You have to wonder how this ends. There’s no good scenario.

Scott Bessent said we are growing our way out of it.

Any country in dark red is at severe risk of a sovereign debt collapse.

Notice how civil unrest is spreading across Europe right now.

Government expenditure as % of GDP:
🇫🇮 Finland – 57.5%
🇫🇷 France – 57.2%
🇦🇹 Austria – 55.2%
🇧🇪 Belgium – 54.2%
🇮🇹 Italy – 51.2%
🇫🇴 Faroe Islands… https://t.co/q4z9NZDmPu pic.twitter.com/aaeeB6o7S0

— Financelot (@FinanceLancelot) October 20, 2026

Which is exactly why this collapse is meant to bring about a fiscal union of Europe to match their monetary union.

Painful austerity is coming and it will take 10-20 years to recover. https://t.co/mgbW1JO01r

— Financelot (@FinanceLancelot) October 20, 2026

The debt crisis might start from France as their 10-year government bond yield keeps rising. Foreign investors own around 60% of France's overall government debt. French banks own just 7.7%-15% of the country's debt. My guess: ECB needs to come to rescue. pic.twitter.com/Z0iXIn5CXn

— Petri Kuittinen (@KuittinenPetri) October 21, 2026

Gold has already corrected nearly as much as it did in 2008.

Yet many are acting as if the selloff has only just begun.

I see an opportunity.

If this is the secular bull market I believe it is, we won’t get many chances to buy after a pullback like this, in my view.… pic.twitter.com/7Uh8LQWG4J

— Otavio (Tavi) Costa (@TaviCosta) October 21, 2026

Europe's energy crunch is back.

Benchmark Dutch gas futures pushed above €90 a megawatt-hour, the first time since late 2022 and the highest in nearly four years. Winter demand and tightening supply are colliding. This is an energy price shock, the kind that squeezes industry… pic.twitter.com/Q3nuM6AX9q

— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) October 20, 2026