We start today’s double podcast discussing a raft of US financial and economic issues and start by assessing US government spending and the corresponding tax receipts and why US fiscal policy is completely out of synch with Fed QT policies. We then move onto discussing the precarious nature of US junk bond debt and how US banks continue to hide their insolvency via the BTFP, why the reverse repo market uptake has fallen $600bn and why potentially the developments associated with this could lead to another repo crisis as we saw in September 2019. We then discuss Powell’s comments at Jackson Hole, how the US Shale Sector is now in significant decline and the recent meeting between Chinese and US officials in Beijing.