dollar," Yardeni told Bloomberg, pointing also to the Fed's rate-hike campaign.
"A soaring dollar has been associated in the past with creating financial crises on a global basis.
"We have to have a global perspective on all of this, and this tight monetary policy here is having a tremendous impact on the rest of the world, especially in emerging markets."
Kamakshya Trivedi, Goldman Sachs' head of global FX research: Emerging markets
"In some of the more vulnerable pockets of emerging markets, where there is a substantial amount of dollar-denominated debt, there is already a debt crisis," Trivedi said on a podcast.
"That's the place you need to look for the real debt problems that are beginning to take place."
CR
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155
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What happens when the rapture takes place? The numerical value of the pillars that Samson pushed out causing the entire temple to collapse is equal to the numerical value of the church, hence Paul said the church is the pillar and base of the truth.
What happens when the rapture takes place? The numerical value of the pillars that Samson pushed out causing the entire temple to collapse is equal to the numerical value of the church, hence Paul said the church is the pillar and base of the truth.
Good News
We have received the clearest possible signal, the President of the US, Joe Biden, came out today and told the press the economy is very strong!
This is what you have to realize when you see all this "doom and gloom" that what is bad for say 300 million Americans is really, really good for 1,000 "Americans". Drug traffickers and human traffickers are having their best year ever! Looters, and crooks are also doing very well. Homicides are way up so hit men are also having a banner year.
Also, before you think that is just referring to criminals I would remind you that ever since the Plandemic and the kill shot the line between criminal and non criminal has become very blurry.
Still what about inflation and the depression and layoffs? For 90% of the people it will be bad, but for 1-2% of the people who prepared, this is where fortunes are made!
We have received the clearest possible signal, the President of the US, Joe Biden, came out today and told the press the economy is very strong!
This is what you have to realize when you see all this "doom and gloom" that what is bad for say 300 million Americans is really, really good for 1,000 "Americans". Drug traffickers and human traffickers are having their best year ever! Looters, and crooks are also doing very well. Homicides are way up so hit men are also having a banner year.
Also, before you think that is just referring to criminals I would remind you that ever since the Plandemic and the kill shot the line between criminal and non criminal has become very blurry.
Still what about inflation and the depression and layoffs? For 90% of the people it will be bad, but for 1-2% of the people who prepared, this is where fortunes are made!
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"The US economy is strong as hell"
https://www.thegatewaypundit.com/2022/10/economy-strong-joe-biden-mouth-full-ice-cream-video/
The world's economy is like a great tower and the US has the Penthouse suite. Joe is not worried about our economy, he is worried about all those economies beneath us that are crumbling. Everyday this tower we are in seems like a Jenga tower as one countries economy collapses after another.
https://www.thegatewaypundit.com/2022/10/economy-strong-joe-biden-mouth-full-ice-cream-video/
The world's economy is like a great tower and the US has the Penthouse suite. Joe is not worried about our economy, he is worried about all those economies beneath us that are crumbling. Everyday this tower we are in seems like a Jenga tower as one countries economy collapses after another.