Original Article By Joe Hoft At TheGatewayPundit.com:
Despite good earnings due to an increase in interest rates, banks are predicting a major increase in defaults in 2023.
JP Morgan and other banks have set up some major provisions to expected credit losses.
This means that expectations for credit defaults are increasing drastically.
This all started last year.
Businesses know that according to US GAAP they have to report liabilities as incurred. These large expected credit losses are predictor of the 2023 economy and another reason the Biden economy may be the worst ever.