The U.S. Now Has:
1. Record $16.5 trillion in household debt
2. Record $11.9 trillion in mortgages
3. Record $1.6 trillion in auto loans
4. Record $986 billion in credit card debt
Total mortgage debt is now more than double the 2006 peak.
Meanwhile, 36% of Americans have more credit card debt than savings with balances rising at the fastest pace since 1999.
This is all while mortgage rates just hit 7.1% and credit card debt rates hit a record 24.9%.
We are "fighting" inflation with debt.
This can't end well.
The U.S. Treas. Sec. has admitted the only way to avoid a default on the National Debt is to raise the #DebtCeiling so the Govt. can borrow from new lenders to repay existing lenders. This amounts to an official admission that the U.S. is running the world's largest Ponzi scheme.
If you have the patience you Will make it the next run up. One more chance to get lifetime gains. Dont blow it up.
We Will make it in sha allah 📈🐐
#btc#eth
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Access one click cross-chain swaps across any L1 and erc-20 to and from 83 #Avalanche tokens.
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I'm 56. Trust me on this.
Pursue your goals in private. Outside of your wife and one or two good friends...most people don't want to see you succeed.
I'm sorry it's that way.
Events this Month:
1. Most tech layoffs announced since 2001
2. $30 billion collapse of crypto exchange FTX
3. US credit card debt hits record $930 billion
4. Wells Fargo mortgage business drops 90%
5. 37% of small businesses in US unable to pay rent
We are in a recesion.
14/ I pray for everyone who got caught up in this mess. I hope it doesn't turn you off of crypto. I hope you take care of yourself and continue to be a part of this community. These are growing pains. Money can be made again. Stay with me.
I remain your humble servant,
Jesse
1/ This industry is made up of so many smart, passionate, open-minded, welcoming people, with genuine humanitarian interest at heart.
I know we're going to get past this. True believers will not be deterred. But, this is a massive setback. I'm really trying to control my rage.
The Fed just gave *big* guidance
They plan to take rates to 5%+
And hold them there for most of next year, until they've "defeated" inflation
Here's why this won't work
(according to basic math) 👇
It’s only in crypto you will see 20-year-olds losing millions of dollars within a month and still acting normal. Probably because since they made it once, they know they can do it again. Wild space.
THREAD: The US government's new export controls are wreaking havoc on China's chip industry.
New rules around "US persons" are driving an "industry-wide decapitation."
In all seriousness, if you do not understand what is happening with UK pension funds and why UK 'leadership' is a complete and utter clown show and why this is the first shock of what will break our world, then you should really read this note.
epsilontheory.com/a-brief-histor…
Everywhere a recession: "results were impacted by rapidly weakening consumer demand and significant customer inventory adjustments across all end markets." - MU