Five Horsemen

Five game-changing events, what I call The Five Horsemen, will indicate that the rules have changed and a new reality is about to take over:

• The First Horseman: New credit growth falls below interest payments
• The Second Horseman: The Fed monetizes debt
• The Third Horseman: Government deficit spending exceeds 10% of GDP
• The Fourth Horseman: The dollar goes down, while interest rates go up
• The Fifth (and final) Horseman: US debt becomes denominated in foreign currencies