It's that time again...big Summer meeting at Chief's Wigwam
I laddered out a bunch of certificates last year as rates came off of the floor (finally) and they are set to start maturing and earning about twice what they did last year starting in August. Good times. He who does not understand compounding interest pays it. He who understands compounding interest collects it.
Inflation is not abating in any meaningful way. There is more talk around the globe about the legitimacy of the dollar's world reserve currency status. Foreigners are questioning whether or not our economy and our currency still deserves to be the end all and be all to the rest of humanity.
One sign that inflation will be cooling soon comes from a place many will not understand. Denial rates for credit have spiked. No more juice for "Great Americans" who buy shit on payments.
"Over the 12 months ending in June, 21.8% of people who applied for credit were rejected, according to data released this week by the Federal Reserve Bank of New York. In other words, more than 1 in 5 people who submitted an application for a credit card, mortgage, auto loan or another type of credit were turned down."
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