_{FINANCIAL NEWS}

Credit Card Debt Hits Record High, According to New York Fed Data

Americans' credit card debt reached a record high of $1.17 trillion at the end of September, a $24 billion increase from the previous quarter, according to the New York Federal Reserve. Total household debt also climbed to $17.94 trillion, with increases in mortgage, auto loan, and student loan balances.

While income growth has outpaced debt, elevated delinquency rates—especially among younger borrowers—highlight financial stress. Credit card delinquencies eased slightly to 8.8%, but delinquencies for auto loans and mortgages rose modestly. Researchers flagged the persistent rise in debt balances and delinquencies as a growing concern, driven by inflation and higher interest rates. Read More.

_{ECONOMIC NEWS}

Unveiling Connections: Fort Knox, Egon von Greyerz, and Zoltan Pozsar

The article examines the growing concerns over the diminishing availability of gold reserves, both in Fort Knox and globally, and the implications of its role in monetary policy. It highlights a bold claim that Fort Knox holds no substantial gold, suggesting that much of the U.S.'s gold has been sold or used in IOU-based transactions, leaving little to no reserves. This situation stems from decades of rehypothecation and the strategic suppression of gold prices to benefit banks and governments.

Key points include:

• Warnings by Zoltan Pozsar and Egon von Greyerz: Both financial experts emphasize the risks of relying on paper gold and the potential for gold to return as a settlement medium, disrupting current banking systems.

• Vanishing Reserves and IOUs: The U.S. Treasury and Federal Reserve primarily hold IOUs instead of actual gold, a practice expanded under Clinton and Greenspan to suppress gold prices and facilitate carry trades for banks.

• Erosion of Trust: Global trust in the U.S.'s financial system has waned, particularly after the Global Financial Crisis and Russia's confiscation of gold in 2022. Countries are now repatriating their gold reserves, signaling distrust in the dollar as the global reserve currency.

• Gold’s Resurgence as a Monetary Asset: As trust in the dollar declines, nations like China and Russia are accumulating gold to secure wealth and back local trade, potentially marking a shift in global monetary dynamics.

The article warns of the consequences if gold is reintroduced as a medium of exchange, challenging the dominance of fiat currencies and exposing vulnerabilities in the U.S. financial system. Read More.