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Crescat Capital Quarterly Investor Letter Q4 2020 “The Largest Wealth Transfer in History”

Crescat Capital commentary for the fourth quarter ended December 31, 2020, discussing that gold and silver mining companies now trade with a higher free cash flow yield than tech stocks. Q4 2020 hedge fund letters, conferences and more Dear Investors:…

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Crescat Capital commentary for the fourth quarter ended December 31, 2020, discussing that gold and silver mining companies now trade with a higher free cash flow yield than tech stocks.

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Q4 2020 hedge fund letters, conferences and more

Dear Investors:

Crescat finished strong in 2020 to capture the top three spots in the Bloomberg News US hedge fund performance table for December. All three Crescat funds made it into Bloomberg’s top 10 for the full year with the Crescat Precious Metals Fund taking the #1 spot. We are working as hard as ever to continue to deliver in 2021. We see an incredible macro investing setup today as we explain herein.

As profiled in our recent letters, the stage is set for a massive investor shift out of overvalued mega cap growth stocks and fixed income securities and into undervalued materials, energy, and other commodities. We believe it is the dawn of what we are calling the Great Rotation. The preconditions are summarized as follows:

  • The Democratic sweep opens the way for full Modern Monetary Theory implementation;
  • Janet Yellen as Secretary of the Treasury brings the Fed and US Government onto the same team;
  • The appointment of Bernie Sanders as the Chairman of the Senate Budget Committee sets the tone for a fiscal spending explosion;
  • Jerome Powell “welcomes” inflation and is “not even thinking about thinking about raising rates”;
  • The Fed’s quantitative easing is on autopilot at $120 billion per month with no end in sight;
  • Twin budget and trade deficits have continued to deteriorate and are now at 25% of nominal GDP;
  • Record valuations for stocks and fixed income securities;
  • Historic global debt to GDP imbalances;
  • Extreme bullishness and speculative long positioning in overvalued large cap growth and tech stocks;
  • Historic relative undervaluation of commodities and equities of basic resource companies;
  • Investor overconfidence in Fed to keep stocks and credit buoyed without creating significant inflation;
  • The Fed will likely no longer be able to keep both interest rates and inflation down at the same time;
  • Inflation is catalyst for the Great Rotation, the end game for popular risk parity hedge fund strategies;
  • Forget about the “output gap”, rising wholesale prices, and ultimately rising consumer prices and wages, start with the “input gap”, underinvestment in commodity industries;
  • Aggregate demand meanwhile is indeed boosted by MMT;
  • Money printing combined with declining negative real rates are creating explosive macro demand drivers for gold and silver;
  • Precious metals represent the core asset class for capital preservation in a rising inflation and overvalued financial asset world;
  • All fiat currencies globally are being devalued relative to gold;
  • The US dollar is not the structurally weakest fiat currency;
  • The Chinese yuan and Hong Kong dollar represent the most overvalued currency on the planet today in Crescat’s view;
  • China has created a massive $46 trillion USD of credit in its banking system which is insolvent; and
  • The Chinese banking bubble is four times greater than the bank asset to GDP imbalance in the US at the peak of the housing bubble ahead of the 2008 GFC.

The Largest Wealth Transfer in History

Contrary to the narrative we often see, today’s mix of monetary and fiscal policy are having a very different economic impact then we saw post the global financial crisis. Then, deflationary forces were exacerbated by a brutal wealth loss problem, which was especially the case among the lower classes of society. The bottom 50% lost over 84% of their net worth from 2007 to 2011. In the wake of the Covid-19 recession, we have seen the opposite effect. The lower classes just increased their wealth to the highest annual amount in the history of the data. Their net worth increased by almost $500 billion in one year.

In fact, the bottom 50% net worth is now 77% higher than it was at the peak of the housing bubble.

Balance sheets also look stronger. The liability to asset ratio for the bottom 50% is now at its lowest level in over a decade.

The top 1% holds over 15 times more financial assets than the bottom 50% and have also benefitted tremendously from recent easy money policies.

The bottom 50% of net worth has actually been improving relative to almost all other richer parts of society for the last 10 years.

The bigger point is that the recent improvements in the bottom 50% net worth have certainly nothing to do with vibrant macro conditions. It is quite the opposite. Corporate earnings are depressed. Economic activity remains well below its historical average with 18.4 million people claiming unemployment insurance benefits.

