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Key Events This Very Busy Week: Earnings Deluge, Central Banks, GDP And Much More

Key Events This Very Busy Week: Earnings Deluge, Central Banks, GDP And Much More

While the FOMC enters its quiet period ahead of next week’s taper announcement, it’s still set to be a bumper week ahead for markets.

Amid silence from FOMC…

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Key Events This Very Busy Week: Earnings Deluge, Central Banks, GDP And Much More

While the FOMC enters its quiet period ahead of next week's taper announcement, it's still set to be a bumper week ahead for markets.

Amid silence from FOMC speakers, we get decisions from the ECB and the Bank of Japan (both Thursday). As DB's Jim Reid notes, inflation will obviously remain in the spotlight too as we get the October flash estimate for the Euro Area (Friday) with some regional numbers like German (Thursday) before. In addition, the Q3 earnings season will ramp up further, with 165 companies in the S&P 500 reporting, including Facebook (today), Microsoft, and Alphabet (both tomorrow), and Apple and Amazon (Thursday). Elsewhere, the UK government will be announcing their latest budget and spending review (Wednesday), Covid will remain in the headlines in light of the growing number of cases in many countries, and we’ll get the first look at Q3 GDP growth in the US (Thursday) and the Euro Area (Friday).

Starting with those central bank meetings, we’re about to enter a couple of important weeks with the ECB and BoJ meeting this week, before the Fed and the BoE follow the week after. Market anticipation is much higher for the latter two though.

So by comparison, the ECB and the BoJ are likely to be somewhat quieter, and DB's European economists write in their preview that this Governing Council meeting is likely to be a staging ground ahead of wide-ranging policy decisions in December, and will therefore be about tone and expectations management. One thing to keep an eye on in particular will be what is said about the recent surge in natural gas prices, as well as if ECB President Lagarde challenges the market pricing on liftoff as inconsistent with their inflation forecasts and new rates guidance. 5yr5yr Euro inflation swaps hit 2% for the first time on Friday so if the market is to be believed the ECB has achieved long-term success in hitting its mandate. With regards to the meeting, there’ll be more action in December where economists’ baseline is that there’ll be confirmation that PEPP purchases will end in March 2022.

Speaking of inflation, it will remain heavily in focus for markets over the week ahead, with recent days having seen investor expectations of future inflation rise to fresh multi-year highs. This week one of the main highlights will be the flash Euro Area CPI reading for October, which is out on Friday. Last month, CPI rose to 3.4%, which is the highest inflation has been since 2008, and this time economists are expecting a further increase in the measure to 3.8%. However, their latest forecast update expects that we’ll see the peak of 3.9% in November, before inflation starts to head back down again (it won't be the first time economists have been dead wrong about inflation being transitory). The other main data highlight will come from the Q3 GDP figures, with releases for both the US and the Euro Area. For the US on Thursday the Atlanta Fed tracker has now hit a low of only +0.53%. DB is at 2.3% with consensus at 2.8%.

On to the main event this week, earnings season really ramps up in the next five days with the highlights including some of the megacap tech firms, and a total of 165 companies in the S&P 500 will be reporting. Among the firms to watch out for include Facebook today; tomorrow, we’ll hear from Microsoft, Alphabet, Visa, Eli Lilly, Novartis, Texas Instruments, UPS, General Electric, UBS and Twitter. On Wednesday, releases will include Thermo Fisher Scientific, Coca-Cola, McDonald’s, Boeing, General Motors, Santander and Ford. Thursday then sees reports from Apple, Amazon, Mastercard, Comcast, Merck, Royal Dutch Shell, Linde, Volkswagen, Starbucks, Sanofi, Caterpillar, Lloyds Banking Group and Samsung. Finally on Friday, we’ll hear from ExxonMobil, Chevron, AbbVie, Charter Communications, Daimler, BNP Paribas, Aon and NatWest Group.

In the UK, the main highlight next week will be the government’s Autumn Budget on Wednesday, with the Office for Budget Responsibility also set to release their latest Economic and Fiscal Outlook alongside that. In addition to the budget, the government will also be outlining the latest Spending Review, which will cover public spending priorities over the next 3 years. DB's UK economists expect that 2021-22 borrowing is expected to be revised down by £60bn, and they expect day-to-day spending will follow the path set out at the Spring Budget. They’re also expecting Chancellor Sunak will outline new fiscal rules.

