(Kitco Commentary) - The United States has now crossed a line that no developed economy in world history has ever crossed and survived intact. In just the past decade, our national debt has doubled. Not grown modestly. Not increased in line with GDP. Doubled.

(Kitco Commentary) - Let us begin with a number that the financial media has chosen, with characteristic cowardice, to bury beneath triumphant headlines about a resilient labor market: 55,000.

(Kitco Commentary) - Few Americans grasp what the Federal Reserve truly does. Its “credit creation” isn’t mystical; it’s the manufacture of liquidity for Wall Street through electronic fiat conjured from nothing but faith in government restraint — faith that has been betrayed.

(Kitco Commentary) - The weakening Labor Market is reducing the flow of passive dollars into the stock market. Both labor supply and labor demand are falling in tandem.

(Kitco Commentary) - The Federal Reserve is a most abhorrent institution. Its habitual money printing and interest rate repression serves to enrich banks just as it bankrupts the middle class.

(President Donald Trump appointed Stephen Miran to a position on the FOMC following former Governor Adriana Kugler's resignation in early August.

(Kitco Commentary) - The debt spiral in the U.S. is an accelerating crisis that is threatening our standing as the predominant world power. Surging deficits are being combined with massive rollovers from our existing humongous debt pile.

The US debt-to-GDP ratio is currently at 123% and is projected to reach 140% by 2029

(Kitco Commentary) - The S&P 500 is now trading at 21x the projected earnings growth rate of 9% in 2025. That is an extremely rich multiple on a very optimistic earnings growth rate, given the fact that US GDP shrank during Q1.

(Kitco Commentary) - There was a near-record number of job layoff announcements during the month of March, according to the labor research firm Challenger, Gray & Christmas.

(Kitco Commentary) - The University of Michigan Consumer confidence survey for March plunged to 57.9 versus the estimate of 63 and 65.7 in the month prior.

(Kitco Commentary) - The labor market is clearly weakening. But in reality, this is what needs to happen. Short-term pain is needed to reconcile the great imbalances created by decades of free money. The alternative is intractable inflation that renders the middle class into penury.

(Kitco Commentary) - How can we know for sure the stock market is in a bubble? NVIDIA (NVDA) has been up 155% year to date; its market cap is over $3 trillion.

(Kitco Commentary) - The recent spate of economic data continues to point to a weakening economy, but one that is not yet precipitously falling into recession.

(Kitco commentary) - According to the Congressional Budget Office, the U.S. government posted a $225 billion budget deficit for June, up 156% from a year earlier.

(Kitco commentary) - First Quarter GDP increased at only a 1.1% seasonally adjusted annual rate. That was down from 2.6% in Q4 of last year, which was down from 3.2% during Q3.

(Kitco commentary) - The debt-disabled U.S. economy cannot withstand the surge in borrowing costs, and the reduction in money supply growth necessary to combat the record-high inflation suffered over the past few years.

(Kitco commentary) - Inflation is supposedly on its way to falling gently back to 2% like a fluffy snowflake while the US economy roars ahead. Or at least that is what the deep state of Wall Street needs you to think.

(Kitco commentary) - Despite all the fanfare and cheerleading you hear in the MSFM, the recent bounce in equity prices has just been a rather pedestrian bear market rally.

(Kitco commentary) - President Joe Biden, Treasury Secretary Janet Yellen, the entirety of the money printers who inhabit the Federal Reserve and virtually all of the deep state of Wall Street are still busy trying to convince you that a recession is unlikely.