Nonetheless, what we have seen is a major wealth transfer from the government to the people. Just from January to July of 2020, the bottom 50% increased their net worth by $403 billion, the 50th to 90th wealth percentiles by $2.4 trillion, the 90th to 99th by $4.1 trillion, and the top 1% by $4.7 trillion. In aggregate, the US total population wealth increased by $11.8 trillion in 6 months!

Thinking today’s monetary and fiscal policies will have the same social and economic consequences that we had after the GFC is wrong in our view. We believe that a significant ramp up in consumer spending by the bottom 50%, along with the wealthier classes, will indeed fuel inflationary forces. When combined with a looming commodity supply shortage problem, the setup resembles the macro environment we had in the 1970s.

Modern Monetary Theory

The cost of this transfer of wealth into the pockets of the broad population is that public debt has shot up to $27 trillion. The government needs the party to go on, but someone has got to pay for it. For now, that is being accomplished with the highest levels of deficit spending since World War II and a government debt time bomb that is ticking faster.

The twin current account and fiscal deficits are almost certain to continue with the blue wave to add to this government debt pile. The trade balance just reached its worst level since August 2006. On an annual basis, the US imported $650B more than it exported of goods and services. In combination with fiscal spending that is currently at World War II levels, the US twin deficit problem now represents close to 25% of its nominal GDP.

In November and December, the government issued $505B worth of Treasury notes and bonds. This was the largest 2-month issuance ever. The Fed bought 28% of that amount while US banks bought 20% of it. There is no way back from what we are seeing today. Debt monetization has clearly become the primary funding tool for the government.

Silver, the Cheapest Metal on Earth

With the new Democratic leadership in place, we believe fiscal extravagance is here to stay. The last time we had such a sweep across the White House and Congress was in early 2009. It is important to note that the precious metals markets took off at that time to have one of their best runs in history over the next two and a half years. As the chart shows, silver went up by 327%. We think the macro setup for gold and silver, and related mining stocks, is even more compelling today. The economy has a major debt imbalance that is now compounding at an incredibly fast pace due to a fiscal and current account deficit problem. In addition, financial markets are tightly dependent on Fed policies to continue to suppress interest rates to allow institutions to service their debt and prevent risky assets from collapsing at historic valuations.

The recent precious metals selloff presents an incredible opportunity for investors in our view. The big macro picture remains unchanged. Silver, for instance, is still historically undervalued relative to money supply.

US Corporate Debt and Equity Market Excess

Public debt is not the only problem. Corporate debt is also at historic levels. More specifically, it amazes us how levered small cap stocks are today. They are currently trading at almost 13x Debt to EBITDA.

We believe the Fed is currently running a live experiment: how high can rates move up until stocks start running into trouble? Given the sheer magnitude of the valuation imbalance we have today, we believe nominal interest rates do not have a lot of room to rise and continue to justify stocks at these multiples. According to Crescat’s 15-factor valuation model for US equities, stocks have never been so expensive. Now we ask, at what point will the recent rise in inflationary forces become a headwind for these excessive prices across risky assets?

Gold And Silver Mining Companies vs Tech Stocks

A significant part of our bullish case for precious metal miners is the valuation of the top producers relative to not only the overall equity market but especially in comparison with high-flying growth stocks. For the first time in 25 years, gold and silver mining companies now trade with a higher free cash flow yield than tech stocks. We believe this truly is a new era for precious metals’ companies that for a long time have been labeled as capital destroyers.

To recall from prior letters, this is the first time in history that precious metals miners used over 60% of their free cash flow generated in a quarter to pay down debt. This capital management decision resulted in the largest repayment of debt we have seen in the industry’s history. We think long-lasting skeptics of these businesses are about to miss one of the best macro-opportunities ever presented.

There is nothing better to illustrate the level of opportunity for being long precious metals trades today than the chart below. Apple’s market cap is now worth 4 times more than the entire precious metals industry. This is one of the most asymmetric investment theses we have seen in our careers.

gold silver mining

The Great Rotation

If we could only focus in one chart for the next three to five years, it would be the following. For us, the opportunity of buying historically undervalued commodity related assets while hedging our exposure by shorting overhyped equities is compelling.

