US home sales plunged 20% in a single month, the steepest drop since the 2008 financial crisis, with a 45% crash in the Northeast.
Despite a 5% rise in inventory and a 7% year-on-year price dip, buyers have vanished from the housing market, says Peter St Onge.
Half of all US mortgages were initiated at sub-3% rates during pandemic-era Fed policy, locking homeowners in place.
Moving to an identical home today would double the average mortgage payment from $1,300 to $2,500, freezing household wealth and labor mobility.
Global energy shortages have pushed oil prices in Asia to $170 a barrel, leading to severe rationing measures.
Thailand has banned air conditioning below 79 degrees and India has banned natural gas for cremations due to energy shortages.
Peter St Onge argues Wall Street is lobbying to ban interest on stablecoins, which he sees as an existential threat to fractional reserve banking.
St Onge contrasts fully-backed, zero-fee stablecoins paying 4% interest with banks that are one-tenth backed and pay minimal interest.
He warns a housing bill in Congress contains a provision to authorize a Central Bank Digital Currency, creating a programmable ledger.
Peter St Onge claims a US CBDC would grant bureaucrats power to monitor all transactions and freeze dissident accounts.