Peter St Onge Podcast
Ep 70: Major Banks Warn of Disaster
Jul 29, 2024
This week discusses major banks warning of impending economic disaster amid concerns of stagflation. Political shifts are highlighted, particularly Kamala Harris's rising influence ahead of the elections. The housing crisis intensifies, with unpaid rent soaring and families struggling to stay afloat. Canada's economic downturn is stark, marked by rising debt and living standards at risk. Finally, the podcast delves into the historical consequences of abandoning the gold standard, urging a critical look at current monetary practices.
18:58
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Quick takeaways
- Major banks warn of an impending economic disaster due to persistent inflation and challenges posed by stagflation.
- Rising evictions and skyrocketing rent costs reflect a struggling housing market, exacerbated by inflation and ineffective policymaking.
Deep dives
Economic Warning Signs
Warnings from major banking executives indicate a looming economic disaster, underscoring persistent inflation due to federal deficits. JP Morgan's CEO noted that inflation is likely to remain elevated for longer, which could hinder cash flow for smaller companies and keep interest rates high. This situation may lead to stagflation, a scenario where inflation and economic contraction occur simultaneously, complicating the Federal Reserve's ability to address the crisis. Standard monetary policies may prove ineffective in combating stagflation, as evidenced by the Fed's struggle to navigate these turbulent economic conditions.
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