World Growth Imploding as US and China Overdose on Debt.

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#steemleo

In this report, I cover the early market action from London on Friday, October 18th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.

Today I look at the recent economic statistics coming out of the U.S. and also China. Chinese GDP was reported this morning at 6% which was slightly lower than expected and was the lowest GDP data in almost thirty years. I also note how the U.S. data this week and in particular Retail Sales has come out a lot lower than expected.

I will be looking at how GDP is calculated as well and how if it wasn't huge government budget deficits the American and Chinese economies would be showing very little growth if any. The U.S. would actually have negative GDP growth if it wasn't for the 5% deficit that Uncle Sam is running.

My conclusion is that in the current debt-based monetary system the debt needs to keep growing but if economic growth is lower than debt growth than the system will be in trouble. It looks to me like we are very near that point where the marginal utility of debt is very near zero and could even become negative. The powers that be like the IMF and the major Central Bankers' know this and that is why they are warning us. This warning, of course, is to cover themselves as they are to blame for the current condition of things.

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