Bill’s Commentary:
“The future has arrived…”
Agricultural Commodity Prices Break Out As JPMorgan’s Food Crisis Warning Gets Louder
JPMorgan analyst Nora Szentivanyi’s warning last week that the next global food crisis could begin as early as next year has been a major wake-up call for some, adding to the growing voices on institutional desks warning that food inflation is poised to re-accelerate.
Remaining extra watchful about agricultural prices, Bloomberg reported earlier that US corn futures moved higher after preliminary results from the Pro Farmer Crop Tour indicated weaker-than-expected yields in parts of critical growing belts across the Midwest.
Corn yield estimates were about 3% below last year in Ohio and 14% lower in South Dakota. Soybean pod counts also declined, while severe storms and flooding in Indiana and Ohio added to concerns about further crop damage.”
Bill interviews with Sean at SGT Report (Also posted under Interviews)
Bill’s Commentary:
“$3 trillion in off balance sheet liabilities… where does this money come from?”
WSJ Catches Up, Discovers AI’s Off-Balance Sheet Liabilities Are $3 Trillion And Growing $1.2 Trillion Per Quarter
More than two months ago, long before most Wall Street analysts had any clue that the bulk of the AI buildout commitments were diligently hidden in various off-balance sheet SPVs and other (perfectly legal) accounting gimmicks, we wrote a lengthy article detailing just that, and explaining why far beyond the $1 trillion (and rapidly rising) in annual plain vanilla capex — all of which now has to be funded through debt issuance since free cash flow across the hyperscaler universe is negative for the foreseeable future (if not forever) — which most pundits obsess over daily…
… the real risk was in the “The $1.8 Trillion Off-Balance Sheet Time Bomb At The Heart Of The AI Supercycle.”
BillHolter.com 
Thank you pamelamoves@gmail.com
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