It's worse than you think:

After a SECOND data revision, the US went from "adding" 147,000 jobs in June 2025, to LOSING -13,000 jobs.

Cumulative payrolls have now officially been revised down by -1.1 MILLION jobs since February 2022.

What is happening here?

(a thread) This is completely broken.

If you take a look at NET revisions just for 2025, the US has seen -482,000 jobs revised out of the initially reported data.

This is roughly equivalent to the entire population of Atlanta, GA.

All revised out of just 2025's data year-to-date.

This is absolutely insane:

The US just revised the June jobs report lower for a SECOND time for a total of -160,000 jobs.

Now, the US has officially LOST -13,000 jobs in June, the first negative month since July 2021.

What just happened? Let us explain.

(a thread) Take a look at this.

The June jobs report has now been revised lower by a total of -160,000 jobs.

This is MORE than the initially reported GAIN of +147,000 jobs, a seriously concerning trend in our data.

If this is not a "broken" system, it's hard to say what is.

The US labor market is in trouble:

Job cuts just surged by +88,736 in August 2025 alone, the highest August total since 2020.

This brings the YTD total up to 892,362 job cuts, up a whopping +66% compared to 2024.

What's happening to the labor market?

(a thread) Aside from 2020, there has not been an August total that exceeded 85,000 job cuts since 2008.

We are seeing 2020 and 2008-like job cuts in what many have called a "strong" economy.

The YTD total is already 17% ABOVE the FULL YEAR total of 761,358 seen in 2024.

Gold is telling the future:

The S&P 500 is in one of its strongest bull runs in decades, up +1,650 POINTS in under 5 months.

Meanwhile, Gold's YTD return just hit +37%, nearly 4 TIMES more than the S&P 500 YTD.

Why is gold crushing stocks in a bull market?

(a thread) And, in case you are new here, this trend is not.

Take a look at Gold vs the S&P 500 since 2023.

Gold prices are now up ~100% compared to a ~67% gain in the S&P 500.

Despite the AI Revolution, the biggest breakthrough in technology since the internet, stocks are LAGGING gold.

This is the definition of broken:

In 15 days, the Fed will cut rates for the first time in 2025, yet the 30Y Treasury Yield is now near 5.00%.

We have RISING interest rates as markets "price-in" Fed interest rate CUTS.

Do you realize what's happening?

(a thread) There is now a 90% chance that the Fed cuts rates by 25 basis points on September 17th.

AND, the market sees a BASE-CASE of 50 basis points of rate cuts in 2025.

There's even a 34% chance of 75 basis points of rate cuts this year.

Finally, some relief for consumers, right?

The UK's bond market is collapsing:

Today, the yield on a 30Y Bond in the UK rose to 5.64%, its highest level since 1998.

Yields in the UK are now 15 TIMES higher than they were at the 2020 low, just 5 years ago.

What is happening? Let us explain.

(a thread) Most people don't realize just how bad the fiscal picture is for the UK.

Spending is set to cross 60% of GDP, compared to 53% during the pandemic.

Meanwhile, revenue as a % of GDP is set to drift slightly lower, below 40%.

This is the UK government's OWN forecast.

The China situation:

Nvidia did ZERO H20 chip sales to China during Q2 2025 but posted a record $46.7 BILLION in revenue.

And, Nvidia STILL saw $2.8 billion in revenue from China despite H20 sales coming to a halt.

How is this possible? Let us explain.

(a thread) Let's first take a look at Q1 2025, Nvidia's last quarter:

Mid-way through the earnings call, Nvidia's CFO provided this update.

While no one knew zero H20 chips would be sold to China, Nvidia estimated an $8 billion loss in Q2 2025.

That's ~17% of Nvidia's Q2 revenue lost.

The Fed drama worsens:

President Trump just signed an Executive Order which "fired" Fed Governor Cook due to a "Criminal Referral."

Never in the 111-year history of the Fed has a President fired a Fed Governor.

This would COMPLETELY shift the Fed. Here's why:

(a thread) On August 25th, Trump published an Executive Order:

It cites Article II of the Constitution and the Federal Reserve Act, claiming she can be removed “for cause.”

The alleged “cause” is a criminal referral accusing Fed Governor Cook of false statements on mortgage documents.

What is happening here?

Over the last 48 days, the US Federal Debt has surged by +$1 TRILLION, or +$21 billion PER DAY.

Since August 11th, the US has added +$200 billion in debt.

Why is US government spending running at WW2 levels in a "strong" economy?

(a thread) The US is now spending ~44% of GDP per year, in-line with both WW2 and 2008 levels.

Meanwhile, the Fed is calling for a "soft landing" and the US is touting a "strong" economy.

Just 2 weeks ago, $37 trillion in debt was a headline.

Now we are 20% closer to $38 trillion.

Fed Chair Powell has caved:

In 1 month, the Fed will CUT rates and blame a "weaker labor market."

Meanwhile, we now have PPI inflation growth at a 3-year high and CPI inflation above 2% for 53-STRAIGHT months.

Don't own assets? You will be left behind. Here's why.

(a thread) To better understand what's happening, you must first understand the Fed's mandate:

The Fed's purpose is to reduce unemployment and avoid inflation/deflation.

This is the Fed's "dual mandate."

Since 2021, the Fed has been laser-focused on the inflation side of this mandate.

This is absolutely insane:

There are now $40 BILLION worth of US data centers under construction, up +400% since 2022.

