#balance-sheet — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #balance-sheet, aggregated by home.social.
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“Let’s go to the numbers”*…
From the McKinsey Global Institute, the executive summary of their snapshot– a “balance sheet”– of the global economy…
• The global balance sheet takes stock of all assets, liabilities, and wealth, providing a lens into economic health. This annual update estimates that it reached nearly $1.8 quadrillion ($1,800 trillion) in 2025, up from $1.7 quadrillion in 2024. Several asset classes grew further out of balance with the underlying economy, raising the possibility of corrections through inflation, asset valuation losses, or, optimally, productivity growth.
• The balance sheet’s mounting detachment from the global economy was driven by the world’s two biggest economies in 2025. US equity values soared to 2.4 times corporate net assets as profits were double their share of GDP since 2000. China’s corporate debt grew to 80 percent of real assets, versus 50 percent globally. Government debt remains near all-time highs in the United States and has grown most rapidly in China.
• Globally, most corporate and household debt and real estate moved closer to 25-year averages relative to GDP. Inflation helped with this normalization, although values remain well above pre-2000 levels. The ratio of productive assets to GDP held steady amid flat investment.
• Global household wealth growth rose to a new high of $570 trillion, driven by “paper” gains. Only 20 percent came from real capital formation, while valuations of existing assets grew four percentage points faster than already-high consumer price inflation. In the United States and Canada, equity values drove wealth growth. China, France, and Germany saw a drop in paper wealth as real estate prices declined. In the United Kingdom and Japan, inflation pushed up asset values.
• Major economies were on different pathways entering 2026. The United States has been in a “productivity acceleration” scenario, but high public debt and equities add the possibility of “sustained inflation” or “balance sheet reset.” Europe has gravitated toward “secular stagnation” as sluggish demand depresses growth and interest rates. China has experienced a partial balance sheet reset amid declining property values, although government spending and corporate investment have continued to propel balance sheet growth.
In this report, we provide an update on the global balance sheet in 2025, exploring to what extent its recent expansion, and by extension wealth growth, has been “in balance.” The analysis finds that wealth was, to an even greater extent than previously, rooted in asset values rising faster than real economy investment and growth, creating record levels of global wealth “on paper.”
Although many economies that were studied experienced wealth and balance sheet swings, the global picture was largely driven by its two biggest: the United States and China. Higher US equity values and the accumulation of China’s public and private debt brought some near-term economic benefits but left their economies more vulnerable to potential corrections.
Businesses use both income statements and balance sheets to develop a complete picture of their financial health. Analysts of the global economy tend to focus on the former. Since 2021, MGI has developed a “global balance sheet” to fill this gap, representing a clearer view into the world economy’s wealth and health.
Our previous reports found that from the mid-1990s to the COVID-19 pandemic, household wealth expanded faster than gross domestic product. Asset prices for real estate, equities, and bonds grew, as did debt and deposits. This occurred amid declining (and eventually rock-bottom) interest rates, rapidly expanding US profits, and a property boom in China. Productivity did not keep pace across advanced economies, nor did real wealth formation through net new investment.
When the balance sheet outruns the underlying economy, weaknesses can be exposed. When real estate and equity values rise faster than GDP, capital may disproportionately go to asset repurchases, sometimes with a lot of leverage. This may push up valuations but leave the economy deprived of the type of investment that generates long-run growth. For households, wealth rises but merely on paper, with heightened risks of eventual corrections. Growing asset values also tend to exacerbate wealth inequality, as existing owners of wealth see large gains while entering asset markets becomes harder for others (for example, young households trying to buy a home).
Elevated balance sheets may correct in one of three ways. A productivity acceleration scenario involves higher income supporting high asset values and debt; this is the most preferred outcome. A sustained inflation scenario brings down the real values of assets and debt, recalibrating the balance sheet with higher nominal GDP. But it can erode inflation-adjusted wealth along with other undesirable side effects. A balance sheet reset scenario, entailing a drop in asset values, deleveraging, and defaults, would shrink the balance sheet in absolute terms, with severe wealth losses and, often, lengthy periods of lost economic growth. Or the balance sheet may just stay high, particularly under secular-stagnation-like conditions of low investment and interest rates, as seen in the United States and Europe in the 2010s. That’s seemingly good for wealth, but at the cost of low growth and rising leverage.
Historically, most balance sheet corrections have taken place through higher inflation. Indeed, the inflation coming out of the COVID-19 pandemic in the United States and Europe brought a correction in the balance sheet (and wealth) ratio to GDP. In China, a drop in property values drove a decline in wealth to GDP.
In 2025, global wealth reached a higher dollar value than ever before. But how “healthy” was this new growth? After postpandemic corrections, some balance sheet items have resumed expansion and reached new heights. This was particularly the case for US equity as AI fueled market optimism and corporate earnings continued to climb. Rising government debt relative to GDP remains a challenge in many economies amid higher interest rates. Stocks of currency and deposits remain high compared to longer-term historical norms. Altogether, this has culminated in even more wealth on paper than in the past several decades and raises the stakes for US corporate earnings to deliver.
Balance sheets, and macroeconomic factors like productivity and inflation, point to diverging trends across major economies. Recognizing the swing factors that can shift an economy to productivity acceleration is more urgent than ever: for the United States, corporate earnings and greater government saving (in other words, less borrowing); for Europe, greater investment; for China, higher domestic consumption.
Future global wealth and stability may depend on it…
[The report unpacks 0with lots of charts/data) the contents– the constituent elements– of the balance sheet, examines whether or not it is “in balance,” and considers whether the growth that it reflects has been “healthy.” (McKinsey worries that it has not been.) It concludes, addressing the executives who are McKinsey’s primary clients…]
… A balance sheet that is out of kilter with the economy—in other words, with high paper wealth fueled by debt and liquidity levels significantly above historical norms—can unwind via higher productivity, higher inflation, or asset price corrections. Balance sheets may also remain large, typically under secular-stagnation-like conditions, effectively kicking the can down the road for potential correction.
Each of these four scenarios shapes the long-term economic outlook. Only productivity acceleration delivers real economic growth justifying valuations, thus protecting wealth. The others sacrifice wealth, growth, or both. Sustained inflation reduces real values of wealth, secular stagnation sees low growth, and a balance sheet reset signals a loss of wealth and growth. Importantly for business leaders, two scenarios would likely mean structurally higher interest rates: Productivity acceleration would entail greater demand for capital amid higher business investment, while sustained inflation would likely involve central banks tightening policy rates and, ultimately, higher long-term yields.
All scenarios are possible for all major economies. However, they appear to be on different pathways, with different swing factors that could move them from one trajectory to another.
For executives, this means both preparing for an unusually broad array of economic pathways and carefully watching the swing factors, which rise above the noise of daily indicators (see sidebar “Business planning for all scenarios”). Leaders across sectors and industries could also explore ways to encourage the optimal outcome, the productivity acceleration scenario.
Major economies show significant divergence in trends across macro drivers of productivity, inflation, and interest rates, along with fundamental balance sheet components including real estate, equity, and debt.
The United States has seen a structural uptick in both productivity growth and interest rates relative to the prepandemic period. Productive investment, particularly driven by the tech sector, has recently grown. High equity values also signal market confidence, although they may pose some downside risks. Meanwhile, inflation remains above the Federal Reserve’s 2 percent target and government debt remains near all-time highs, adding further inflation risk.
The eurozone has experienced a return to secular-stagnation-like conditions, akin to the prepandemic period, amid flat productivity and higher saving. Europe’s balance sheets overall appear more in balance compared to the US balance sheet (with a few exceptions, such as Italy’s government debt). Productivity growth rates, however, are down across the region’s three largest economies (Germany, France, and Italy). Until recently, inflation was mostly trending toward the European Central Bank’s 2 percent target, although Europe is more exposed to energy price changes. Personal savings rates remain high amid a drop in aggregate demand and per capita household wealth has declined in PPP terms in Germany and France.3 Productive investment remains below prepandemic and global averages.
China continues to work through a partial balance sheet reset in the face of a continued decline in real estate, with questions about future growth drivers amid low household demand and a boom in corporate investment. Productivity growth has receded in recent years, although it remains above the rate in advanced economies. Inflation and, in tandem, nominal interest rates have dropped, and concerns have shifted to dealing with deflation risks. At a macro level, lower household property investment has been offset by higher corporate investment, especially among state-owned enterprises, and by government spending. This has coincided with a substantial rise in corporate and government debt, both reaching all-time highs.
While the United States is the only major economy showing signs of productivity acceleration, it is not guaranteed long term, and other economies have a potential path to it. Focusing on “swing factors” could help filter signal from noise in the daily flow of indicators, market fluctuations, and political headlines. These factors differ by economy.
In the United States, swing factors that could knock the economy out of productivity acceleration include the “fiscal tightrope” and corporate earnings.
