Robert Pape

And this is unfortunately something that's going to go on because as shortages occur, it's supply and demand.

There's still demand for this, but there's less of it.

So the price of what's left must go up.

That's the only way to sort that out.

And so that's why the price is going to go up.

And this was fully predictable.

This is not a, you know, the markets may have tried to pretend.

Donald Trump may have tried to pretend.

But, you know, reality has a way of coming in and showing its ugly head.

And that's what you are seeing.

And unfortunately, May is going to be this period where the real shortages and those effects are going to start to be felt.

And then by the middle of May, probably the end of May, you will see actual contraction occurring.

Lufthansa announced, for example, a week ago it would lay off.

or not layoff, it would have 20,000 flights canceled, these short haul flights canceled.

Well, this is probably then going to lead to, in a month, a few weeks later, layoffs.

That is, you will start to see, in the middle of May, end of May, you're going to start to see rising inflation, the prices going up equals inflation,

And you'll see the beginning then side by side of rising unemployment.

This is just, though, the beginning.

This is the first 90 days.

Now, as we get into 120 days, these things will simply get worse.