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Everyone's watching the Fed. Almost no one's watching the refinancing conveyor belt. Private credit boomed on one assumption: the flow never stops. Now US direct lending issuance just f ell 40% quarter over quarter. That's not a collapse. It's quieter and more dangerous. The escape route is closing, and... show more

Jeffrey P. Snider

140,464 subscribers

11,399 Aufrufe • vor 1 Monat •via X (Twitter)

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8 Kommentare

Profilbild von Magnus Monad

Magnus Monadvor 1 Monat

They kicked the can until there was nothing left to kick and now they are just kicking at the air. This ends with a new monetary system. Hopefully the new one is not worse than the old one.

Profilbild von David Levenson. I am increasing low beta leverage.

David Levenson. I am increasing low beta leverage.vor 1 Monat

@d9fcq8wsjw The bid to offer for Amazon‘s last deal was down 60% from its average. This is the second to derivative of growth and that money is gonna go into US mortgages and then treasuries and it’s gonna deny the world access to the collateral it needs and this explains yen strength.

Profilbild von remarkable

remarkablevor 1 Monat

Jeff please stop using AI for your posts - this is horrible to read. In your own videos, you sound much more well worded...

Profilbild von MoneyAlchemist

MoneyAlchemistvor 1 Monat

The 40% print is a flow problem before it's a price problem. LP re-ups are slowing and NAV marks get re-underwritten next. The number I'd watch: 2026-27 direct lending maturities.

Profilbild von Nobody Special

Nobody Specialvor 1 Monat

I think they're building a $100T "stablecoins" market out of T-Bills. Well until it turns into a Quadrillion dollar market. Trust me though, it's NOT A CBDC! YMMV

Profilbild von Abhijit Ghosh

Abhijit Ghoshvor 1 Monat

Direct lending has no consolidated tape — that 40% is reported issuance. When the exit tightens, borrowers don't come to market, they amend and extend: maturity pushed, coupon PIK'd, nothing new printed. Same refi, off-series. Amendment volume is the number that settles it.

Profilbild von Jeffrey P. Snider

Jeffrey P. Snidervor 1 Monat

I’m hosting Eurodollar University Live in West Palm Beach from October 9–12. I only do this once a year, and I cap the room at 40 people so we can go much deeper than I ever could on YouTube or a podcast. Over four days, I’ll walk you through how I’m reading the global economy, where I think things are heading next, and more importantly, how you can check the data and come to your own conclusions. This is application-only. Apply for a seat here →

Profilbild von Economic Bastich

Economic Bastichvor 1 Monat

This meme is so true for these markets.....

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"Constipated." That is the word now being used for the private credit market. And it is exactly what this looks like. The private credit story is changing. For months it was framed as a liquidity problem. Investors trying to pull their money out. That is still a huge problem. BlackRock just had a couple of funds suffering big runs. But there is a bigger one. It is no longer just the investors who want out. It is the investors outside who no longer want in. And that is the much bigger story. Because the private credit boom was built on flows. Constant inflows from wealth managers, pensions, insurance companies, and the general public. That is how big it got. The machine has to keep moving. Money comes in. Loans get made. Funds grow. Redemptions get handled. Managers collect their fees. Everyone pretends it is calm because the marks are smooth and the exits are limited. Now the machine is reversing. Reuters reported US direct lending issuance in the three months ending May was down roughly 40% from the first quarter. Issuance to private-equity-backed borrowers dropped nearly 37%. Volume tied to leveraged buyouts fell about 34%. So this is no longer just a redemption story. The exits are clogged. New money is hesitant. Sellers will not cut prices, and buyers will not pay yesterday's valuations. Credit funds are handling redemptions. Leveraged loans are showing strain. And publicly traded BDCs are not rebounding, even as the broader market soars. So the question is no longer whether investors are still withdrawing. They are, and it is accelerating. It is not about the people inside who want out. It is about the people outside who no longer want in. That is the bigger problem. It pushes us deeper into stage two, and the odds of stage three go up from here.

