John Rubino Substack - Once again, the regional banks are in trouble. This time, the crisis began with several commercial/industrial loan defaults and is progressing into yet another multi-billion-dollar bailout via the repo market. Here’s a concise X post with the details: Echo 𝕏 @echodatruth While Everyone’s Distracted… Most people have no idea what just happened. On October 16th, 2025, the Federal Reserve Bank of […]

John Rubino Substack - There’s a business practice sometimes called “vendor financing” in which a company lends money to a customer, who then uses that money to buy the company’s products. The company reports the proceeds as sales and income, usually without a full accounting to its shareholders. This financing scheme can work — as long as the customer […]

John Rubino Substack - Silver is back at its all-time nominal high, while tales of shortages and squeezes abound. Is this the moment long-suffering stackers have been waiting for? Let’s start with an AI-generated overview of the structural silver deficit: A significant global shortage of silver is currently underway, driven by persistent demand outpacing supply. This deficit is the […]

John Rubino Substack - The stock market is a pretty good barometer of economic health…except when it’s contradicted by employment. Currently, even profitable companies aren’t hiring: When job openings dry up, the unemployed stay that way for longer: Government hiring usually counteracts weakness in the private sector. But not this time: The longer someone is unemployed, the harder it […]

John Rubino Substack - The Fountain of Youth might predate gold as humanity’s earliest obsession. But here we are, 10,000 years into the quest with little to show for it. Some common-sense lifestyle tweaks (stay slim, exercise, manage stress, don’t smoke) are worth maybe an extra decade of active life. But no magic bullet of any kind has emerged. […]

John Rubino Substack - Things took a dark turn in September. We’ll get to that. But first, the usual corruption and incompetence: Dashboard Now for that dark(er) turn, starting with a Ukrainian woman being stabbed to death on a train… …which was quickly followed by the Charlie Kirk assassination: Universities Quietly Cancel ‘Kill Conservatives 101’ Courses (BabylonBee) – In […]

John Rubino Substack - For as long as most of us have been alive, the standard investment portfolio has consisted of 60% stocks and 40% bonds, with stocks providing growth while bonds protect against downturns. This worked beautifully, with the typical portfolio generating a reliable 8%-10% annual return. But it’s not working anymore. As the credit supercycle (which sent […]

John Rubino Substack - Last week, the Fed started easing again, with a quarter-point cut in its overnight lending rate and a promise of more to come. But the bond market was not impressed: 10-year Treasury yield hits 2-week high despite Fed rate cut this week (CNBC) – U.S. Treasury yields rose on Friday as investors weighed the state […]

John Rubino Substack - We Baby Boomers are no longer the biggest generation. Millennials and Gen Z now outnumber us: But when it comes to wealth, we rule. Thanks to the past few decades’ asset price inflation, we’ve accumulated an aggregate net worth that surpasses all other generations combined. No wonder young people don’t trust the system. Here’s a […]

John Rubino Substack - It seems that (surprise!) the US government has been systematically overstating job growth and then (when no one was looking) revising the numbers down to much lower, more ominous levels. The following chart shows the size and consistency of those revisions, resulting in over a million fewer jobs than initially reported. And it’s still happening. […]

John Rubino Substack - Alternative health guru Sayer Ji just published a small book’s worth of dirt on some manifestly evil companies. If he’s right — and generally speaking, I think he is — we’re witnessing poetic justice on a global scale. Here’s a tiny excerpt of the much longer post: Are We Witnessing Big Pharma’s Accelerating Collapse? Layoffs, Lawsuits, […]

John Rubino Substack - Artificial intelligence is this decade’s tech success story. And that sector’s stocks — led by the almost supernaturally powerful chip maker Nvidia — are primarily responsible for the S&P 500 and Nasdaq being at record highs. In just the past five years, nearly a trillion dollars have been thrown at AI data centers, chip plants, and model […]

