Financial Survival Network, Released on 8/29/23

In their bi-weekly sit-down, Kerry Lutz and John Rubino discussed various economic issues, including the mixed labor market data, challenges facing the housing market, and the real estate problems in China. They noted that wage inflation is becoming a problem in certain sectors, while the labor market in general seems to be weakening. Home sales are frozen, and mortgage rates have spiked, which effectively doubles the monthly cost of a house if the house price doesn’t come down. They also discussed the challenges facing the housing market, particularly for baby boomers who have not downsized from their large homes. Additionally, they discussed the potential impact of Airbnb on the housing market, with a potential deluge of inventory from Airbnb units pouring onto the market in the event of a slowing economy. The conversation then shifted to the complexities of China’s currency crisis and the challenges it poses for the country’s economy. They also explored the potential consequences of China’s demographic issues, including a shrinking population and a shortage of women. The conversation then shifted to the possibility of the BRICS countries creating a shared trading currency backed by gold, which would provide stability for bilateral trade. They also talked about the flight of wealthy Chinese citizens and the need for a free-floating reserve currency. Finally, they discussed the situation in Russia and Ukraine, with Lutz and Rubino discussing the potential for a cataclysmic event and the dangers of war. Labor market data is mixed, with unions getting double-digit wage increases while job openings (three-month drop of 1.5 mill) and payrolls getting revised way lower.

John Rubino is the founder of the popular financial website DollarCollapse.com which he sold in 2022. Mr. Rubino is the co-author, with GoldMoney’s James Turk, of The Money Bubble and The Collapse of the Dollar and How to Profit from It. He spent the 1980’s on Wall Street as a Eurodollar trader, equity analyst and junk bond analyst. During the 1990’s he was a featured columnist with TheStreet.com and a frequent contributor to Individual Investor, Online Investor, and Consumers Digest, among many other publications. His latest work can be found at https://rubino.substack.com.

  economy, jobs