Finally, the pandemic is gaining increasing attention from investors again, with a number of countries having moved to toughen up restrictions in light of rising cases. This week, something to look out for will be the US FDA’s advisory committee meeting tomorrow, where they’ll be discussing Pfizer’s request for an emergency use authorization for its vaccine on 5-11 year olds. The CDC’s advisory committee is then holding a meeting on November 2 and 3 the following week, and the White House have said that if it’s authorised then the vaccine would be made available at over 25,000 paediatricians’ offices and other primary care sites, as well as in pharmacies, and school and community-based clinics. The full day by day calendar is at the end as usual.

Courtesy of Deutsche Bank, here is a day-by-day calendar of events

Monday October 25

  • Data: Germany October Ifo business climate indicator, US September Chicago Fed national activity index, October Dallas Fed manufacturing activity
  • Central Banks: BoE’s Tenreyro speaks
  • Earnings: Facebook, HSBC

Tuesday October 26

  • Data: US August FHFA house price index, September new home sales, October Conference Board consumer confidence, Richmond Fed manufacturing index
  • Central Banks: ECB’s Villeroy speaks
  • Earnings: Microsoft, Alphabet, Visa, Eli Lilly, Novartis, Texas Instruments, UPS, General Electric, UBS, Twitter
  • Other: FDA Advisory Committee meeting to discuss emergency use authorization of Pfizer vaccine to 5-11 year olds

Wednesday October 27

  • Data: Germany November GfK consumer confidence, France October consumer confidence, Euro Area September M3 money supply, US preliminary September wholesale inventories, durable goods orders, core capital goods orders
  • Central Banks: Monetary policy decisions from the Bank of Canada and Central Bank of Brazil
  • Earnings: Thermo Fisher Scientific, Coca-Cola, McDonald’s, Boeing, General Motors, Santander, Ford
  • Politics: UK government announces Autumn Budget and Spending Review

Thursday October 28

  • Data: Japan September retail sales, Germany October unemployment change, preliminary October CPI, Italy October consumer confidence, Euro Area final October consumer confidence, US weekly initial jobless claims, advance Q3 GDP, September pending home sales, October Kansas City Fed manufacturing activity
  • Central Banks: Monetary policy decisions from the ECB and Bank of Japan
  • Earnings: Apple, Amazon, Mastercard, Comcast, Merck, Royal Dutch Shell, Linde, Volkswagen, Starbucks, Sanofi, Caterpillar, Lloyds Banking Group, Samsung

Friday October 29

  • Data: Japan September jobless rate, preliminary September industrial production, preliminary Q3 GDP from Euro Area, Germany, France and Italy, preliminary October CPI from Euro Area, France and Italy, UK September mortgage approvals, Canada August GDP, US September personal spending, personal income, October MNI Chicago PMI, final October University of Michigan consumer sentiment index
  • Earnings: ExxonMobil, Chevron, AbbVie, Charter Communications, Daimler, BNP Paribas, Aon, NatWest Group

Focusing on just the US, Goldman writes that the key economic data releases this week are the durable goods report on Wednesday, the Q3 GDP release on Thursday, and the core PCE report on Friday. There are no speaking engagements from Fed officials this week, reflecting the FOMC blackout period.

Monday, October 25

  • 10:30 AM Dallas Fed manufacturing index, October (consensus 6.2, last 4.6)

Tuesday, October 26

  • 09:00 AM FHFA house price index, August (consensus +1.5%, last +1.4%)
  • 09:00 AM S&P/Case-Shiller 20-city home price index, August (GS +1.4%, consensus +1.5%, last +1.55%); We estimate the S&P/Case-Shiller 20-city home price index rose by 1.4% in August, following a 1.55% increase in July.
  • 10:00 AM New home sales, September (GS +3.0%, consensus +2.2%, last +1.5%): We estimate that new home sales increased by 3.0% in September, reflecting an increase in mortgage applications.
  • 10:00 AM Conference Board consumer confidence, October (GS 107.0, consensus 108.5, last 109.3): We estimate that the Conference Board consumer confidence index decreased by 2.3pt to 107.0 in October. Our forecast reflects weak signals from other consumer confidence measures.
  • 10:00 AM Richmond Fed manufacturing index, October (consensus 5, last -3)

