Economic and Political Chaos Descends Upon the United States

Today, October 3, 2023, is a historical day in the United States, as chaos now reigns in America's political and financial sectors. In the U.S. Congress, Speaker of the House of Representatives Kevin McCarthy was removed from his position by a vote of his fellow members of the House of Representatives, something that has never happened in the history of the United States until today. Shortly before McCarthy lost his position as Speaker of the House of Representatives, the U.S. Stock Market closed with the Dow Jones Industrial Average losing over 400 points, its highest loss since the banking collapses back in March, giving up all of its gains on the year. The huge loss in the Stock Market today is being blamed on rising Treasury yields. Pam Martens of Wall Street on Parade issued a dire warning in her newsletter today: "The Fed’s problem and the U.S. Treasury’s problem just became the problem of every American who has their retirement savings stuffed in the stock market via 401(k) plans or direct holdings." One analyst wrote that one major source of rising U.S. bond yields is China, who has sold $300 billion worth of US Treasurys since 2021, including $40 billion since April 2023. As to who is going to replace McCarthy as Speaker of the House of Representatives, who is second in line to take over as President of the United States, after the Vice President, is anybody's guess at this point. As rumors spread over the weekend that McCarthy could lose his position as Speaker of the House, no names had surfaced yet as to who his replacement could be as of today. It took 15 rounds of voting back in January to install McCarthy as Speaker of the House, and Donald Trump's name started showing up in the latter ballots cast. Could we see a stronger effort this time to bring back Trump? But it would also not be surprising to see some of the older Republicans reach out across the aisle to Democrats, which could even result in a Democrat taking over as the House Speaker, such are the crazy times we now live in. Whatever happens, we are much closer today to a total economic and societal collapse here in the United States, than we were yesterday.