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Just as record leverage accelerated the rebound from the 2020 recession in record time, it has also brought the next downturn in record time, not two years after the last.  Inflation was last year… Abnormally high consumption of goods over … Continue reading →

China’s economy is struggling as its outrageously leveraged property sector, which has driven some 25% of its GDP growth over the past decade (and the lion share of global commodity demand), works through a well-earned bust cycle. After years of … Continue reading →

With a global market cap loss of some $9 trillion this month, stock markets have their worst January on record.  Under the surface of market averages, 49% of S&P 500 companies, 76% of NASDAQ, and 82% of the economically sensitive … Continue reading →