BOOM! $10 Trillion in Stocks Vanish, Triggering The Great American Debt Catastrophe and Global Currency Reset – GAME OVER!
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As the dust from the shocking reveal of a deepening crisis begins to settle, a daunting image of the United States emerges, speeding headlong towards a financial debt catastrophe of historical proportions. The tempest that was once mere speculation, albeit grim, is now very real, spiraling our world’s leading economic powerhouse into a state of fiscal mayhem. Is this the beginning of a financial apocalypse, or are we staring down the barrel of the largest global economic reset ever witnessed?
Hold onto your hats, ladies and gentlemen; we are about to embark on a roller-coaster ride through the tumultuous landscapes of the American economic system, where the dollar once stood as an unchallenged colossus. However, recent indicators suggest that the country is inching closer to a horrifying geo-economic meltdown. This should make us all sit up straight, especially as the economic sky seems to be darkening with a thunderous inevitability.
In the epicenter of this fiscal turbulence, we find interest rates skyrocketing, painting a grim picture of an impending storm. The debt service costs – the cost of carrying the national debt, are ballooning dangerously, threatening to overshadow vital government spending. Add to this, the brazen dismissal of Treasury Secretary Janet Yellen’s dire warnings, and you have a concoction potent enough to decimate the global financial stability we’ve come to take for granted.
Are we nearing the final act of this tragic economic saga? Are we witnessing the curtains fall on the grand American economic stage? The numbers surely suggest so. The riveting narrative of the US economic resilience seems to be hurtling towards a shocking climax, as the figures speak louder than any speculation. Buckle up!
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Tax collection, the lifeblood of government coffers, has fallen sharply by 9.2%, a drop that single-handedly led to a 7.3% decrease in government revenue since the beginning of the year. Meanwhile, the US budget deficit – the shortfall between the government’s expenses and its income, almost tripled year over year in June, reaching an alarming $228 billion.
The overall deficit for the first nine months of the fiscal year was an eye-popping $1.393 trillion, the third largest on record. The magnitude of this deficit is not just a cause for concern, it’s a deafening alarm bell. This rising debt not only threatens the stability of the US economy, but also puts its global standing at stake. The increasingly gaping deficits are turning the US into a high-risk borrower, resulting in higher interest payments and an unbearable strain on the federal budget.
The numbers, for those willing to brave a look, are nothing short of terrifying. The latest US Monthly Fiscal Deficit Report reveals a bone-chilling ascent towards a worsening financial crisis. Government spending has spiraled upwards by 15% to a staggering $646 billion , a horrifying $100 billion increase from the previous year.
Meanwhile, in a cruel twist of irony, tax revenue, which was supposed to keep the government afloat, took a nose dive by 9.2%. It fell from a respectable $461 billion to a meager $418 billion. This represents the largest drop in tax revenue without the cushion of a recession.
The aftermath? A rising budget deficit and an economy balancing precariously on the edge of a precipice. The US budget deficit tripled, yes, tripled, from $89 billion to a whopping $228 billion in just one year. This far exceeds the consensus forecast of $175 billion, signaling a financial crisis that’s deepening at an alarming pace.
This extraordinary deficit increase doesn’t just raise eyebrows; it begs questions about fund allocation and possible fiscal impropriety. Is there a darker secret lurking in the backdrop of this unprecedented economic downturn?
Peeling back another layer of this financial disaster, the accumulated deficit in the first nine months of the fiscal year is the third largest in recorded history. Excluding the 2020 and 2021 fiscal years marred by the global pandemic shutdown, the deficit for the 2023 fiscal year was a stomach-churning $1.393 trillion. That’s an increase of 170% year-over-year! These numbers scream for urgent action – a return to gold-backed money and a Global Currency Reset (GCR).
How long can the current financial system withstand this onslaught without capitulating to the GCR?
The debt, growing like a monstrous fiscal behemoth, is threatening the stability of the US economy and its global standing. The United States stands on the edge of a potential bankruptcy, a US dollar crash, or perhaps the complete meltdown of the global fiat currency system.
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This harsh reality is worsened by the double-edged sword of skyrocketing government spending and plummeting tax revenues. The United States is racing towards a financial debt catastrophe, a specter that hangs heavily over the world economy. With the cumulative deficit at the third highest level in recorded history, the countdown to a total system collapse seems to have begun.
Brace for Impact
The global equity markets have witnessed a staggering $10 trillion recovery this year. However, as hundreds of companies gear up to report their earnings in the coming weeks, this monumental achievement hangs in the balance. With forecasts projecting a 9% drop in S&P 500 earnings for the second quarter and an even bleaker outlook in Europe, the fate of this remarkable equity gain rests on the line. As we navigate through these tumultuous times, market watchers and investors find themselves divided on how the market will respond. The stakes are high, and the looming earnings test will separate the resilient from the vulnerable.