For the first time in history, the value of US data centers under construction will soon EXCEED office buildings.

This is a historic shift.

(a thread) Meanwhile, office construction is collapsing as AI and digitalization continues to grow.

The total value of office buildings under construction has declined by nearly -50% since 2020.

The commercial real estate crisis continues to worsen amid the AI revolution.

It's official:

The US has now seen 446 LARGE bankruptcy filings in 2025, officially +12% ABOVE pandemic levels in 2020.

In July alone, the US saw 71 bankruptcies, marking the highest single-month total since July 2020.

What's happening? Let us explain.

(a thread) The trend began accelerating in April 2025:

371 US large companies went bankrupt in the first 6 months of 2025.

In June alone, 63 companies filed for bankruptcy, officially pushing above 2020 levels.

The strangest part?

It's barely getting any media attention.

Something is seriously wrong here:

For the first time in history, a NEW home in the US costs $33,500 LESS than an EXISTING home, per Reventure.

Not even June 2005 saw such a large gap, right before the 2008 Financial Crisis.

What is happening? Let us explain.

(a thread) It all stems back to March 2020, when the Fed implemented their largest rate cut in history.

This led to the average rate on a 30Y Mortgage felling to a record low of 2.65%.

There was never a cheaper time in history to take a loan or refinance your mortgage than in 2021.

The Trump-Putin meeting has ended:

At 4:46 AM ET, Trump published a statement saying ALL parties want to "go directly to a Peace Agreement."

The implications of a direct peace agreement would be MASSIVE.

Is Trump about to end Europe's deadliest war since WW2?

(a thread) The Alaska meeting was expected to be ONLY between Putin and Trump.

However, Trump says Zelensky was also spoken with in a "late night call" along with EU leaders, including the NATO Secretary General.

This has led to a meeting on Monday and Zelensky is coming to the US.

This is unprecedented:

Core CPI inflation is back above +3% and PPI inflation is at its hottest since March 2022.

Meanwhile, President Trump is calling for a 300 BASIS POINT rate cut and is set to replace Fed Chair Powell.

Are you ready for what's next?

(a thread) This week's inflation data was not ideal.

Core CPI inflation is now up to 3.1% and both headline and Core PPI inflation are above 3.0%.

As seen in the below chart, per Zerohedge, PPI inflation is clearly re-accelerating.

But, here's where it gets even more interesting.

This is absolutely insane:

US tariff revenue surged +300% in July 2025, bringing in a record $29.6 billion in ONE month.

At this pace, tariff revenue could exceed $350 billion PER YEAR through President Trump's term.

What does it all mean? Let us explain.

(a thread) Take a look a Trump Trade War 1.0 vs 2.0:

In Trump's first trade war, there was not a single month with tariff revenue above $10 billion.

The July 2025 figures make Trump's first trade war seem like a rounding error.

Clearly, if sustained, this will have massive implications.

What just happened?

Last night, news emerged of a "trade deal" that has never happened before.

Nvidia and AMD agreed with Trump to provide the US with 15% of REVENUE from chip sales in China to remove export controls.

Corporations are panicking. Here's why.

(a thread) This deal marks a new era for American businesses.

On Friday, the US Commerce department started issuing H20 export licenses again, but no one knew why.

It came just 2 days after Nvidia CEO Huang met with President Trump.

We now know exactly why things "quietly" changed.

Ethereum is making HISTORY:

We are currently witnessing one of the LARGEST short squeezes in crypto history.

Ethereum has added +$150 BILLION in market cap since July 1st, days after net SHORT exposure hit record highs.

What's happening? Let us explain.

(a thread) Take a look at the chart below:

Heading into July, net leverage shorts on Ethereum hit a record high, per Zerohedge.

In fact, net short exposure was ~25% ABOVE levels seen in February 2025.

As a result, Ethereum has surged +70% in less than one month.

But that's not all.

What is happening in Japan?

Treasury yields in Japan have silently surged to new RECORD highs, with the 30Y Yield hitting 3.20% today.

Japan's 30Y government bonds have LOST -45% of their value since 2019.

Is it too late for Japan to rescue its economy?

(a thread) The collapse of Japan's bond market has been incredibly telling.

In fact, we are beginning to see some similarities in the US as deficit spending accelerates.

It almost seems like investors have lost confidence in the Japanese government's ability to pay down debt.

This is not a "normal."

We have reached a point where Bitcoin is moving in a literal STRAIGHT-LINE higher.

Rates are rising, the USD is down -11% in 6 months, and crypto is up +$1 TRILLION in 3 months.

What's happening? Bitcoin has entered "crisis mode."

(a thread) Bitcoin has reached a point where it is quite literally making new all time highs multiple times a day.

Since the US House passed President Trump's "Big Beautiful Bill" on July 3rd, Bitcoin is up +$15,000.

If the surge in gold prices didn't alert you, Bitcoin should.

Are you paying attention?

Bitcoin is now up +55% since its April 2025 low, hitting a RECORD $115,000.

Meanwhile, the US Dollar just had its WORST start to a year since 1973, falling nearly -11% in 6 months.

This is not a coincidence. Let us explain.

(a thread) Heading into April 2025, Bitcoin was moving in a straight-line lower on trade war fears.

On April 9th, tariffs were delayed for 90 days and Bitcoin bottomed.

On April 20th, the real rally began, without any major news, days after the delay.

So, what really happened here?