The contagion of U.S. commercial real estate just spread to Asia and Europe in a big way…with an estimated loss of $1.2 Trillion in office building market values more is certainly on the way. Meanwhile, the stock market is oblivious with flows of international money (thanks to the many wars), a European recession with Germany being ground zero, and large momentum funds juicing the Magnificant 7 FAANG stocks. It’s a great time to appreciate liquidity and safety while avoiding FOMO (fear of missing out). Additionally, there is a rapidly declining commercial real estate market and an increasing bank balance recognition of forthcoming bad debt in a major way. Meanwhile, the BLS has revised its key employment index which paints a seemingly mis-leading picture of the U.S. labor market which is characterized by long term declines in full time jobs and in jobs held by native born Americans. This is a great time to avoid new debt as well as new stock market investments, IMO.