The opportunity for buying gold stocks and selling overvalued large cap growth stocks appears like 1972. In just two years in 1973-74, the S&P 500 declined 50% while gold stocks increased five-fold!

gold silver mining

Similarly, from the peak of the tech bubble, the NASDAQ Composite declined 78% in just two and half years while gold and silver mining equites would soon begin a new secular bull market.

gold silver mining

Crowded Emerging Markets Trade Could Miss the Mark

Oftentimes investors tend to pile into popular investment ideas at the exact wrong time of the market. We think that is the case with emerging markets today. The bullish thesis evolves around buying assets at cheap multiples with tremendous potential for growth. To be fair, that has always been the constructive view for emerging markets. However, for some strange reason, they never end up ‘emerging’ into developed economies.

Still at very early stages, investors are warming up to the idea of owning hard assets to protect and grow capital. As a result, emerging market stocks are being bid up as way of diversifying away from the dollar in addition to getting exposure to a rise in commodity prices. In our strong view, this is a risky way to be positioned. Like almost all asset classes, emerging market stock prices and FX crosses are detached from economic reality today. The current bets against the US dollar are crowded and ripe for reversal. We think emerging markets will suffer from such a short squeeze as investors begin to cover their positions. Our bullishness on gold does not mean we are bearish on the US dollar. We believe all fiat currencies are in a race to the bottom, but the US dollar remains among the strongest. In our global macro fund, to hedge our long gold exposure, we look for ways to be short the most overvalued currencies we can find, hence our Chinese yuan and Hong Kong dollar puts.

The chart below shows how commodities have massively lagged versus the rise of the MSCI Emerging Markets Index in the last years, now at all time highs. This divergence puts into perspective how only one of those two assets looks to be an asymmetric opportunity for the years ahead – commodities. For those looking for hard asset exposure, we do not think it is the right time to be complicating this investment thesis with a crowded knock-on effect trade.

gold silver mining

Oil Also Attractive

Oil is also incredibly mispriced in our view. The same way the precious metals mining industry is reluctant to spend capital, oil companies are perhaps even more so. Aggregate CAPEX for the S&P 500 energy sector is now falling at its steepest level in the last 12 years. Just like gold and silver, lack of investments in the industry will likely cause major long-term implications in the supply of oil. To build upon the thesis, the Democratic sweep only adds fuel to the oil fire. We see these factors as incredibly bullish for WTI.

gold silver mining

Along with the recent production cuts by OPEC of 1 million barrels a day, US oil production is also in free fall.

gold silver mining

Same goes for drilling rigs. As we noted in our latest letter, the rig count cyclicality has been an incredibly reliable contrarian forward looking indicator for oil prices. Prior historical dips also preceded key market bottoms in WTI prices and oil and gas stocks.

gold silver mining

Crescat’s Activist Precious Metals Strategy

At Crescat, we believe a refined activist portfolio of gold and silver exploration equities represents one of the best combinations of value and intermediate-term upside appreciation potential in the financial markets today. We have identified select opportunities to deploy capital and unlock value seeking to transform premier global small cap explorers into mid and large cap miners. Expert technical guidance is key to unlocking value in the precious metals industry. Crescat is pleased to be advised by world-renowned exploration geologist Quinton Hennigh, PhD. We encourage you to reach out to Marek and Cassie, contact information below, to learn more.

Q4 Profit Attribution

gold silver mining

Performance

gold silver mining

Download PDF Version

Sincerely,

Kevin C. Smith, CFA

Founder & CIO

Tavi Costa

Partner & Portfolio Manager

Rich Johnson, CFA

Data Scientist

For more information including how to invest, please contact:

Marek Iwahashi

Client Service Associate

miwahashi@crescat.net

Cassie Fischer

Client Service Associate

cfischer@crescat.net

Linda Carleu Smith, CPA

Partner & COO

lsmith@crescat.net

© 2021 Crescat Capital LLC

The post Crescat Capital Quarterly Investor Letter Q4 2020 “The Largest Wealth Transfer in History” appeared first on ValueWalk.

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.

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They said it was bound to happen.

It was Jan. 11, 2024 when software giant Microsoft  (MSFT)  briefly passed Apple  (AAPL)  as the most valuable company in the world.

Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. 