"Constipated." That is the word now being used for the private credit market. And it is exactly what this looks like. The private credit story is changing. For months it was framed as a liquidity problem. Investors trying to pull their money out. That is still a huge problem. BlackRock just had a couple of funds suffering big runs. But there is a bigger one. It is no longer just the investors who want out. It is the investors outside who no longer want in. And that is the much bigger story. Because the private credit boom was built on flows. Constant inflows from wealth managers, pensions, insurance companies, and the general public. That is how big it got. The machine has to keep moving. Money comes in. Loans get made. Funds grow. Redemptions get handled. Managers collect their fees. Everyone pretends it is calm because the marks are smooth and the exits are limited. Now the machine is reversing. Reuters reported US direct lending issuance in the three months ending May was down roughly 40% from the first quarter. Issuance to private-equity-backed borrowers dropped nearly 37%. Volume tied to leveraged buyouts fell about 34%. So this is no longer just a redemption story. The exits are clogged. New money is hesitant. Sellers will not cut prices, and buyers will not pay yesterday's valuations. Credit funds are handling redemptions. Leveraged loans are showing strain. And publicly traded BDCs are not rebounding, even as the broader market soars. So the question is no longer whether investors are still withdrawing. They are, and it is accelerating. It is not about the people inside who want out. It is about the people outside who no longer want in. That is the bigger problem. It pushes us deeper into stage two, and the odds of stage three go up from here.

Jeffrey P. Snider

24,551 Aufrufe • vor 3 Monaten

Private credit just hit the brakes, and the numbers are not subtle. New US direct lending issuance fell from about $74.6 billion in the first quarter to about $44.8 billion in the three months ending May, according to PitchBook. That is a massive slowdown in a single quarter. Private equity-backed borrowing dropped to about $28.5 billion. Lending tied to leveraged buyouts fell to about $15.2 billion. This is the private credit engine losing speed at the exact moment it needs confidence. And the reasons are not a mystery. Fundraising is still well below its peak. Redemption requests are elevated and still climbing. Investors are scrutinizing loan quality. And borrowers are stuck in a flat, gone-bad economy. For years private credit took market share because it was fast and certain. It could finance deals when the banks and the syndicated markets could not, because everyone assumed the economy would be good forever. That assumption is breaking. Now these funds are preserving liquidity and stretching to get deals done. So they have far less appetite to finance private equity at aggressive valuations. And that is where private equity gets pulled in. It ran on the leverage that private credit provided, and that engine is reversing. Here is the standoff. Private equity firms will not sell assets at lower prices, because that means admitting yesterday's marks were too high. Buyers will not pay peak multiples in a higher-rate, slower-growth world. Lenders will not underwrite the old assumptions. Investors do not want more money locked up. So the whole machine slows, grinds to a halt, and starts to reverse. One guy called it constipation.

Private credit just hit the brakes, and the numbers are not subtle. New US direct lending issuance fell from about $74.6 billion in the first quarter to about $44.8 billion in the three months ending May, according to PitchBook. That is a massive slowdown in a single quarter. Private equity-backed borrowing dropped to about $28.5 billion. Lending tied to leveraged buyouts fell to about $15.2 billion. This is the private credit engine losing speed at the exact moment it needs confidence. And the reasons are not a mystery. Fundraising is still well below its peak. Redemption requests are elevated and still climbing. Investors are scrutinizing loan quality. And borrowers are stuck in a flat, gone-bad economy. For years private credit took market share because it was fast and certain. It could finance deals when the banks and the syndicated markets could not, because everyone assumed the economy would be good forever. That assumption is breaking. Now these funds are preserving liquidity and stretching to get deals done. So they have far less appetite to finance private equity at aggressive valuations. And that is where private equity gets pulled in. It ran on the leverage that private credit provided, and that engine is reversing. Here is the standoff. Private equity firms will not sell assets at lower prices, because that means admitting yesterday's marks were too high. Buyers will not pay peak multiples in a higher-rate, slower-growth world. Lenders will not underwrite the old assumptions. Investors do not want more money locked up. So the whole machine slows, grinds to a halt, and starts to reverse. One guy called it constipation.

