Even the Fed’s Losing Money!

September 19, 2023

by James Rickards Daily Reckoning

The financial system is in a slow-motion meltdown. There are many indications that the economy’s in trouble, despite what you’ll hear from the cheerleaders in the mainstream media.

Commercial real estate values are crashing, and the associated loans are going into default. Credit cards are maxed out and borrowers are being punished with 20% or even 30% interest rates (that will double the outstanding balance in three years if you don’t pay it off).

There’s a global dollar shortage, which explains why China is dumping U.S. Treasury securities (to get cash) and why the euro, yen, yuan and sterling are all going down against the dollar.