The global equity markets have been on an extraordinary journey this year, amassing an astounding $10 trillion in recovery. Yet, as the reporting season dawns upon us, the upcoming weeks will prove to be a make-or-break moment for this remarkable achievement. According to data compiled by Bloomberg Intelligence, the S&P 500 is anticipated to experience its worst earnings season since 2020, with a projected 9% drop in the second quarter. The situation is even grimmer in Europe, where a staggering 12% decline is expected. The earnings test that lies ahead will determine whether the massive equity gains can sustain their momentum or crumble under the weight of uncertainty.
As we approach this pivotal moment, financial strategists find themselves in a state of disagreement. While some indicators suggest a potential recovery in earnings next year, others remain skeptical about the market’s ability to weather the storm.
Evgenia Molotova, a senior investment manager at Pictet Asset Management, expresses her doubts, stating, “I’m skeptical that companies will be able to deliver the same level of earnings resilience this quarter.” To gauge the market’s ability to rebound in the second half, sales growth and stable profit margins will be the key determining factors.
Market watchers are keeping a close eye on several crucial aspects that could influence the market’s trajectory. These factors include the impact of a weaker dollar on major exporters to the United States, the real story behind the AI-fueled stock rally, concerns regarding soaring costs, and the effect of consumer spending on business health. The market’s response to these elements will likely determine the course of future developments.
Here are five critical factors that investors are closely monitoring:
- Big Tech Impact: The Nasdaq 100, propelled by the artificial intelligence (AI) frenzy, reached unprecedented heights in the first half of this year. Now, investors eagerly await evidence of how this nascent technology will impact corporate earnings. Anika Gupta, Director of Macroeconomic Research at WisdomTree, warns, “If AI enthusiasm fails to translate into substantial earnings growth for tech companies, we may witness at least a temporary correction in stock prices.” Companies such as Apple, Microsoft, Amazon.com, Nvidia, and Google’s parent company Alphabet have already showcased impressive earnings growth this quarter, outpacing other major players in the US.
- Effect of Inflation: Optimism surrounding decelerating inflation has sparked hopes that the Federal Reserve may soon halt rate hikes. However, businesses face a less favorable scenario as labor and other costs continue to rise, making it difficult for them to raise prices for customers. Rob Haworth, Senior Investment Strategist at US Bank Wealth Management, highlights the concern, saying, “Nominal inflation is declining faster than wages, which could benefit consumers but deteriorate profit margins. We must closely examine the interaction between wage growth and price increases to assess whether companies will continue to face pressure.”
- Consumer Pressure: Underlying trends in consumer spending serve as a barometer for the health of US businesses. Key sectors such as auto sales, travel, and hospitality face scrutiny as analysts monitor corporate debt burdens, refinancing plans, and the financial stability of companies with weak balance sheets. Despite a robust job market and ample savings, early signs indicate that US consumer spending, adjusted for inflation, has remained relatively flat after an initial surge earlier this year. This tepid growth raises concerns about the state of the overall economy.
- Europe’s Outperformance Falls: Experts at Barclays predict that Europe will experience more significant declines in earnings compared to the United States, primarily due to a weakened manufacturing sector. In addition, major exporters face additional challenges as currencies like the euro and Swiss franc strengthen, impacting their competitiveness. Swiss watchmaker Swatch Group AG has already warned about the adverse effects of currency fluctuations on its sales this year. While some investors find regional stocks appealing due to attractive valuations, others worry that the lack of technology stocks could destabilize the overall outlook.
- A Tumultuous Recovery in China: China’s stock market has remained distant from the global rally this year, plagued by a sluggish economic recovery and mounting concerns over the housing sector and youth unemployment. However, the country’s automakers are expected to provide a glimmer of hope as domestic sales and exports gain momentum. On the other hand, tech companies’ performance may falter due to lackluster conditions in the global chip market. The performance of international companies engaged in business with China, especially European luxury goods giants, will be closely scrutinized. Burberry Group recently highlighted China’s contribution in offsetting the slowdown in the United States. Other market favorites, including LVMH and Kering SA, will also face scrutiny regarding their performance in Asia. Fabiana Federi, Chief Investment Officer for Equity and Multi-Assets at M&G, points out that beauty and sporting goods companies catering to the Chinese market face higher risks compared to luxury goods companies due to their customer base.
In conclusion, the $10 trillion equity gain stands at a crossroads. As companies begin to report their earnings, the resilience of these gains will be tested like never before. With skeptics questioning the ability of businesses to bounce back, it is crucial to monitor sales growth, profit margins, and key market indicators to gauge the future trajectory. Investors must remain vigilant, navigating through these uncertain times with caution, as the fate of the global equity markets hangs in the balance.
So, buckle up, ladies and gentlemen. It seems that the financial hurricane is just over the horizon, and it’s heading straight for us. We’re staring down the barrel of the largest financial reset in history. Brace yourselves for impact. Game Over!
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