Excerpt:
"Gold hit a fresh record high in the wake of Jerome Powell’s dovish comments that the Fed will consider cutting interest rates at its upcoming September FOMC meeting. As the Fed is forced into accommodative policy and possibly even eventual QE, get ready for even more record highs for the yellow metal.

But just don’t dance.

That’s a quote from a famous scene in The Big Short, when Brad Pitt’s character Ben Rickert sternly reminds his younger investing partners that the success of their trade is only possible because of tremendous suffering on the part of Americans who were suckered into bogus mortgages. As they excitedly dance in anticipation of all the money they’re about to make, Pitt’s character says:

“You just bet against the American economy…which means if we’re right, people lose homes, people lose jobs, people lose retirement savings, people lose pensions…every one percent unemployment goes up, 40,000 people die, did you know that?”

Real numbers may vary. But the sentiment is a reminder of the importance of gratitude and humility. Gratitude because you saw what was coming, and took the right steps to protect yourself, your finances, and your family. Humility because your bet was that monetary debasement and an economic crisis were inevitable.

When that crisis comes, the most important thing will be to figure out how to rebuild in a way that applies the lessons taught by the inflationary horrors of central banking. History shows that, once a central bank is established, those lessons are usually learned the hard way.
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Companies gorged on cheap money during the last decade of near-zero rates, not to expand productivity, but to buy back their own stock. By 2020, corporate debt had ballooned past $10 trillion, much of it in the lowest investment-grade tier, just a downgrade away from junk. This echoes the mortgage market pre-2008, where trillions of subprime loans were disguised as safe. The only difference now is that instead of toxic mortgages,it’s overleveraged corporations whose balance sheets can’t survive higher borrowing costs.
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Meanwhile, office towers in major US cities are sitting half-empty, their values plunging as remote work reshapes demand. Banks, especially regional ones, are stuffed with loans tied to these buildings. It’s the same dynamic as 2008’s housing bust, only this time the collateral isn’t suburban homes, but glass skyscrapers no one wants to lease, especially in the remote work status quo. If property values fall far enough, lenders will face billions in losses, threatening the same contagion that once spread through mortgage-backed securities."
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Once again as in 1929, 1980, 1987, 2000, and 2008, the banking cartel has created another crash to extract the earnings of millions into their undeserving pockets.