The Week In 5 Mins

During the third quarter, credit card balances hit an all time high of $1.08 trillion according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit (the largest YoY increase since the New York Fed started tracking that data in 1999.) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ WEEKEND EDITION | November 18, 2023 |  [View Online]( |  [Sign Up]( Note From Addison: “Economic growth,” Vincent Geloso writes, “is the way to let go of some of the deadweight that history forces us to carry.” Sometimes it's helpful to take a step back. This week, we’ve been dredging up details on the Fed’s fight with inflation, its impact on the bond market, a noxious stock market rally and record consumer spending on credit in the face of what looks like a recession in 2024. We’ve skirted discussion of the budget debate deferral in Washington and the violence in Gaza and the Donbas. While trying to articulate the theme that economic growth encourages civilized behavior—encapsulated in [The Great American Shell Game]( writers and analysts here in Baltimore, we came across this helpful paragraph from Vincent Geloso, a professor of economics at George Mason University: Economic growth lowers the probability of civil wars and inter-country conflicts. Economic downturns [on the other hand] fuel racial animus within countries. For example, the areas in the US that were most affected by the Great Recession [in 2008] were those that saw the largest increases in racist internet searches and hate crimes against black Americans. We also have evidence from Europe that downturns fuel populism – generally tied in with anti-immigrant feelings – and distrust. In our view, the themes we cover this week – and the themes we are most interested in, at large – are the social impact of what Heminway observed in the 1930s. They are the natural outcome of a “mismanaged economy”. “When the money goes bad,” Bill Bonner memorably noted during one of our Wiggin Sessions interviews, “[The center cannot hold.]( Below you’ll find detritus culled from this week’s news cycle and our own interview with Michael Rectenwald, Libertarian Candidate for President. Enjoy—Addison The Week In 5 Mins Addison Wiggin — Nov 17 What's In A "Soft Landing" Anyway? The phrase “soft landing” reliably accrues as economists, market analysts and money managers speculate what's likely to happen next. [Continue reading»]( The Essential Investor What Went Wrong With America “Corruption in U.S. at Worst Levels in Almost a Decade,” writes theForeign Policy Institute. Three major crises are converging on January 15 that could turn 2024 into one of the most tumultuous years since the 1960s... [Click here to watch>>]( Addison Wiggin — Nov 16 Won't Get Fooled Again In a world where regulators may prioritize inclusivity over banking experience, the question arises: Can we trust the 'self-appointed saviors'? [Continue reading»]( Addison Wiggin — Nov 15 Gonorrhea To Global City, Overnight San Francisco's rapid transformation during APEC raises eyebrows. Governor Newsom's casual admission of a cleanup for VIPs adds to concerns. Addison Wiggin explores investor alternatives amid urban decay. The fentanyl crisis, on the APEC agenda, adds complexity. [Continue reading»]( Michael Rectenwald — Nov 15 Attack of the Subversive Elites 2024 Libertarian Candidate Michael Rectenwald exposes the 'Subversive Elites' behind the Great Reset, delving into globalist organizations and their impact on governance. Uncover the orchestrated attacks on US infrastructure and the urgent call for a change in governing elites to protect individual freedoms. [Continue reading...]( Michael Rectenwald — Nov 14 From Leftism to Liberty, a Personal Journey Libertarian Candidate for President details his transition from Marxism to libertarianism, sparked by his dissent against identity politics, cyber-show trial, and defamation lawsuit against NYU. Influenced by Ludwig von Mises, Rectenwald advocates for individual rights as a cornerstone of liberty. [Continue reading...]( Addison Wiggin — Nov 14 Xtreme Inflation Explore the alarming disconnect between Wall Street's celebration of a 'soft landing' and the stark reality of surging inflation impacting everyday Americans. [Continue reading...]( POWERED BY VAULT METAL America's Banking Crisis Has Reached Critical Mass Over 200 banks could be on the verge of collapse, putting your hard-earned retirement savings at risk. 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