Things are FAR worse than most people know.

Inflation is far higher than reported.

More jobs are being lost than created- even though “official numbers” are manipulated to keep the majority as clueless as possible.

Lies are being told to cause people to believe that tariffs are being paid by others rather than by our corporations- and eventually by us. As a matter of fact, Warren Buffett has said that tariffs are an act of war. If you read my update earlier this week you may see the reason.

While the retail public is almost all-in on the stock “market” with margin debt sitting at over $1 TRILLION now, many insiders have been quietly shedding their positions in their own companies. What could go wrong? (Michael Belkin of Hyperpyron Research)

I have consistently written about how our economy is collapsing. Many people think that, because the government “numbers” don’t tell the same story I must be wrong.

Let’s just take a look at numbers that can’t be manipulated and see if my theory of a coming economic collapse is well underway or not.

First of all, the US government is spending like drunken sailors. Wars, having the Fed conjure up cash to fund current spending while also paying off maturing debt, absorbing debt being sold by foreigners and even paying interest on what is currently owed. The sad part about this is that the DEBT created to keep the illusion alive is being counted as GROWTH. When, in reality, all that is growing are our unpayable debts. So, GDP numbers that are touted as showing “growth” are nothing, but a mirage and our debt situation is far more severe than most have any idea about.

The government is appearing to be getting more and more desperate to fund their spending. The Fed is already issuing debt and buying it back which is massively inflationary but now with the tariffs it appears they are being implemented to plug the hole of COLLAPSING TAX RECEIPTS.

In a podcast by Michael Belkin he announced that the corporate taxes collected in 2024 were down 7% from 2023. He also mentioned that the tariffs were like adding another layer of taxes on the corporations. As a matter of fact, he mentioned it was like doubling the corporate tax rate. Seven percent LESS in TAXES means a huge slowdown in corporate profitability.

Retail locations in the USA are closing in record numbers. According to Coresight Research 5822 store closures were recorded from January1-June 27, 2025. That is up from 3496 store closures during the same time in 2024. That is a 66% INCREASE.

Layoffs are increasing which implies that personal income tax remittances will also be decreasing while social spending will be rising creating a double-whammy on the US “budget.” I use the “budget” because we haven’t had an actual BUDGET for years.

Every one hundred days we are adding $1 TRILLION in new debt. The US Treasury just announced that new debt issuance in the next two quarters would be $1.6 TRILLION. This is what is “on the books”- what about the “off the books” stuff like wars, veteran’s benefits, social security, and Medicare payments and who knows what else?

The facts are slowing tax receipts along with an implosion of small businesses (the companies that create most of our jobs), the massive amount of “printing” of “money” to give the illusion of a vibrant functioning economy tell me that we are nearing the end game. The timing can’t be guessed but the more desperate those “in charge” become and the more drastic actions they take lead us closer to the cliff that is surely out there somewhere. It may be closer than we care to imagine.

Some of the biggest illusions are:

· Gold is risky (while central banks are buying in record amounts and listing it as a tier 1 (riskless) asset. This is so the traders can make the gold look risky to the general population so they can buy it at a lower price.

· Stocks always go up. Only a true novice could believe that.

· The Fed has our backs. They are owned by the major banks and will ALWAYS have their owner’s backs- NOT OURS.

· Debts and deficits don’t matter. Tell that to the bondholder who will either get paid back with GROSSLY undervalued and over “printed” dollars or will get stiffed altogether if those “in charge” actually want to preserve the dollar’s purchasing power. I have seen NOTHING to lead me to believe that is the path forward.

· The economy is great! No. It’s not just you- many are struggling with higher costs, higher taxes, medical costs out of control, loss of jobs, etc.

The first thing that anyone needs to do to prepare correctly going forward is to understand the real situation and plan accordingly. Look behind the headlines, fake numbers, and believe what you are seeing with your own eyes.

Debt is a major albatross that is threatening our individuals, companies, municipalities, states and even the USA itself. Do you still count on paper promises or would you rather hold ASSETS rather than units of debt?

Be Prepared!

Any opinions are those of Mike Savage and not necessarily of those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. The information in this report does not purport to be a complete description of securities, markets or developments referred to in this material. The information has been obtained from sources deemed to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct.

Commodities are generally considered speculative because of the significant potential for investment loss. Commodities are volatile investments and should only be a small part of a diversified portfolio. There may be sharp price fluctuations even during periods when prices are overall rising.

Precious Metals, including gold, are subject to special risks including but not limited to price may be subject to wide fluctuation, the market is relatively limited, the sources are concentrated in countries that have the potential for instability and the market is unregulated.

Raymond James is not affiliated with and does not endorse Michael Belkin or Hyper Pyron Research.

Diversification does not ensure gains nor protect against loss. Companies mentioned are being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk regardless of strategy.