"For sure, we are already in a recession. We are now in the third quarter of negative growth. I think it is laughable that people put odds on whether or not we are going to go into a recession because it is obvious -we are already in a recession. Rates rising have absolutely frozen the real estate market. If you own a property, who is going to buy it? Rates have gone from 3.25% to more than 7%. I am on the record that once we saw a 3% yield on the 10-Year Treasury, you would start to see a tightness in credit. Now, we are over 4%. What few people are talking about is what has this already done to the derivatives market? . . . Think about how big the derivatives market is. Total credit worldwide is $350 trillion, but you have derivatives pushing $2 quadrillion. I have said this all along, derivatives will blow up. Warren Buffett has called them financial weapons of mass destruction. They are far bigger than central banks can fix."
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Comment: Germany, Denmark and Sweden have helped confirm Russia's statement by refusing to release the details of their findings: Sweden refuses to share results of Nord Stream attack investigation with Germany and Denmark