Jeffrey P. Snider

18,058 Aufrufe • vor 3 Monaten

For months, everyone called this a liquidity problem. It is not a liquidity problem anymore. It is not just investors pulling money out. It is investors who no longer want in. That is the bigger problem. The whole boom was built on flows. Wealth managers, pensions, insurance, the public. The machine had to keep moving. Now it is reversing. New direct lending issuance fell from 74.6 billion to 44.8 billion in one quarter, per Reuters and PitchBook. A drop of roughly 40%. And the redemptions keep coming. BlackRock's HLend capped requests after investors tried to pull 13%. Up from 9% the quarter before. The run is accelerating. It is not one fund. Blackstone hit its limits. Cliff Water's requests grew. Partners Group capped a private equity fund near 10% of NAV. The pressure is not staying in one lane. Now the public tell. Publicly traded BDCs are not bouncing, even as the market soars. They are the liquid version of the same trade. The bargain hunters are not showing up. That is a buyer strike. And the real fear is the dividends. If you expected 9% and get 4%, why take the risk on the rest? You do not hold the fund hoping Blue Owl turns out right. The stress is spreading. Software loans are down 4.7% this year while the index is up 1.2%. And software sits across both leveraged loans and private credit. Defaults just matched a 2023 high in a 300 billion dollar private credit index. And defaults lag. The amendments, the extensions, the PIK come first. Here is the mechanism. New money slows, old money wants out, so managers protect liquidity. They lend less. Deals slow. Exits disappear. Distributions shrink. Fundraising weakens. The loop closes on itself. It does not need a Lehman blowup to feed on itself. It is not one explosion. It is a system that can no longer clear. The argument from inside is that investors do not know what they are talking about. That this is all nothing. But this many people wanting out, and this many refusing to come in, is not nothing. Private credit can survive bad headlines. Problem loans. Even redemptions. What it cannot survive is a buyer strike, because the whole boom assumed capital would keep arriving. So this is not 2021 anymore. The credit cycle has changed. And the people who asked for their money back were never confused. They were just early.

For months, everyone called this a liquidity problem. It is not a liquidity problem anymore. It is not just investors pulling money out. It is investors who no longer want in. That is the bigger problem. The whole boom was built on flows. Wealth managers, pensions, insurance, the public. The machine had to keep moving. Now it is reversing. New direct lending issuance fell from 74.6 billion to 44.8 billion in one quarter, per Reuters and PitchBook. A drop of roughly 40%. And the redemptions keep coming. BlackRock's HLend capped requests after investors tried to pull 13%. Up from 9% the quarter before. The run is accelerating. It is not one fund. Blackstone hit its limits. Cliff Water's requests grew. Partners Group capped a private equity fund near 10% of NAV. The pressure is not staying in one lane. Now the public tell. Publicly traded BDCs are not bouncing, even as the market soars. They are the liquid version of the same trade. The bargain hunters are not showing up. That is a buyer strike. And the real fear is the dividends. If you expected 9% and get 4%, why take the risk on the rest? You do not hold the fund hoping Blue Owl turns out right. The stress is spreading. Software loans are down 4.7% this year while the index is up 1.2%. And software sits across both leveraged loans and private credit. Defaults just matched a 2023 high in a 300 billion dollar private credit index. And defaults lag. The amendments, the extensions, the PIK come first. Here is the mechanism. New money slows, old money wants out, so managers protect liquidity. They lend less. Deals slow. Exits disappear. Distributions shrink. Fundraising weakens. The loop closes on itself. It does not need a Lehman blowup to feed on itself. It is not one explosion. It is a system that can no longer clear. The argument from inside is that investors do not know what they are talking about. That this is all nothing. But this many people wanting out, and this many refusing to come in, is not nothing. Private credit can survive bad headlines. Problem loans. Even redemptions. What it cannot survive is a buyer strike, because the whole boom assumed capital would keep arriving. So this is not 2021 anymore. The credit cycle has changed. And the people who asked for their money back were never confused. They were just early.

