Look at the amount that commercial paper is down year over year! We’re talking nearly 40%, and the fuel for the largest segment of the economy, consumer credit, is continuing to plunge into negative territory:

Total loans and leases negative with no upturn:

All monetary aggregates when measured in year over year percent change are up, but the annualized RATE percent change is showing that in the short term the aggregates are SHRINKING:

Velocity continues to fall, with the monetary base velocity growth plunging to the -80% range year over year:

In terms of market valuations, THE MARKET HAS NEVER BEEN AS OVERVALUED AS IT IS RIGHT NOW – NEVER.

The geniuses on Wall Street will argue forward P/E, but even with their wild eyed, mark to fantasy bullshit, the FORWARD P/E IF ACHIEVED (it won’t be) is still in the out of control, way outside of historic norms 38 range. This is a MASSIVE DIVERGENCE from reality, do not expect it to last.
Rare Earth – Get Ready: