60% of Americans don't have $1,000 in savings. $3,500/mo in expenses (avg.)

Imagine you're among the 10m who has lost their job.

You get a check for $1,200 to pay for rent & groceries.

You're not buying stock, iphones or coffee. You're just looking to survive. /1

This is just the beginning because now these 10m are just buying consumer staples. Landlords aren't getting paid. Travel and leisure brands are suffering. Restaurants are already suffering. The 10m have friends and now they're scared, they're pulling back spending. /2

Advance six months forward, and though you're likely in manageable place with the virus, the damage is manifesting in mass personal bankruptcies. Sovereigns are strained from tossing around so many trillions. Banks are complaining about deposit flights and low interest rates. /3

Rich investors are sand bagging. Social unrest is boiling over. Supply chains are still struggling to regain footing. State and local governments are slipping into bankruptcies. The first wave of saving pensions is long gone. Confidence evaporates & now it's every country... /4

...for itself. Weak bear rallies of the spring & late summer that melt into doldrums of a lower plateau, now threaten to churn downward again. China & Europe threaten to rebel. Trump loses in Nov. COVID threatens to reemerge. European banking crisis boils over into the U.S. /5

We're aren't in a depression. But you can certainly see how one manifests itself in an increasingly weaker Fed and under a brittle economic system that was anything but strong. /6