This doesn’t bode well for consumption next year…. September 26, 2023 9:24 am by Alex The rich plan to continue spending on travel and luxury, while the middle classes seem increasingly reluctant. This doesn't bode well for consumption next year.https://t.co/IywHj5UVtZ via @economics — Michael Pettis (@michaelxpettis) September 26, 2023 See also Government spending hits its highest share of GDP ever. BofA survey shows gold now least overvalued in 2.5 yearsSee also Government spending hits its highest share of GDP ever. BofA survey shows gold now least overvalued in 2.5 years