The US banks are screwed under overwhelming debt. The entire govt is in a debt spiral under the Biden administration. Its increasing debt to pay interest and that is nothing more than a classic Ponzi scheme. The worlds largest by a multiple of 1000. This will end up feeding into the Western global property bubble in Canada, US, Australia and parts of Europe. All FIAT currencies are devaluing against the US dollar as is evident by the gold price rising to a record against the basket of basket case currencies. The media are brain-dead as usual, and missing in action as always. They are busy chasing car crashes for advertising dollars. It costs a billion bucks for a 1 bedroom unit in Sydney, and that stupidity needs to deflate or slow down. The immigration policy is driven by the big four banks whose entire life is linked to the property market. They tell the govt what policy and rate settings are needed. Australia is a country of housing debt and mining. Every time i see roads full of expensive imported black SUV's driven by the latest yuppie debt-laden people, i want to call a top. Seen it 4 times. Lamob's for crypto kids, Range Rovers for negatively geared young couples who think they have got it made. It's great for those who step through the eye of the needle, but i fear many won't make it. I am not calling the end of the world, i am calling caution. The endless govt debt and handouts are coming back to roost. The idiots in Canberra are overspending which is keeping rates higher for longer. Something tends to break. NASDAQ is held up by 7 companies. Nvidia dropped $213billion in one night. Yes, that is $US$213B. That is on its way to 1/3rd of the Australian govt National debt in one company. It costs a fortune to buy a bag of groceries now. People are at record debt with very little left in the tank. We now have 1 million people in Oz at the poverty line thanks to Canberra. The cost of energy is insane, and food and rent are worse. Meanwhile, Albo is flapping his gums about starting an industry in this country. I hope when he comes off his crack pipe, he can tell the truth for once in his life. Politics is our greatest threat. Remember it and plan for it.
