The Federal Reserve has now stopped quantitative tightening (QT), and moved to credit creation, quantitative easing (QE) once again. This signals global expansion of war as the only hope against the desperate condition of global finances, leading to a great depression.

Stock markets crashed globally after Japan raised interest rates, triggering fears of a U.S. recession. The Federal Reserve's potential interest rate cuts have been hotly debated. Here I update my prediction based on an analysis of quantitative tightening of the Fed's liabilities.