It rose as much as 2% during the session and the company was briefly worth $2.903 trillion. Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion. 

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," D.A. Davidson analyst Gil Luria said at the time, according to Reuters.

The two tech titans have jostled for top spot over the years and Microsoft was ahead at last check, with a market cap of $3.085 trillion, compared with Apple's value of $2.684 trillion.

Analysts noted that Apple had been dealing with weakening demand, including for the iPhone, the company’s main source of revenue. 

Demand in China, a major market, has slumped as the country's economy makes a slow recovery from the pandemic and competition from Huawei.

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024 compared with a year earlier, according to research firm Counterpoint, as the company contended with stiff competition from a resurgent Huawei "while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi," said senior Analyst Mengmeng Zhang.

“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now," he said.

A man scrolling through Netflix on an Apple iPad Pro. Photo by Phil Barker/Future Publishing via Getty Images.

Future Publishing/Getty Images

Big plans for China

Counterpoint said that the first six weeks of 2023 saw abnormally high numbers with significant unit sales being deferred from December 2022 due to production issues.

Apple is planning to open its eighth store in Shanghai – and its 47th across China – on March 21.

Related: Tech News Now: OpenAI says Musk contract 'never existed', Xiaomi's EV, and more

The company also plans to expand its research centre in Shanghai to support all of its product lines and open a new lab in southern tech hub Shenzhen later this year, according to the South China Morning Post.

Meanwhile, over in Europe, Apple announced changes to comply with the European Union's Digital Markets Act (DMA), which went into effect last week, Reuters reported on March 12.

Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store.

"To reflect the DMA’s changes, users in the EU can install apps from alternative app marketplaces in iOS 17.4 and later," Apple said on its website, referring to the software platform that runs iPhones and iPads. 

"Users will be able to download an alternative marketplace app from the marketplace developer’s website," the company said.

Apple has also said it will appeal a $2 billion EU antitrust fine for thwarting competition from Spotify  (SPOT)  and other music streaming rivals via restrictions on the App Store.

The company's shares have suffered amid all this upheaval, but some analysts still see good things in Apple's future.

Bank of America Securities confirmed its positive stance on Apple, maintaining a buy rating with a steady price target of $225, according to Investing.com

The firm's analysis highlighted Apple's pricing strategy evolution since the introduction of the first iPhone in 2007, with initial prices set at $499 for the 4GB model and $599 for the 8GB model.

BofA said that Apple has consistently launched new iPhone models, including the Pro/Pro Max versions, to target the premium market. 

Analyst says Apple selloff 'overdone'

Concurrently, prices for previous models are typically reduced by about $100 with each new release. 

This strategy, coupled with installment plans from Apple and carriers, has contributed to the iPhone's installed base reaching a record 1.2 billion in 2023, the firm said.

More Tech Stocks:

Apple has effectively shifted its sales mix toward higher-value units despite experiencing slower unit sales, BofA said.

This trend is expected to persist and could help mitigate potential unit sales weaknesses, particularly in China. 

BofA also noted Apple's dominance in the high-end market, maintaining a market share of over 90% in the $1,000 and above price band for the past three years.

The firm also cited the anticipation of a multi-year iPhone cycle propelled by next-generation AI technology, robust services growth, and the potential for margin expansion.

On Monday, Evercore ISI analysts said they believed that the sell-off in the iPhone maker’s shares may be “overdone.”

The firm said that investors' growing preference for AI-focused stocks like Nvidia  (NVDA)  has led to a reallocation of funds away from Apple. 

In addition, Evercore said concerns over weakening demand in China, where Apple may be losing market share in the smartphone segment, have affected investor sentiment.

And then ongoing regulatory issues continue to have an impact on investor confidence in the world's second-biggest company.

“We think the sell-off is rather overdone, while we suspect there is strong valuation support at current levels to down 10%, there are three distinct drivers that could unlock upside on the stock from here – a) Cap allocation, b) AI inferencing, and c) Risk-off/defensive shift," the firm said in a research note.

