The New CS Board

[jumanji0881]

It's all about the debt -

https://www.zerohedge.com/markets/shocking-us-consumer-credit-numbers-savings-long-gone-credit-card-debt-soars

My Comment: It's all about the debt. I think there will be a lot of defaults and bankruptcies once the recession takes hold. Watch the housing market which is in an insane bubble ($1Million doesn't buy much anymore). Gold should be a lot higher.

Excerpts:
the real stunner was revolving, or credit card debt, which soared nearly six-fold February to $18 billion from $3.1 billion in January, the second highest print on record, just in time for those credit card APR to starting moving higher, first slowly and then fast.

The implications are profound: any model that projected that US spending will be fueled by "savings" can now be trashed. And since this is most of them, the consequences are dire as they confirm - once again - that the Fed is tapering, QTing and hiking right into a recession, which according to Deutsche Bank will begin in late 2023 and which according to Morgan Stanley can start in as little as 5 months. Today's data suggests that Morgan Stanley is right...