Below 2% growth…less next year.

Bubbles eventually pop as debt efficiency dies and money velocity falls.

More and more debt is required to keep growing asset prices.

When asset prices stall, growth dies rapidly. Nov. S&P growth YoY in 2024 +32%, 2025 +14%.

So 43% of 14% means 2026 growth … 2%-5%. GLD would be +20% slowing down.

MONEY VELOCITY BOOMED IN 2022…2025 has falling efficiency.