Jeffrey P. Snider

32,147 Aufrufe • vor 3 Monaten

Everyone is watching the Fed. Watch Hong Kong instead. The Hang Seng isn't just a stock index. It's a eurodollar signal. When dollar funding is calm, money flows into China and parks in Hong Kong stocks while it waits to deploy. Index rallies. That's the inflationary read. When the system turns risk averse, that money pulls out. Index falls. That's the deflationary read. Now look at what's lined up since last October: Bitcoin down, BlackRock down, Hang Seng down. Same signal, three different markets, nine months running. That's not a coincidence. That's a global credit cycle shifting underneath everyone's feet.

Everyone is watching the Fed. Watch Hong Kong instead. The Hang Seng isn't just a stock index. It's a eurodollar signal. When dollar funding is calm, money flows into China and parks in Hong Kong stocks while it waits to deploy. Index rallies. That's the inflationary read. When the system turns risk averse, that money pulls out. Index falls. That's the deflationary read. Now look at what's lined up since last October: Bitcoin down, BlackRock down, Hang Seng down. Same signal, three different markets, nine months running. That's not a coincidence. That's a global credit cycle shifting underneath everyone's feet.

Jeffrey P. Snider

15,998 Aufrufe • vor 2 Monaten

Most people use debt to get poor. They buy a house, build equity over decades, and stop there. The wealth is locked in a primary residence, doing nothing. The ones who get rich do something different. They take that same principle, the same velocity, and apply it to an asset that produces cash flow. A rental property. A business. Something that generates income while the debt pays itself down. The bank already knows this. Every loan they write is backed by collateral. They are not lending against your income. They are lending against the asset. And if you default, they take the asset and recover the debt. That is the whole game. Find an asset a lender would take back. Acquire it. Let the cash flow service the debt. Own it free and clear on the other side. Good debt makes you richer. Most people just never learned the difference.

Most people use debt to get poor. They buy a house, build equity over decades, and stop there. The wealth is locked in a primary residence, doing nothing. The ones who get rich do something different. They take that same principle, the same velocity, and apply it to an asset that produces cash flow. A rental property. A business. Something that generates income while the debt pays itself down. The bank already knows this. Every loan they write is backed by collateral. They are not lending against your income. They are lending against the asset. And if you default, they take the asset and recover the debt. That is the whole game. Find an asset a lender would take back. Acquire it. Let the cash flow service the debt. Own it free and clear on the other side. Good debt makes you richer. Most people just never learned the difference.

Ken McElroy

44,838 Aufrufe • vor 3 Monaten

this is f**king dangerous A guy with $8,400 of credit card debt built an AI agent and told it: this is your problem now. It picked up small freelance jobs, invoiced them, and paid the card down. Day 6, the balance was already dropping on his screen. He's not an engineer. He gave a model a goal, a folder and a schedule, then reviewed what it did. That's the entire skill, and it's still free to learn ↓

this is f**king dangerous A guy with $8,400 of credit card debt built an AI agent and told it: this is your problem now. It picked up small freelance jobs, invoiced them, and paid the card down. Day 6, the balance was already dropping on his screen. He's not an engineer. He gave a model a goal, a folder and a schedule, then reviewed what it did. That's the entire skill, and it's still free to learn ↓

Zephyr

2,735,750 Aufrufe • vor 20 Tagen

"My son's now a student here. Watching him wear the same colors…is one of the proudest moments of my life. It's not just about following my footsteps, it's about watching him create his story. That's the power of family…of legacy" – Carmelo Anthony Syracuse commencement speech

"My son's now a student here. Watching him wear the same colors…is one of the proudest moments of my life. It's not just about following my footsteps, it's about watching him create his story. That's the power of family…of legacy" – Carmelo Anthony Syracuse commencement speech

New York Basketball

284,835 Aufrufe • vor 1 Jahr

Novogratz: Jane Street makes more than Goldman Sachs with 1/120th the people - quarter after quarter after quarter. The AI-driven trading firm thesis already played out. "They've been doing this for 15 years and they've been winning." Now that same disruption is going businesswide. (The question is just how fast it morphs) FT Anthony Scaramucci Mike Novogratz All Things Markets SkyBridge.

Novogratz: Jane Street makes more than Goldman Sachs with 1/120th the people - quarter after quarter after quarter. The AI-driven trading firm thesis already played out. "They've been doing this for 15 years and they've been winning." Now that same disruption is going businesswide. (The question is just how fast it morphs) FT Anthony Scaramucci Mike Novogratz All Things Markets SkyBridge.

Milk Road Crypto

54,212 Aufrufe • vor 2 Monaten

Mike McGlone says the AI boom is a bubble that will eventually bust "The key cycle I think we're gonna get from AI is post-inflation deflation, significantly, because there's no doubt it's massively awesome for productivity." "And right now there's no doubt it's one of the main reasons we have stock market cap to GDP at 2.5 times, the highest on record." "Also no doubt, when you talk about debt in this country, it's only 121%, that's the same as 6 years ago. But the problem is, now the stock market to debt ratio is the highest in 25 years." "So focus on what matters. That's the AI boom. It's an AI bubble. And it's gonna bust. It's the question of when and how it happens."

Mike McGlone says the AI boom is a bubble that will eventually bust "The key cycle I think we're gonna get from AI is post-inflation deflation, significantly, because there's no doubt it's massively awesome for productivity." "And right now there's no doubt it's one of the main reasons we have stock market cap to GDP at 2.5 times, the highest on record." "Also no doubt, when you talk about debt in this country, it's only 121%, that's the same as 6 years ago. But the problem is, now the stock market to debt ratio is the highest in 25 years." "So focus on what matters. That's the AI boom. It's an AI bubble. And it's gonna bust. It's the question of when and how it happens."

The Wolf Of All Streets

32,590 Aufrufe • vor 20 Tagen

THE FEDERAL RESERVE JUST ACCIDENTALLY SENT THE MOST BULLISH BITCOIN SIGNAL OF THIS CYCLE. And almost nobody is watching it. Bitcoin doesn't move on hype. It moves with liquidity. The last time WALCL reversed like this? QT ended. Liquidity expanded. Bitcoin followed violently higher. The exact same setup is appearing right now. Same signal. Same structure. Same result. The liquidity cycle has never been wrong. And right now it's pointing straight up.

THE FEDERAL RESERVE JUST ACCIDENTALLY SENT THE MOST BULLISH BITCOIN SIGNAL OF THIS CYCLE. And almost nobody is watching it. Bitcoin doesn't move on hype. It moves with liquidity. The last time WALCL reversed like this? QT ended. Liquidity expanded. Bitcoin followed violently higher. The exact same setup is appearing right now. Same signal. Same structure. Same result. The liquidity cycle has never been wrong. And right now it's pointing straight up.

Crypto Tice

18,922 Aufrufe • vor 29 Tagen

THE FEDERAL RESERVE JUST ACCIDENTALLY SENT THE MOST BULLISH BITCOIN SIGNAL OF THIS CYCLE. And almost nobody is watching it. Bitcoin doesn't move on hype. It moves with liquidity. The last time WALCL reversed like this? QT ended. Liquidity expanded. Bitcoin followed violently higher. The exact same setup is appearing right now. Same signal. Same structure. Same result. The liquidity cycle has never been wrong. And right now it's pointing straight up.

THE FEDERAL RESERVE JUST ACCIDENTALLY SENT THE MOST BULLISH BITCOIN SIGNAL OF THIS CYCLE. And almost nobody is watching it. Bitcoin doesn't move on hype. It moves with liquidity. The last time WALCL reversed like this? QT ended. Liquidity expanded. Bitcoin followed violently higher. The exact same setup is appearing right now. Same signal. Same structure. Same result. The liquidity cycle has never been wrong. And right now it's pointing straight up.

