I know there’s a lot of talk of global synchronized expansion. I call synchronized bullshit.

Institutions will not warn investors or consumers. They never do. Banks won’t warn consumers because they need consumers to spend and take up loans and invest money in markets. Governments won’t warn people for precisely the same reason. And certainly central banks won’t warn consumers. They are all in the confidence game.

Well, I am sending a stern warning: The underlying data is getting uglier. Things are slowing down. And not by just a bit, but by a lot. And I’ll show you with the Fed’s own data that is in stark contrast to all the public rah rah.

Look, nobody wants recessions, They are tough and ugly, but our global economy is on based on debt and debt expansion. Pure and simple. And all that is predicated on keeping confidence up. Confident people spend more and growth begets growth.

But here’s the problem: Despite all the global central bank efforts to stimulate growth real growth has never emerged. Mind you all this is will rates still near historic lows:

And central banks supposedly are reducing the spigots come in 2018:

I believe it when I see it. In September the FED told everyone they would start reducing their balance sheet in October. It’s November:

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