The US economy added more jobs in January 2024 with more than 335,000 jobs open for hire. The strong US economy sent gold, silver and commodity markets lower this week. Gold prices are still in the red and could fall below the $2030 level as the US economy grows stronger. The US Dollar Index (DXY) has risen above the 104 mark and the currency is rising on the charts.
Read also: The Chinese stock market is on the verge of collapse
However, despite recent positive growth, billionaire investor Paul Tudor Jones is not convinced that the US economy is in good shape. The billionaire said in his last interview that the American economy is growing because it has been kept alive thanks to steroids. He said the recent performance was a smoke show to fool Americans into thinking the US economy was in good shape.
Read here to find out how many sectors in the United States would be affected if the economy went south. This development could lead to massive job cuts and invite hyperinflation throughout the American homeland.
Read also: BRICS will end US dollar dominance, says Wall Street
Billionaire Jones says the US economy is on steroids
Jones highlighted the government's rapid increase in borrowing and spending driving the recent growth. He explained that this phenomenon would eventually catch up with the economy and that the “boom bubble” might burst soon. He also stressed that growth is unsustainable and that massive deficit spending will soon hit the markets.
Read also: Institutional investors are dumping US stocks at a record pace
The American economy is “On steroids” He said during an interview with CNBC. “We're consuming insanely quickly. It's going to have to go tremendously, because we have an economy on steroids, which is not sustainable.”
The billionaire also described the $34 trillion debt as ticking “Debt bomb” can lead to “Financial recklessness”. When asked when he thought the market mask could come off, he replied: “It could be this year, it could be next year.”
