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, #Bitcoin is on sale. But I don’t agree that it’s a buy. The problem is that it’s a going-out-of-business sale. Early mark downs are nothing. Just wait until the blowout, final markdowns. The closeout sale will be epic. Be careful, all sales final. No returns.
This is the month the #Fed was supposed to starting shrinking its balance sheet. Imagine how much weaker the bond market would be if the Fed was selling instead of buying. Meanwhile, #Powell talks tough about fighting #inflation in public, yet continues to create more in private.
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The political reality is that the U.S. economy will be in a severe recession during the midterm elections in Nov. and it will still be in the same recession during the general election in 2024. The main difference is that in 2024 #inflation and the #recession will be even worse!
Many people have finally gave up on the idea of a soft landing, and now expect a hard landing. But they still don’t get it. The only landing possible is a crash, where everyone on board dies. That’s why the #Fed won’t even attempt to land and give up its pretend #inflation fight.
Weekly jobless claims again exceeded expectations and will soon soar as consumers cut back on spending and businesses cut back on workers. June Philly Fed Mfg. fell to -3.3 and May housing starts and building permits collapsed. The home building industry is entering a depression!