BREAKING: The $300,000 Trap—America Just Walked Into History’s Largest Wealth Illusion The median U.S. household now holds $300,000 in stocks for the first time ever. Tripled since April 2020. Up $100,000 since March alone. Equities now represent 52% of all household financial assets. Higher than the 2000 dot-com peak that destroyed millions. This is not wealth. This is coordinated delusion at civilization scale. Every grocery store clerk, teacher, and Uber driver is now a margin call away from ruin. The entire middle class has been converted into involuntary speculators. Their retirements, their children’s futures, their survival … all tethered to the same overvalued assets. The mathematics are terminal: When participation reaches maximum, buyers vanish. When allocation peaks, reversions begin. When everyone owns the same thing, liquidation becomes synchronized chaos. 1929 taught us. 2000 reminded us. 2008 confirmed it. 2022 whispered it. 2025 will scream it. Valuations are historically extreme. Sentiment is dangerously euphoric. Concentration is catastrophically high. Margin debt remains elevated. Corporate buybacks artificially inflated prices. Passive flows blindly chase indexes. Liquidity is phantom deep. The crowd believes this time is different. The crowd is always wrong at peaks. Real wages stagnated while asset prices exploded. Productivity flatlined while portfolios ballooned. The wealth is paper. The debt is real. The consequences are inevitable. What comes next is not a correction. It is a reckoning. Those holding cash will inherit the future. Those holding conviction in overvalued narratives will learn what 50% drawdowns feel like in retirement accounts. The setup is complete. The players are positioned. The trap is set. History will mark this moment. Not as prosperity’s peak. But as the hour before the largest wealth transfer in modern history began. The question is no longer if. Only when.

"Bitcoin is becoming a store of value," Scott Bessent has said.

Burry’s cryptic tweet, Trump’s invocation of a Depression-Era president signaling what (?), layoffs the worst since 2003 and builders getting busted…what a week. And a deep dive into DC and Alexandria, VA m3melody.substack.com/p/weeb…

Thinking more about this I don’t even have a good way to fix it. It’s not like I trust any of our politicians to fix it. I had hopes for Trump. When I almost got killed questioned a lot of things in my life. Similar stories from others. Thought with him almost getting shot, already being rich, and having one term only he’d be able to make hard choices. Instead Epstein files are protected, memecoin launched the day before inauguration, helping Israel kill people and I’m not allowed to say wtf, and have kept killing people in Ukraine in a war that was lost two years ago. It’s just fucked up. Meanwhile on the domestic front we got tech bros that are suddenly patriots just so long as they can keep standing behind us and keep getting rich. And people who never worked in industrial process that think making a few announcements is as good as securing resiliency. No one wants to take pain and I don’t really blame them since no one trusts anyone. So we get told things like don’t worry about the debt we’ll grow our way out of it. That makes as much sense as not putting a tourniquet on after you’re shot and saying just keep pumping blood through me, I’ll flow my way back to health. But I get why it’s said. When no one wants to take pain but someone has to, and politicians don’t want to be held accountable because then they lose elections we end up here. I keep coming back to what Bagehot said, whose work modern central bankers stand on despite doing the opposite of what he wrote about. “People can take a lot of things but they cannot take two percent” Meaning when people cannot earn a 2% net return on their savings, they psychologically feel like they have to take more risk because time does not work for them. So I think that’s what we’re going to get. And after working in four war and conflict zones I don’t think people understand what that actually looks like. People talk about inflation but most haven’t seen how people really behave in high inflation and low trust. But we’re probably all going to find out, or our kids will, cause no one is interested in taking pain to get back on track. Talking about 50 year mortgages like a life of debt to a bank is some kind of fucking favor for most people is just the latest data point.

This is fake, right? 😳

BBC Director General resigns over deliberately editing a speech by Trump. How many times has the BBC done this sort of thing? How many times has the MSM done this sort of thing....and not just about Trump, but about other issues like the injections, various wars, trans, climate change, open borders, as well as with other political leaders like Corbyn and Bridgen? 🤔

Here it is. We can solve hard problems but first we have to admit them. Had we truly focused on infrastructure instead of stimulating consumption during Covid I can guarantee we would have been in a better spot. There is real work to be done

SOFR confirms the FED has pumped REPO Liquidity

You also need to ask, have you made your peace with your maker? This applies to everyone living on the East Coast of the U.S., in Moscow, St. Petersburg, and all major European cities (especially Berlin, London, and Paris), plus Helsinki and Stockholm. I have.

Imagine the S&P 500 imploding 82% and taking 36 years to recover.

THE WORLD’S MOST IMPORTANT NUMBER JUST COLLAPSED November 6, 2025: SOFR crashed to 3.92%. The lowest level in two years. The benchmark that controls $397 trillion in global contracts just signaled something catastrophic. This is not a rate cut. This is a liquidity flood. THE NUMBER THAT MOVES EVERYTHING: SOFR replaced LIBOR in 2023 as the foundation beneath derivatives, corporate loans, adjustable mortgages, and securities worth more than 15 times global GDP. When SOFR moves, $397 trillion in financial contracts reprice simultaneously. It just fell from 4.22% on October 31 to 3.92% in six days. A 30 basis point nosedive that saves borrowers $50 billion annually but screams one word: panic!! WHAT THE FED IS NOT SAYING: The Federal Reserve cut rates 150 basis points year to date. Excess reserves are flooding repo markets. Overnight borrowing costs for the entire financial system collapsed to levels not seen since September 2023, when recession fears first surfaced. Translation: The Fed sees something breaking and is throwing liquidity at it before the fractures become visible. THE MECHANISM OF CONTAGION: Lower SOFR slashes bank funding costs by 10 to 30 basis points immediately. Corporate loan rates drop 15 basis points. Adjustable rate mortgages reset 20 basis points lower, cutting monthly payments by $200 average. Credit expands 2 to 5 percent. Lending accelerates. Asset prices inflate. But here is what they are not telling you: sub-4% SOFR has preceded every major asset bubble since 2008. Cheap money does not fix broken growth. It masks it. THE GLOBAL SPILLOVER: Cheaper dollar funding triggers $10 billion plus in emerging market carry trade inflows. Currency volatility spikes. Foreign central banks hoard dollars. The cycle that destroyed Argentina, Turkey, and Sri Lanka restarts. WHAT HAPPENS NEXT: If Q4 GDP misses expectations or inflation spikes above 3.5%, SOFR reverses violently. Repo market seizures return. The 2019 overnight funding crisis replays at scale. If the Fed holds course, credit bubbles inflate until something pops. Corporate debt. Commercial real estate. Equity multiples at 25x earnings. THE TRUTH BURIED IN THE DATA: SOFR is not just a rate. It is the early warning system for systemic stress. When the world’s most important number collapses this fast, it means central banks are terrified. They are easing into a recession they cannot admit is coming. Hold duration. Hedge via SOFR futures. Watch repo volumes like a seismograph. The tremors started. The quake is next.

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AI’s boom is built on fragile debt and your 401k, pension or other managed money could be invested in it. (Finally the mainstream media is pointing out the issues we’ve highlighted for a long time now. In a Saturday article, but it’s a start) The NYT warns AI needs $7 trillion for data centers by 2030 “ …Google, Meta, Microsoft and Amazon have together spent $112 billion on capital expenditures in the past three months alone...” The Times says these companies are now using risky loans to pay for it “Also at play: a financial tool that came into vogue before the financial crisis. Called a special purpose vehicle (S.P.V.), it’s a legal entity that allows a company to take on a lot of debt without having to hold it on its own balance sheet.” The NYT points out that only 3% of users buy AI services, bringing in $12 Billion a year, which certainly doesn’t come close to covering these big debts. This is why the Bank of England warned of the systemic risk AI poses. It said “This is a fast-evolving topic, and the future is highly uncertain,” nytimes.com/2025/11/08/busin…

Yours truly on GOLD: "For millennia, gold has been a part of the international financial system. There is no way GOLD is going to be displaced by BITCOIN –– A HIGHLY SPECULATIVE ASSET WITH ZERO FUNDAMENTAL VALUE." Full interview with @sprott: sprott.com/podcast/ep81/