Crypto Tice

32,242 Aufrufe • vor 3 Monaten

Marvin Minsky, MIT professor and father of AI: "The best trader on Wall Street is no longer human. I spent fifty years proving the mind is just a machine built from smaller machines, and once that's true, nothing stops a machine from being the house. it already is." this free lecture holds the entire "AI edge" the funds and the gurus sell, and the man teaching it founded the field itself and put his whole MIT course online for free. at the board it's simple. Minsky's idea is that there is no magic in thinking. a mind is a huge pile of small, mindless parts, each doing something simple, and intelligence is just what happens when enough of them work together. a trading machine is the same trick: thousands of simple rules stacked until an edge appears. that's the whole "AI", minus the mystery. Minsky taught this at MIT and published "The Society of Mind" in 1986. the course has been free ever since. same point as my casino piece above: the house wins with many small mindless advantages stacked, not with one born genius. the ideas are free and every AI lab and every fund already has them. what they cannot sell you is the data and the compute to actually build the machine. that is the real moat now, and no lecture can hand it to you.

Marvin Minsky, MIT professor and father of AI: "The best trader on Wall Street is no longer human. I spent fifty years proving the mind is just a machine built from smaller machines, and once that's true, nothing stops a machine from being the house. it already is." this free lecture holds the entire "AI edge" the funds and the gurus sell, and the man teaching it founded the field itself and put his whole MIT course online for free. at the board it's simple. Minsky's idea is that there is no magic in thinking. a mind is a huge pile of small, mindless parts, each doing something simple, and intelligence is just what happens when enough of them work together. a trading machine is the same trick: thousands of simple rules stacked until an edge appears. that's the whole "AI", minus the mystery. Minsky taught this at MIT and published "The Society of Mind" in 1986. the course has been free ever since. same point as my casino piece above: the house wins with many small mindless advantages stacked, not with one born genius. the ideas are free and every AI lab and every fund already has them. what they cannot sell you is the data and the compute to actually build the machine. that is the real moat now, and no lecture can hand it to you.

Voltex

27,976 Aufrufe • vor 2 Monaten

🚨 THE GOLD BULL RUN IS OVER 🚨 I know nobody wants to hear this right now But the structure from $4,800 is telling a very clear story Every bounce since the top has been smaller than the last Every recovery has found sellers faster than the one before That's not a healthy correction - that's a pure downtrend Right now price is bouncing around $4,200 and everyone is calling it a floor No, that's not true $4,000 is the level the whole market is watching as support And that's exactly why it breaks When everyone is positioned for the same outcome, the market takes the other side My target after $4,000 breaks: $3,450 It's a new phase that most people won't recognize until it's already halfway over NOTIFS ON!

🚨 THE GOLD BULL RUN IS OVER 🚨 I know nobody wants to hear this right now But the structure from $4,800 is telling a very clear story Every bounce since the top has been smaller than the last Every recovery has found sellers faster than the one before That's not a healthy correction - that's a pure downtrend Right now price is bouncing around $4,200 and everyone is calling it a floor No, that's not true $4,000 is the level the whole market is watching as support And that's exactly why it breaks When everyone is positioned for the same outcome, the market takes the other side My target after $4,000 breaks: $3,450 It's a new phase that most people won't recognize until it's already halfway over NOTIFS ON!

