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Ripple Effect

High Income Spenders Slowing, Too

Loading ...Addison Wiggin

February 11, 2026 • 1 minute, 48 second read


Retail

High Income Spenders Slowing, Too

As of early 2026, the top 10% of households own roughly 93% of stocks while the bottom 50% hold only 1%–2% of net worth.

The divergence has been defined by soaring upper-income spending, record CEO pay, and a shrinking middle class. The lower-income groups face inflation, high debt, and precarious employment.

Latest retail numbers show even big spenders are slowing down. Overall, adjusted for inflation, spending dropped below zero.

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Retail sales numbers were buoyed by the top tier of high-income. Now, adjusted for inflation, spending is in decline. (Source: Zero Hedge)

In 2025, the top 10% of households owned 93% of U.S. stocks, driving wealth concentration to 60-year highs. Those high-income households accounted for nearly 60% of total personal spending by the third quarter of 2025.

Wage disparity and an asset wealth gap define fractious politics in this midterm year. And help explain why both parties appear to be talking only to themselves.

~ Addison

P.S.  On a macro level, U.S. debt , foreign ownership of stocks, and gold reserves all hit inflection points in late 2025. There’s a regime shift underway that will benefit individual investors who can spot the trends.

On Grey Swan Live! at 2 p.m. on Thursday, February 12, 2026, U.S. Global Investors Frank Holmes will show how those trends are playing out in his portfolio of global ETFs.

Here’s what’s driving the conversation:

  • Foreign holders were paid a record $292 billion in interest on U.S. Treasurys in Q3 2025 — more than double 2020 levels.
  • Foreign investors now hold $9.1 trillion in U.S. debt, four times the amount held just two decades ago.
  • Central banks are quietly rebalancing reserves — gold’s share has surged from 13% to 24% since 2021, overtaking the dollar for the first time.

Meanwhile, Washington is betting that crypto assets and stablecoins can create a bigger, more efficient market for U.S. debt, extending the dollar’s reserve-currency status.

But there’s a catch.

As Frank will explain, the banking lobby is pushing hard to lock its monopoly on the US national savings and restrict Dollar 2.0 assets through new regulation.

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If you have requests for new guests you’d like to see join us for Grey Swan Live!,  or have any questions for our guests, send them here.


Jobs Report: Beware The Fine Print

February 11, 2026 • Addison Wiggin

Moody’s Mark Zandi urged restraint. “I wouldn’t exhale,” he wrote. The data coming out of the Bureau of (be)Labor(ed) Statistics (BLS) is still undergoing an overhaul from years of wonky miscalculations.

Downward revisions erased much of last year’s gains. Since April, aggregate job growth has barely moved.

Over the past twelve months, private education and health services added roughly 780,000 jobs. Remove those gains, and the broader economy shed about 350,000 positions.

Jobs Report: Beware The Fine Print
Hedge Funds Crowd the “Sell America” Trade

February 10, 2026 • Addison Wiggin

Funds net sold U.S. equities for a fourth straight week, at the fastest clip since the opening chapter of the Trump trade war on April 2, 2025.

Despite that positioning, the indexes pushed higher on Monday.

Dip buyers stepped in after last week’s slide and nudged indexes back toward their highs.
Chipmakers gained ground, and a software ETF tacked on close to 7% across two sessions, a quick counterpoint to the sector’s recent purge. Sameer Samana at Wells Fargo Investment Institute described the move as the market’s reflex after steep selloffs—fast hands cover, slower money watches.

Hedge Funds Crowd the “Sell America” Trade
Bitcoin Approaches Its Final Million

February 10, 2026 • Addison Wiggin

Every ten minutes, the bitcoin network completes another block of transaction data. Another bitcoin miner seeks a reward.

The reward is cut in half every four years, thanks to the “halving protocol” which established the coin’s scarcity algorithm. Next month, total bitcoin supply will hit 20 million, leaving just 1 million left to be mined.

Bitcoin Approaches Its Final Million
Broad Market Rally Meet Narrowing Political Window

February 9, 2026 • Addison Wiggin

The Nasdaq logged its fourth straight down week, pulled lower by the “SaaSpocalypse” in software.

Goldman Sachs’ Software Basket fell 16% for the week. Hedge fund exposure to software shrank sharply, according to Prime Book data.

Lou Miller, Goldman’s global head of Equity Custom Baskets, told clients that buyers remained scarce even as the group entered oversold territory.

In the late 1990s, telecom infrastructure outpaced demand, pricing compressed, and equity valuations adjusted long before usage caught up.

Today’s AI buildout carries healthier balance sheets and real utility, yet capital intensity remains high, and patience wears thin when returns depend on perfect adoption curves.

Broad Market Rally Meet Narrowing Political Window