It started with rich people in debt.
Then we looked at the countries.
You borrow: bad decisions.
They borrow: financial strategy.
A country borrows: congratulations, you're a taxpayer.
solana:GiUHYs5Hsv94P8bR9m26DsXsX8E786rQsFsPK6spump: memes about people who can afford everything except the bill.
CA:GiUHYs5Hsv94P8bR9m26DsXsX8E786rQsFsPK6spump
https://t.co/3CdGIYzK0I
https://t.co/UatlOoh4SQ
JUST IN: 🇺🇸 US government is up $44 billion on its Intel investment.
On August 22, 2025, the government agreed to purchase 433.3 million Intel shares at $20.47 per share, investing $8.9 billion for a 9.9% stake.
$INTC is currently trading at $121.78, making the government's stake worth approximately $52.9 billion.
That represents an unrealized gain of $44 billion, or nearly 495%, in 13 months.
China’s loan growth is collapsing:
China’s loans grew +4.9% YoY in August, its weakest reading in data going back to the 1990s.
This comes as bank lending fell to just ~$9 billion, materially below the ~$60 billion expected.
Furthermore, aggregate financing, a broad measure of credit, increased just +$247 billion, well below the +$314 billion expected.
Loan growth has trended lower for years and peaked at 34.2% YoY, following the 2008 Financial Crisis.
Weak borrowing from households and businesses is driving the slowdown, with household mid- and long-term loans shrinking for the 5th month this year.
At the same time, comparable corporate loans fell to more than 50% below their 2023 levels.
China’s economy is struggling.
Zohran Mamdani: “DoorDash had underpaid more than 260K delivery workers across New York City. Today, after years of corporate greed and impunity, we are holding DoorDash to account. I am proud to announce that DoorDash will pay more than $131M, the largest settlement for food delivery workers ever secured in American municipal history and a landmark win for those who have been mistreated and abused for years with nowhere to turn”
BREAKING: SoftBank is set to raise more than $11 billion, in what will be one of the biggest junk bond deals ever, to fund a follow-on investment in OpenAI, per Bloomberg.
As part of its funding campaign this year, SoftBank has sold ~$15 billion worth of notes, making it the biggest junk-rated borrower in bond markets so far in 2026.
We are seeing unprecedented debt market activity to fund AI.
🇨🇳🇺🇸 China cuts US Treasury holdings to an 18-year low
• China has been reducing its holdings for over a decade, down from around $1.3 trillion in the early 2010s to $618 billion today.
• The decline accelerated after 2022 as China became more concerned about relying too heavily on US assets.
• Foreign governments are buying fewer US Treasuries, while hedge funds and other investors are buying more.
• Weaker foreign demand is helping push Treasury yields higher, with the 30-year yield recently hitting a nearly 20-year high.
• Higher yields mean the US government has to pay more to borrow money.
BREAKING: Total consumer credit surged +$18.1 billion in July, to a record $5.19 trillion.
This follows +$14.6 billion in June and marks the 13th consecutive monthly increase.
Revolving credit, which includes credit cards, jumped +$2.8 billion, to a record $1.36 trillion.
Non-revolving credit, covering auto and student loans, rose +$15.3 billion, to $3.83 trillion, an all-time high.
This also marks the biggest monthly increase since March 2025.
US consumers are "fighting" inflation with more debt.
Prepare for an incredibly eventful Q4.
We now have the Fed expected to raise interest rates again by year-end with midterm elections 45 days out.
Meanwhile, oil prices are back above $100/barrel amid record diesel prices and a global fuel shortage.
This comes as 10Y Note Yield rises above 5.00%, the stock market nears record highs, and the AI Revolution continues to accelerate.
And, earnings season is set to begin in just a few weeks with big tech companies currently investing $1+ trillion in annual CapEx.
Monetary policy, geopolitics, energy, elections, and AI are all converging.
We will be breaking it all down in real-time right here on X.
BREAKING: European governments are discussing imposing a "bloc-wide windfall tax" on energy companies as record fuel prices pile pressure on leaders to contain mounting public discontent.
Across the EU, gas prices are now up +24% year-over-year, while diesel is up +38%, and jet fuel is up over +100%.
Europe's worst-ever energy crisis is getting worse.
While everyone is watching crude oil futures, the physical crude oil market is out of control.
Shipping costs for crude oil are surging at a near-unprecedented rate.
The cost to ship 2 million barrels of crude oil from West Africa to China is now up to $23.59/barrel.
To put this into perspective, in July, the cost for the same shipment ~$6.50/barrel.
That's a +258% surge in shipping costs in just 2 months.
We are witnessing one of the largest global energy shocks ever recorded.
BREAKING: President Trump says the US has entered an agreement with Denmark and Greenland that gives the US “permanent control over security and all other needs in Greenland.”
“There will be no cost to the United States,” Trump says.