Nvidia stock, $NVDA, is now down 7.5% as President Biden restricts AI chip sales to China.
The stock has erased nearly $100 billion in value in just over 24 hours.
We now have:
1. Multiple wars around the world
2. The beginning of a new trade war with China
3. Least affordable housing market in history
4. Oil prices back above $90
How is inflation supposed to hit 2%?
The U.S. Now Has:
1. Record $17.1 trillion in household debt
2. Record $12.0 trillion in mortgages
3. Record $1.6 trillion in auto loans
4. Record $1.6 trillion in student loans
5. Record $1.0 trillion in credit card debt
The average house payment is about to hit $3,000/month for the first time in history.
All as oil prices are up ~40% in 3 months, mortgage rates hit 7.5% and credit card rates are at a record 25%.
Borrowing more debt is not the solution to high inflation.
This is unsustainable.
Delinquencies on auto loans, credit cards and consumer loans just hit their highest levels since 2012.
As both rates and prices rise rapidly, delinquency rates are skyrocketing.
The average new car now costs $48,300, up from $37,700 just 4 years ago.
The average used car is now selling for an alarming $27,000.
In 1 month, student loan payments on $1.6 trillion of debt will resume.
People are "fighting" inflation with debt they can't afford.
The 4 busiest airports in the world are all in the US (Airports Council International):
1. Hartsfield–Jackson Atlanta International Airport (ATL)
2. Dallas/Fort Worth International Airport (DFW)
3. Denver International Airport (DEN)
4. Chicago O'Hare International Airport (ORD)