Melody Wright and Laks Ganapathi join me to talk about the hidden crisis in virtually every sector of consumer credit, all of which are being made worse or exposed by the sudden surge in Student Loan delinquencies causing credit scores to drop by hundreds of points for millions of people.

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Moody's hit the US with a Friday news dump when it cut the US sovereign credit rating to AA1 from AAA, now the third ratings agency to do so. Rising deficits and fiscal recklessness were (of course) cited as reasons for he downgrade. This has reignited the "Sell America" trade, sending long term interest rates sharply higher, stocks lower, and gold higher.

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The Japanese economy shrank more than expected in the first quarter, even before any impact from tariffs. Consumption has fallen and the auto industry, one of Japan's biggest exports, continues to struggle. Elsewhere, my favorite tech startup, Coreweave, has reported their first (lack of) earnings.

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Thanks to the spike in inflation and the resulting housing bubble, property taxes across the country are now rising so fast that they have effectively become a tax on unrealized capital gains. People are now losing their homes because of it.

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The April Producer Price Index (PPI) is turning heads this morning after it came in shockingly lower than expected along with some rather large upward revisions to the March data. Elsewhere the problem at United Health continue to pile up as the WSJ reported yesterday that the insurance giant is now under Criminal investigation for Medicare Fraud in addition to a number of other regulatory problems facing the company.

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The Trump Administration has cancelled President Biden's proposed AI Diffusion rule that would have limited exports of advanced semiconductors across the world. The announcement coincides with headlines about datacenters in the Middle East. This has AI and chip stocks rallying this morning.

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Idaho Armored Vaults CEO Bob Coleman joins me to talk about the state of the precious metals market, the gold to silver ratio, a nice set up for Platinum, and some of the pitfalls of investing in gold and silver.

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The Consumer Price Index for the month of April came in lower than expected easing fears (for now) that tariff news is driving higher prices. Elsewhere United Health stock in down big this morning after the company's CEO abruptly quit this morning and the healthcare giant pulled it's guidance for the year.

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Trade talks between the US and China went better than anyone could have expected over the weekend with both countries agreeing to lower their tariffs substantially for 90 days while talks continue. This has sent stocks ripping higher despite 30% tariffs on Chinese good remaining in place. Elsewhere India and Pakistan have agreed to a ceasefire and President Trump is expected to issue an executive order on drug prices that has pharma stocks selling off.

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They are working overtime this morning at the Federal Bureau of Random Number Generation as various government officials up to and including the president are suggesting 60%, 80%, and of course 145% as Tariff levels ahead of the much-anticipated meeting before the meeting with the Chinese this weekend. Elsewhere there are several stories coming out of Japan this morning suggesting stress in the auto market, particularly EVs.

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