John Rubino Substack - Artificial intelligence is this decade’s tech success story. And that sector’s stocks — led by the almost supernaturally powerful chip maker Nvidia — are primarily responsible for the S&P 500 and Nasdaq being at record highs. In just the past five years, nearly a trillion dollars have been thrown at AI data centers, chip plants, and model […]

John Rubino Substack - An important line was recently crossed, when the wealth of America’s 1% surpassed that of its entire middle class: In recognition of this milestone — and the societal turmoil it all but guarantees — here’s a post from March of 2024 that fleshes out the thesis: How Inflation Is Crushing Our Kids, In 5 Charts […]

John Rubino Substack -   At least three big groups of homeowners have the potential to crash the US housing market. And with home prices at unaffordable levels and mortgage rates above 6%, it’s now a question of when, not if, this market tanks. But it’s still fun to speculate about which domino will be first to fall? Here […]

John Rubino Substack - Well-run miners — i.e., those that maintain or grow production while controlling costs — have had a great 2025 so far. Here are a few posts covering the previous quarter’s stellar earnings reports: Huge Gold Miner Earnings Season Begins This Week Killer Q2 Earnings: Why It’s Good to Own the Leaders More Blow-Out Q2 Earnings […]

John Rubino Substack - A few months ago, King’s College professor David Betz caused a stir by predicting that mass immigration would lead to civil war in the UK. Since then, things have been accelerating: A court allowed the UK government to house effectively unlimited numbers of migrants in hotels, despite growing unrest in affected communities. A government study of “migrant rape gangs” concluded that they […]

John Rubino Substack - The Russia/Ukraine peace talks seem to be going pretty well… Meanwhile, the US took a $10 billion stake in a major chipmaker. And that’s apparently just the beginning:   Trump Vows To Nationalize As Many Private Companies As It Takes To Defeat Socialism (Babylon Bee) – President Donald Trump announced this week his administration plans […]

John Rubino Substack - The US just included silver on a list of things that the economy can’t do without. Which means whoever doesn’t already own the metal will have to start stockpiling it. GoldCore TV has just posted a video explaining how dramatic a change this might be. Here it is, followed by a partial transcript: Partial transcript: Silver has […]

John Rubino Substack - In just the past few years, US houses have gone from pricey to historically unaffordable: Since people can’t buy what they can’t afford, home sales have cratered to ridiculously low levels: History now predicts a housing crash   In a typical housing bubble, prices get too high, buyers go on strike, and then sellers panic. […]

John Rubino Substack - The aristocrats who rule the world are greedy. They’re implementing tech to replace most workers, whom they view as competition for crucial resources. And now they’ve decided to cull the herd. That, in brief, is a theory that’s gaining a lot of adherents these days. Mike Adams, of NaturalNews and Brighteon, just posted one of the best (and […]

John Rubino Substack - In the last five years, gold has done this: And so far this year, GDX (an ETF that owns most of the large gold miners), has done this: As a result, we now have the problem that every investor wants: serious paper profits that we’d like to protect. But how do we do that? Is […]

John Rubino Substack - When Big Pharma and Big Food collaborate, the result is frequently creepy. The following X post claims that American cheese is made with genetically engineered black mold (!), among other things, and labels aren’t required to show it: Valerie Anne Smith @ValerieAnne1970 Because Of Pfizer, 90% Of US Cheese Is Made Using GMO Corn & Black Mold, CRISPR […]

John Rubino Substack - The Austrian school of economics (the only good school of economics) has a concept called the “crack-up boom” that perfectly explains today’s world. Here’s an AI-generated summary: A crack-up boom is an economic crisis characterized by the collapse of a monetary system due to sustained, expansionary monetary policy leading to hyperinflation and a complete loss […]

John Rubino Substack - But now Epstein has competition, from the Russiagate scandal: Also not going away…the public health establishment’s catastrophic fall from grace: And of course, the usual random signs of societal decay: Why life is so hard for our grandkids: The ECB is soliciting design ideas for future euro bills: