Ripped From The Headlines, March 15, 2023
Carl Icahn Says Household Net Worth "Basically Zero", Gas Prices Gone Wild, Credit Suisse On The Brink - #Read, #Share, & #Subscribe - SherlocExposes.com
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"That was Wall Street billionaire investor Carl Icahn, speaking to CNBC’s Closing Bell on Tuesday, in the aftermath of emergency action taken by the government to mitigate the impact of one of the largest bank failures in U.S. history.
The co-founder of Icahn Enterprises says that his investment portfolio is set up for more pain in the U.S. economy, which he notes is being buffeted by rapidly rising interest rates and escalating concerns about its overall health, as the Federal Reserve attempts to prevent inflationary pressures from becoming entrenched.
For his part, Icahn has been concerned about the economy after a historic stretch of easy money helped to underpin asset bubbles in everything from crypto BTCUSD, 0.15% to tech and meme stocks.
Based on his interview with CNBC, the legendary Icahn sees the business climate on a less-than-solid footing.
He said the median household net worth is “practically nothing.”
Icahn sees conditions getting worse before they get better and it may be worthwhile for investors to take heed."
"Homeowners and businesses across the country have seen their gas bills go wild—and the turbulence isn’t going to calm down anytime soon.
Last year was the most volatile on record for natural gas, boosting the cost to heat homes, generate electricity and manufacture economic building blocks such as fertilizer and steel. Prices in 2022 whipsawed from unseasonable lows to shale-era highs and back again.
Benchmark gas futures, which determine what millions of Americans pay for heat and electricity, swung by at least 7% on 44 days last year, the most since at least the early 1990s, when gas markets were deregulated and the modern trading era began.
The wild ride has continued this year, with 12 daily moves of 7% or greater. On many days, traders find it difficult to determine why prices move so sharply.
Analysts, traders and big gas buyers expect this kind of instability to become the norm. Coal-fired power plants have been retired en masse without wind and solar farms ready to replace their output, pressuring utilities to pay up for gas. Infrastructure to export more gas is being built, but pipeline projects to move more gas within the country have been slowing."
"The long-brewing troubles at Credit Suisse Group AG exploded into a full-blown crisis Wednesday as its stock and bonds cratered and some of the world’s biggest banks raced to shield their finances from the potential fallout.
The stock fell as much as 31%, hitting new record lows, and prices on its benchmark bonds sank to levels that indicate the Swiss lender is in deep financial stress — something rarely, if ever seen at a major global bank since the throes of the 2008 crisis.
Meanwhile, banks that trade with Credit Suisse snapped up contracts, known as credit-default swaps, that will compensate them if the crisis deepens.
At least one bank, BNP Paribas SA, went a step further and informed clients it will no longer accept requests to take over their derivatives contracts when Credit Suisse is the counterparty, according to people familiar with the matter. This adds to the steps that many banks in the US had been taking over the course of months to slowly reduce their exposure to the lender."
Wild Wednesday, Ripped From The Headlines. Things To Ponder:
“Hey, You’re Not Really Worth Anything, But Just Carry On!”
This isn’t something that you want to hear from Carl Icahn…
Someone who basically makes or breaks economic markets is saying that US household net worth is basically nothing…
Let that sink in for a second…
Supposedly, according to the government earlier this week, things were fine and the issues with the banking system are limited to one bank…
OK, maybe two or three…
But, we know that’s not true…
As we shared earlier this week on Salem Orlando’s 94.9 FM/950 AM The Answer, most people don’t appreciate just how close we are to a full-blown economic meltdown…
Worldwide. Check out the interview:
Please understand how serious this actually is…
Remember, when the bomb diffuser lady is running… you should try and keep up.
“Don’t Worry About Your Gas Bill… It’s Just Going To Go Up… A LOT!”
As if everything else in life isn’t already too expensive, thanks to our money being devalued at a record pace…
Now, a spike in natural gas…
Due to that “supply chain thing” again.
Why?
Because our current administration decided systems and facilities for making this available was a bad idea…
Now, your already expensive $500 gas bill, can be over $900 next month!
Sadly, the pain is really just beginning….
Brace. For. Impact.
“We’re Just In A Full-Blown Banking Crisis Here, Nothing To See… Just Move Along…”
Yep… That’s not good…
When your biggest depositors and investors pull out of your bank…
You’re probably in a bad spot.
By the way… earlier this year, Credit Suisse made moves to pay bonuses to top executives and senior bankers upfront.
See a pattern here?
And, this is the one bank you know about…
How many others are hanging on by a thread?
Know. Your. Foe.
What does this mean?
The economy Your future is hanging in the balance… literally.
The people running things have no clue how to fix the problem… Even if they did, it’s too big to fix now.
They’ll be using any assets you have left in their hands (i.e.: pensions, 401k’s), and rob you blind to try and “fix” the problem.
You’ll be less wealthy, with fewer supplies, and less freedom to speak your mind.
Those aren’t good things.
Why should I care?
There’s so much to unpack…
Your wealth…
Your legacy…
Anything you plan to leave for future generations…
Getting the basics to live…
All of these things are teetering on the edge.
You should REALLY care.
What Should I Do?
Start thinking about the basics that people will need, and look at those things as potential avenues to protect yourself and as an investment.
Do you know why Berkshire Hathaway’s stock is so expensive?
They touch 90% of your life every day, and you don’t even realize it. That’s inflation/deflation/recession/depression insurance. You’ll still need toilet paper and toothpaste.
You should also tell as many people as you can about what’s happening. Don’t leave people behind, while we still have a window to help them.
A quick way to do that: Share this newsletter… heck, take from it, and do your own. We give you permission…
Take the time to learn more about Parallel Economies, and find alternatives to the things you use today… food, money, and transportation.
GET MOVING ASAP.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
Plus a recap of the 50 things you should have handy to barter.
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