In the US, the monetary and fiscal stimulus spigots are turning off as the Fed threatens to start tapering in November and Congress devolves into gridlock over both the next stimulus package as well as the debt ceiling.

The US currently spends 111% of its tax receipts on the true cost of servicing its debt and the Fed is now chained to printing up the difference. This is a no-win situation.

Outside the US, longstanding stable political regimes like Angela Merkel’s party in Germany are voted out of control. And Asia, particularly China, is experiencing a pronounced economic slowdown, exacerbated by failures like the Evergrande crisis. See the YouTube Video for the charts and graphics: https://youtu.be/csf4fdV-EOQ