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The debate over a debt limit deal now raging in Congress offers the last possible exit ramp for future American prosperity.  Absent significant spending cuts, Bidenomics will careen America over a fiscal cliff while institutionalizing a 1970s stagflation on steroids.

America’s looming fiscal cliff is as unprecedented as it is staggering.  The legislation that most define Bidenomics – The American Rescue Plan, The Infrastructure Investment and Jobs Act, and the (anything but) Inflation Reduction Act – are catalyzing the most rapid increase in America’s national debt ever witnessed in a peacetime economy.

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Hi.  Peter Navarro here with my weekly economy and market wrap for the week ending September 22, 2023.  Just seven days ago, I warned that bearish market forces were steadily gaining the upper hand; and for the last six weeks I’ve similarly warned that the US stock market, as best measured by the S&P 500 was stuck in a trading range, with the growing likelihood of a bearish reversal and significant market correction.

For these last six weeks, the S&P 500 has indeed fallen five of the six weeks; and this week’s action marked one of the worst of these weekly bearish mauling’s.  For the week, the S&P 500 fell 2.9% and the NASDAQ dropped 3.6%, the biggest drop for both indices since March.

I will take a deeper cut at what is going on in my next substack and podcast post on Monday; but for now, here’s the basics.

Peter and Eric Bolling break down Biden's Iranian hostage deal and Navarro reveals the real buried lead.  Spoiler alert: The deal is far worse than you even thought.

Visit http://peternavarro.substack.com for the transcript

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Peter does an interview with the Great Catz-Cosby Crew on WABC on the economy, Trump, et. al.

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What can Donald Trump learn from my conviction for a crime I never should have been prosecuted for?   Plenty!

Don't miss this gem.

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In 2019, from my catalytic perch in the White House, I entered into secret negotiations with both sides in a GM-UAW labor strike that had dragged on for a very painful month – painful both to GM and its workers but also to the US economy.  With 48 hours, I was able to help broker  a deal on behalf of President Trump that satisfied both sides.

If I were in the Biden White House today, there’s not a snowball’s chance in Hades I could work any such magic.  Bidenomics is doing so such damage to America’s auto industry and its workers that there is really no deal to make.

In this bonus edition of the podcast, Steve Bannon and Peter Navarro break down Biden's open borders assault on blue collar American jobs and the role of Bidenomics in the UAW autoworkers strike.

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For much of the last week, it looked like a pretty nice bounce back for the bulls after last week’s losses. I watched this action with particular dismay as the bearish financial news of the week simply did not support any bullish sentiment whatsoever.

Of particular note was the latest news on the inflation front indicating not only that inflation was heading back up again after some months of respite but was also likely to lock in for the longer term – something that yours truly has been warning about for some time.

If you play the short side of the market in times like these – I don’t recommend it for most folks because market movements happen far more quickly on the short side and it is far easier to get burned – you have to have steely resolve when you see bullish moves like those in the earlier part of last week to hold onto your convictions.

On Friday, however, the short side got redemption.  LISTEN FOR THE REST OF THE STORY

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PRESERVE YOUR WEALTH, PROTECT YOUR JOB

As loyal readers know, for the last month, I’ve seen risk more to the downside than up in the stock market based on the ongoing battle between two opposing forces:

On the faux bullish side, we have a profligate, Biden-induced Keynesian over-stimulus driving artificial growth in the US economy while hurtling us towards a fiscal cliff.

On the real bearish side, we have a Biden-induced bearish inflation driving up interest and mortgage rates and choking off both capital investment and activity in interest-sensitive sectors like housing.

To understand these two opposing forces is to understand it is only a matter of time before the bears maul the bulls.

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Peter Navarro’s Economy and Market Wrap for Week Ending September 1, 2023

The economy has been growing faster than expected because it has been injected with a speedball of Keynesian stimulus.  However, inexorably, rising interest rates are choking off key parts of the economy like housing and manufacturing and adjusted pretax corporate earnings continue to fall auguring bad news for the market bulls.

What the best analogy?  How about this:

You ever watch a meth freak or crack addict come down off a high?  That’s what the Joe and Hunter Biden economy is beginning to look like. Risk remains to the downside as we enter the stock market’s historically cruelest two months in September and October.

The inflation-fighting strategy of Joe Biden and Jay Powell remains choking off the economy to drive up the unemployment rate and drive down both real and nominal wages.  Black, brown, and blue collar Americans and Main Street take the brunt of the hit while Wall Street plays the market.