Wednesday, October 27

  • 08:30 AM Advance goods trade balance, September (GS -$88.0bn, consensus -$88.3bn, last -$88.2bn): We estimate that the goods trade deficit declined by $0.2bn to $88.0bn in September compared to the final August report, as shipping bottlenecks likely weighed on import volumes.
  • 08:30 AM Wholesale inventories, September preliminary (consensus +1.0%, last +1.2%): Retail inventories, September (consensus +0.3%, last +0.1%)
  • 8:30 AM Durable goods orders, September preliminary (GS -1.5%, consensus -1.0%, last +1.8%): Durable goods orders ex-transportation, September preliminary (GS +0.7%, consensus +0.4%, last +0.3%); Core capital goods orders, September preliminary (GS +0.7%, consensus +0.5%, last +0.6%); Core capital goods shipments, September preliminary (GS +0.7%, consensus +0.5%, last +0.8%): We estimate durable goods declined 1.5% in the preliminary September report, reflecting a pullback in commercial aircraft orders. We estimate firm gains in core capital goods orders (+0.7%) and core capital goods shipments (+0.7%), in part reflecting higher prices.

Thursday, October 28

  • 08:30 AM Initial jobless claims, week ended October 23 (GS 280k, consensus 290k, last 290k); Continuing jobless claims, week ended October 16 (consensus 2,410k, last 2,481k): We estimate initial jobless claims declined to 280k in the week ended October 23.
  • 08:30 AM GDP, Q3 advance (GS +3.25%, consensus +2.8%, last +6.7%); Personal consumption, Q3 advance (GS +0.8%, consensus +0.8%, last +12.0%): We estimate GDP growth slowed to +3¼% annualized in the advance reading for Q3, following +6.7% in Q2. Our forecast reflects a sharp slowdown in consumption growth (to +0.8%) driven by the waning fiscal boost and a slower pace of reopening due to the Delta variant. We expect declines in business structures and equipment investment—the latter due to vehicle shortages—but expect a strong gain in the intellectual property category (+10%). We estimate a boost to GDP growth from inventories (+2.4pp qoq ar) but a drag from net trade (-0.6pp).
  • 10:00 AM Pending home sales, September (GS -1.0%, consensus +0.5%, last +8.1%): We estimate that pending home sales declined 1.0% in September.
  • 11:00 AM Kansas City Fed manufacturing index, October (consensus +19, last +22)

Friday, October 31

  • 08:30 AM Employment cost index, Q3 (GS +1.0%, consensus +0.9%, prior +0.7%): We estimate that the employment cost index rose 1.0% in Q3 (qoq sa), which would boost the year-on-year rate by five tenths to +3.4%. Labor shortages exerted upward pressure on wage growth in the third quarter, and the ECI measure is also running well below our composition-adjusted wage tracker (+3.7% in Q3). We also expect a pickup in ECI benefit growth after a soft sequential gain in Q2.
  • Personal income, September (GS -0.5%, consensus -0.2%, last +0.2%); Personal spending, September (GS +0.4%, consensus +0.6%, last +0.8%); PCE price index, September (GS +0.25%, consensus +0.3%, last +0.40%); Core PCE price index, September (GS +0.13%, consensus +0.2%, last +0.32%); PCE price index (yoy), September (GS +4.36%, consensus +4.4%, last +4.26%); Core PCE price index (yoy), September (GS +3.62%, consensus +3.7%, last +3.62%): Based on details in the PPI, CPI, and import price reports, we forecast that the core PCE price index rose by 0.13% month-over-month in September, corresponding to a 3.62% increase from a year earlier. Additionally, we expect that the headline PCE price index increased by 0.25% in September, corresponding to a 4.36% increase from a year earlier. We expect a 0.5% decrease in personal income and a 0.4% increase in personal spending in September.
  • 09:45 AM Chicago PMI, October (GS 62.0, consensus 64.0, last 64.7): We estimate that the Chicago PMI pulled back by 2.7 points to 62.0 in October. Our forecast reflects mixed global industrial data and a possible sentiment drag from China power cuts.
  • 10:00 AM University of Michigan consumer sentiment, October final (GS 71.4, consensus 71.4, last 71.4): We expect the University of Michigan consumer sentiment index was unchanged at 71.4 in the final October reading.

Source: Deutsche Bank, Goldman, Bank of America

Tyler Durden Mon, 10/25/2021 - 09:26

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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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