Globally, debt and equity capital markets lost around $23 trillion of ‘wealth’ in Q2 as Putin’s invasion sent commodity prices higher, slammed stocks on recession fears, and central banks around the world engaged in policy-tightening to battle the inflationary monster at their doors.
Source: Bloomberg
In the US, The Fed’s Flow of Funds data issued today shows that US Households lost a shocking $6.1 trillion in Q2 – the largest quarterly loss ever (bigger than the aggregate loss reported in Q1 2020 during the peak of COVID lockdown policies around the world)…
Source: Bloomberg
We do caveat that drop with the words we shared for Q1:
“This number is garbage and only makes sense if households were allowed to mark their own stock prices… the real net worth drop could be multiples of this…”
This is the second consecutive quarterly drop in net worth (after falling about $147 billion in the first quarter), dragging the total down to $143.8 trillion… as The Fed balance sheet begins to rollover…
Source: Bloomberg
And this is all happening against a background of the “strongest economy ever…”
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
You ain’t seen nothing yet…….
Make up the loss by working harder.
Moar overtime.
One job.
Your “golden years” are disturbing their dreams of gold….
‘It’s Becoming Too Expensive to Live’: Anxious Older Adults Try to Cope With Limited Budgets
Across the country, seniors who until recently successfully managed limited budgets are growing more anxious and distressed. Some lost work during the covid-19 pandemic. Others are encountering unaffordable rent increases and the prospect of losing their homes. Still others are suffering significant sticker shock at grocery stores…
Cohen has looked for apartments in her area, but many are in smaller buildings, without elevators, and not readily accessible to someone with severe arthritis, which she has. One-bedroom units are renting for $1,200 and up, not including utilities, which might be an additional $200 or more. Waiting lists for senior housing top two years.
“I’m miserable,” Cohen told me. “I’m waking up in the middle of the night a lot of times because my brain won’t shut off. Everything is so overwhelming.”
https://khn.org/news/article/elder-index-seniors-economic-insecurity-inflation-disability-rent/
Waiting lists for senior housing top two years.
Shouldn’t have had all those abortions, at least you’d have a place to crash.
Yet, house and rent is outta site. Nothing makes sense anymore.
This is just the beginning. Historically, it takes about 4 years from the beginning of a housing market crash until it reaches the bottom. People hang in there as long as they can, and lenders are very reluctant to admit losses. It takes years before they finally bite the bullet and decide to monetize whatever value they can pull out of depressed foreclosures.
The vast majority of so called wealth owned by most people is home equity which is determined by subjective valuations of real estate, and securities held in their retirement account which is determined by subjective values of stocks and bonds. Many of the stocks are stupidly overvalued, and many of the bonds are invested in mortgages which may default.
This is the perfect economic storm, and many will not financially survive it.
And I saw when the Lamb (Jesus) opened one of the seals, and I heard, as it were the noise of thunder, one of the four beasts saying, Come and see.
And I saw, and behold a white horse: and he that sat on him had a bow; and a crown was given unto him: and he went forth conquering, and to conquer. (Anti-Christ)
And when he had opened the second seal, I heard the second beast say, Come and see.
And there went out another horse that was red: and power was given to him that sat thereon to take peace from the earth, and that they should kill one another: and there was given unto him a great sword.
And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.
And when he had opened the fourth seal, I heard the voice of the fourth beast say, Come and see.
And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death, and with the beasts of the earth. (Is that about 2 billion people?)
And when he had opened the fifth seal, I saw under the altar the souls of them that were slain for the word of God, and for the testimony which they held:
And they cried with a loud voice, saying, How long, O Lord, holy and true, dost thou not judge and avenge our blood on them that dwell on the earth?
And white robes were given unto every one of them; and it was said unto them, that they should rest yet for a little season, until their fellowservants also and their brethren, that should be killed as they were, should be fulfilled.
And I beheld when he had opened the sixth seal, and, lo, there was a great earthquake; and the sun became black as sackcloth of hair, and the moon became as blood;
And the stars of heaven fell unto the earth, even as a fig tree casteth her untimely figs, when she is shaken of a mighty wind.
And the heaven departed as a scroll when it is rolled together; and every mountain and island were moved out of their places.
And the kings of the earth, and the great men, and the rich men, and the chief captains, and the mighty men, and every bondman, and every free man, hid themselves in the dens and in the rocks of the mountains;
And said to the mountains and rocks, Fall on us, and hide us from the face of him that sitteth on the throne, and from the wrath of the Lamb:
For the great day of his wrath is come; and who shall be able to stand?
Want to escape? FOR GOD SO LOVED THE WORLD THAT HE GAVE HIS ONLY BEGOTTEN SON THAT WHOSOEVER BELIEVETH IN HIM SHOULD NOT PERISH BUT HAVE EVERLASTING LIFE. JOHN 3:16 Jesus is God!
Go preach somewhere else, we do not want to hear it.