Related: Veteran fund manager picks favorite stocks for 2024

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Major typhoid fever surveillance study in sub-Saharan Africa indicates need for the introduction of typhoid conjugate vaccines in endemic countries

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high…

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There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

Credit: IVI

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

 

The findings from this 4-year study, the Severe Typhoid in Africa (SETA) program, offers new typhoid fever burden estimates from six countries: Burkina Faso, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Madagascar, and Nigeria, with four countries recording more than 100 cases for every 100,000 person-years of observation, which is considered a high burden. The highest incidence of typhoid was found in DRC with 315 cases per 100,000 people while children between 2-14 years of age were shown to be at highest risk across all 25 study sites.

 

There are an estimated 12.5 to 16.3 million cases of typhoid every year with 140,000 deaths. However, with generic symptoms such as fever, fatigue, and abdominal pain, and the need for blood culture sampling to make a definitive diagnosis, it is difficult for governments to capture the true burden of typhoid in their countries.

 

“Our goal through SETA was to address these gaps in typhoid disease burden data,” said lead author Dr. Florian Marks, Deputy Director General of the International Vaccine Institute (IVI). “Our estimates indicate that introduction of TCV in endemic settings would go to lengths in protecting communities, especially school-aged children, against this potentially deadly—but preventable—disease.”

 

In addition to disease incidence, this study also showed that the emergence of antimicrobial resistance (AMR) in Salmonella Typhi, the bacteria that causes typhoid fever, has led to more reliance beyond the traditional first line of antibiotic treatment. If left untreated, severe cases of the disease can lead to intestinal perforation and even death. This suggests that prevention through vaccination may play a critical role in not only protecting against typhoid fever but reducing the spread of drug-resistant strains of the bacteria.

 

There are two TCVs prequalified by the World Health Organization (WHO) and available through Gavi, the Vaccine Alliance. In February 2024, IVI and SK bioscience announced that a third TCV, SKYTyphoid™, also achieved WHO PQ, paving the way for public procurement and increasing the global supply.

 

Alongside the SETA disease burden study, IVI has been working with colleagues in three African countries to show the real-world impact of TCV vaccination. These studies include a cluster-randomized trial in Agogo, Ghana and two effectiveness studies following mass vaccination in Kisantu, DRC and Imerintsiatosika, Madagascar.

 

Dr. Birkneh Tilahun Tadesse, Associate Director General at IVI and Head of the Real-World Evidence Department, explains, “Through these vaccine effectiveness studies, we aim to show the full public health value of TCV in settings that are directly impacted by a high burden of typhoid fever.” He adds, “Our final objective of course is to eliminate typhoid or to at least reduce the burden to low incidence levels, and that’s what we are attempting in Fiji with an island-wide vaccination campaign.”

 

As more countries in typhoid endemic countries, namely in sub-Saharan Africa and South Asia, consider TCV in national immunization programs, these data will help inform evidence-based policy decisions around typhoid prevention and control.

 

###

 

About the International Vaccine Institute (IVI)
The International Vaccine Institute (IVI) is a non-profit international organization established in 1997 at the initiative of the United Nations Development Programme with a mission to discover, develop, and deliver safe, effective, and affordable vaccines for global health.

IVI’s current portfolio includes vaccines at all stages of pre-clinical and clinical development for infectious diseases that disproportionately affect low- and middle-income countries, such as cholera, typhoid, chikungunya, shigella, salmonella, schistosomiasis, hepatitis E, HPV, COVID-19, and more. IVI developed the world’s first low-cost oral cholera vaccine, pre-qualified by the World Health Organization (WHO) and developed a new-generation typhoid conjugate vaccine that is recently pre-qualified by WHO.

IVI is headquartered in Seoul, Republic of Korea with a Europe Regional Office in Sweden, a Country Office in Austria, and Collaborating Centers in Ghana, Ethiopia, and Madagascar. 39 countries and the WHO are members of IVI, and the governments of the Republic of Korea, Sweden, India, Finland, and Thailand provide state funding. For more information, please visit https://www.ivi.int.

 

CONTACT

Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 | aerie.em@ivi.int


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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

Earlier today, CNBC’s…

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever... And Debt Explodes

Earlier today, CNBC's Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany - a country with major economic woes - added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River's Eric Peters predicted this weekend for the coming "US debt sustainability crisis."

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)...

... and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there's more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won't be tomorrow, or the week after, it is coming... and it's also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

... having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC's Brian Sullivan, who quotes an email by a DC strategist...

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US... and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Tyler Durden Tue, 03/12/2024 - 18:40

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