Wolf Richter with host Chris Waltzek at GoldSeek.com Radio:
The economy and the labor market are strong, powered in part by consumer spending, fueled by a surge in consumer borrowing. But in the subprime sector, default rates are now soaring and lenders are reacting by tightening their lending standards. At the same time, interest rates are rising in the credit-addicted economy, and asset prices, which have skyrocketed in near-unison over the past eight years, are being targeted, also in near-unison, for a haircut (18 min):
The US Gross National Debt spiked $1.2 trillion in 6 Months and just hit $21 Trillion. It now amounts to 106.4% of GDP. These dang trillions fly by so fast, they’re hard to see. And these are the economic boom times. Read… US Gross National Debt Spikes $1.2 Trillion in 6 Months, Hits $21 Trillion
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