NoName

85,192 Aufrufe • vor 2 Monaten

🚨 WARNING: A BIG STORM IS COMING The Fed just dropped new macro data, and it's worse than anyone expected. If you're holding assets, you're not going to like what comes next. A systemic inflation problem is quietly building under the surface. Almost nobody is positioned for it. Because the Fed is out of good options: → Headline PCE inflation jumped to 4.1% → Core PCE stuck at 3.4% → The Fed's target? Just 2% And the economy isn't rolling over to force their hand: → Manufacturing PMI at 53.3 → New orders at 56.0 → Services employment back in expansion That's not healthy growth. That's a strong economy with accelerating inflation. Which gives the Fed zero reason to cut, and every reason to hike. Now the problem nobody wants to talk about: U.S. debt just passed $39.84 trillion, rising faster than GDP. Interest payments alone are exploding into one of the biggest costs in the entire budget. The government is now issuing new debt just to pay interest on old debt. That's a **debt spiral.** And that's the trap. You can't sustain record debt when rates rise. You can't run trillion-dollar deficits with inflation double the target. Something has to give. We've seen this exact setup before: → 2000, before the dot-com collapse → 2008, before the financial crisis → 2020, before the repo market seized The Fed is cornered. Reminder: I've called the major tops and bottoms for years, including the $16K Bitcoin bottom and the $126K top. When I exit the markets completely, I'll post it here, like always. Turn notifications on. If you're not following yet, you'll understand why soon enough.

🚨 WARNING: A BIG STORM IS COMING The Fed just dropped new macro data, and it's worse than anyone expected. If you're holding assets, you're not going to like what comes next. A systemic inflation problem is quietly building under the surface. Almost nobody is positioned for it. Because the Fed is out of good options: → Headline PCE inflation jumped to 4.1% → Core PCE stuck at 3.4% → The Fed's target? Just 2% And the economy isn't rolling over to force their hand: → Manufacturing PMI at 53.3 → New orders at 56.0 → Services employment back in expansion That's not healthy growth. That's a strong economy with accelerating inflation. Which gives the Fed zero reason to cut, and every reason to hike. Now the problem nobody wants to talk about: U.S. debt just passed $39.84 trillion, rising faster than GDP. Interest payments alone are exploding into one of the biggest costs in the entire budget. The government is now issuing new debt just to pay interest on old debt. That's a debt spiral. And that's the trap. You can't sustain record debt when rates rise. You can't run trillion-dollar deficits with inflation double the target. Something has to give. We've seen this exact setup before: → 2000, before the dot-com collapse → 2008, before the financial crisis → 2020, before the repo market seized The Fed is cornered. Reminder: I've called the major tops and bottoms for years, including the $16K Bitcoin bottom and the $126K top. When I exit the markets completely, I'll post it here, like always. Turn notifications on. If you're not following yet, you'll understand why soon enough.

Shelpid.WI3M

1,410,010 Aufrufe • vor 1 Monat

While China now actually owns $618 billion in U.S. debt with Japan being the largest debt owner, with $1.1 trillion followed by the UK with $940 billion. The point Richard Wolf makes here is still valid, as was clearly demonstrated by Xi’s state visit where Trump bent over backwards to fawn over him and attempt to put on a show. Be in no doubt China is just sitting back watching Trump destroy the reputation and economy of the U.S. on the world stage and you the US taxpayers are funding it. 🎥 TikTok -

While China now actually owns $618 billion in U.S. debt with Japan being the largest debt owner, with $1.1 trillion followed by the UK with $940 billion. The point Richard Wolf makes here is still valid, as was clearly demonstrated by Xi’s state visit where Trump bent over backwards to fawn over him and attempt to put on a show. Be in no doubt China is just sitting back watching Trump destroy the reputation and economy of the U.S. on the world stage and you the US taxpayers are funding it. 🎥 TikTok -

𝔗𝔯𝔲𝔱𝔥 𝔐𝔞𝔱𝔱𝔢𝔯𝔰

18,573 Aufrufe • vor 8 Tagen

“The US economy is a ponzi scheme. It’s dependent on the GCC investing in AI and tech stocks. If this financing stops the US economy could face collapse and this means that the young man could not afford their OnlyFans and this could lead to a revolution in the streets.” LOL! 😂

“The US economy is a ponzi scheme. It’s dependent on the GCC investing in AI and tech stocks. If this financing stops the US economy could face collapse and this means that the young man could not afford their OnlyFans and this could lead to a revolution in the streets.” LOL! 😂

Autism Capital 🧩

632,081 Aufrufe • vor 6 Monaten