🇮🇱🇵🇸 The IDF releases footage of the destruction of Hezbollah targets located in southern Lebanon.

🇮🇱🇵🇸 Regular footage of airstrikes on the Gaza Strip by Israeli Air Force aircraft.

🇵🇸🇮🇱⚡️Hamas military wing says fighting with Israeli troops in West Bank refugee camp

🇮🇱⚡️Israel deployed a fleet of submarines in the Mediterranean to contain Iran and Hezbollah - Bhol publication

🇮🇷🇺🇳 The building in Tehran and the UN Security Council as a symbol of the uselessness and worthlessness of the UN.

🇺🇸🏦 The U.S. economy is showing signs of another Global Financial Crisis warns JP Morgan strategist Marko Kolanovic.

📎 Barchart

🇺🇸📉 Permanent job losses in the US are now rising at recession-like rates.

The number of people reporting permeant job losses was down 50% in 2022. Now, it's at 20% and quickly rising as shown below. Permanent job losses are rising at the same pace seen in 2007.

Meanwhile, jobs reports continue to crush expectations and a record 447,000 Americans hold 2 full time jobs.

What's happening in the labor market?

📎 The Kobeissi Letter

🇺🇸🏦 The labour market is being propped up by the Biden administration’s IRA spending. Despite its enormous size, it has a short half life. Long enough to last until the election? We’ll see.

📎 Philip Pilkington

🇺🇸📉 “The federal government just revised down much of the last 3 years worth of economic growth.

I.E. economy wasn't as strong as initial data suggested.

Revisions happen all the time, but not sure I've seen essentially 3 years get whacked at the same time.”

📎 Brian Sullivan

🇺🇸📝 The United States is speed running the Soviet collapse. We’ve seen this before; senile leaders, unsustainable debt problems and not increasingly unreliable economic data that harkens back to the Brezhnev era.

🇺🇸📉 Since the Fed started raising rates in March 2020, monthly bankruptcies have more than doubled.

In September, we saw 62 corporate bankruptcies compared to ~25 prior to Fed rate hikes.

There were a total of 182 corporate bankruptcies in the third quarter.

📎 The Kobeissi Letter

🇺🇸📉 In 2023 so far, we have seen a total of 516 corporate bankruptcies.

This is roughly double the YTD total in 2022 and ~39% more than the entire 2022 count.

We are seeing the exact same level of bankruptcies in 2023 as 2020, when the global economy was shut down.

Aside from 2020, we now have the highest YTD total bankruptcy count since 2010.

All as interest rates are likely to remain elevated for the entirety of 2024.

📎 The Kobeissi Letter

🇺🇸📉 Bank of America's unrealized losses on held-to-maturity securities now exceed $130 Billion

🇺🇸🏦 Bank credit has now entered contraction territory

Since 1974, this has only happened ONCE:

→ The Financial Crisis

Back then, this metric reached levels as low as -5%. At the current rate, a credit event is nearing quickly.

📎 Game of Trades

🇺🇸🏦 M2 money supply is contracting at the deepest levels EVER seen.

📎 Game of Trades