- Government debt stands at about 120 percent of GDP. Combined with higher interest rates, this means more public spending will need to be directed toward debt repayment. Public spending could come under pressure, especially from bond investors, in the form of higher market interest rates. These translate into higher business costs of capital. If fiscal policy tightens too little, a public debt crisis or sustained inflation becomes more likely. Too much, and secular stagnation is a potential outcome. To bring budgets back into balance, greater fiscal saving (or lower borrowing) on the order of three percentage points of GDP would be needed.
- On the corporate-earnings side, an equity or wealth reset could be triggered by a large structural shift in the longer-term outlook—for example, from AI disappointment or large geopolitical disruption. Equities are at all-time highs, at 3.7 times GDP and 2.4 times net assets, and constitute nearly 40 percent of household wealth. A price correction could result in a sharp pullback in demand, ushering in an extended period of low growth. It is thus imperative that corporate earnings deliver on high expectations…
Eminently worth reading in full: “The global balance sheet 2026: Imbalance and divergence.”
See also: “World Economic Situation and Prospects 2026” from UNCTAD (the UN Trade and Development Organization), whose review of the global finacial situation resonates with McKinsey’s, but whose recommendations are targeted to global policy makers and development champions:
• Strengthen coordination across macroeconomic policies. Monetary policy alone cannot manage persistent price pressures. Better alignment between monetary, fiscal and industrial policies is essential to stabilise inflation, support investment and protect vulnerable groups.
• Use fiscal policy strategically and credibly. Targeted and temporary measures can help protect households from high prices and support social cohesion, while credible medium-term fiscal plans and prudent debt management are essential to rebuild fiscal space.
• Scale up multilateral cooperation and development finance. Implementing commitments under the Sevilla Commitment, including debt reform and expanded concessional and climate finance, is vital to closing investment gaps and reducing systemic risks.
• Reinforce an open, rules-based trading system. Strengthening transparency, predictability and cooperation in global trade remains central to sustaining growth and limiting fragmentation in an increasingly uncertain global economy.
And for a differently-flavored kind of accounting: “What the Big Mac index reveals about a global currency beef.”
* Catchphrase often used by financial and sports journalists to transition to statistics or financial data, e.g., on public radio’s wonderful Marketplace.
###
As we ponder the political economy, we might recall (hoping that history doesn’t repeat itself) that on this date in 1929, while the U.S. economy was already showing signs of strain (agricultural strains and a sagging consumer market), the U.S., its businesses, and its financial markets were still in the “Roaring Twenties.” Roughly three months later (on October 24, 1929, “Black Thursday,” and October 29, 1929, “Black Tuesday”) America– and the world– suffered the Wall Street crash of 1929 and began the slide into the Great Depression.
By this date in 1932, stocks had lost roughly 90% of the value they had had three years earlier. GDP in the U.S. had fallen 30%; GDP around the world was down 15%. International trade fell by more than 50%, and unemployment in some countries rose as high as 33% (peaking in 1933 at 25% in the U.S.).
Unemployed people lined up outside a soup kitchen opened in Chicago by Al Capone, February 1931 (source) #balanceSheet #BlackThursday #BlackTuesday #business #CrashOf1929 #culture #economics #economy #equity #finance #globalEconomy #GreatDepression #history #McKinseyGlobalInstitute #politics #RoaringTwenties #stockMarket #trade #UNCTAD -
“Let’s go to the numbers”*…
From the McKinsey Global Institute, the executive summary of their snapshot– a “balance sheet”– of the global economy…
• The global balance sheet takes stock of all assets, liabilities, and wealth, providing a lens into economic health. This annual update estimates that it reached nearly $1.8 quadrillion ($1,800 trillion) in 2025, up from $1.7 quadrillion in 2024. Several asset classes grew further out of balance with the underlying economy, raising the possibility of corrections through inflation, asset valuation losses, or, optimally, productivity growth.
• The balance sheet’s mounting detachment from the global economy was driven by the world’s two biggest economies in 2025. US equity values soared to 2.4 times corporate net assets as profits were double their share of GDP since 2000. China’s corporate debt grew to 80 percent of real assets, versus 50 percent globally. Government debt remains near all-time highs in the United States and has grown most rapidly in China.
• Globally, most corporate and household debt and real estate moved closer to 25-year averages relative to GDP. Inflation helped with this normalization, although values remain well above pre-2000 levels. The ratio of productive assets to GDP held steady amid flat investment.
• Global household wealth growth rose to a new high of $570 trillion, driven by “paper” gains. Only 20 percent came from real capital formation, while valuations of existing assets grew four percentage points faster than already-high consumer price inflation. In the United States and Canada, equity values drove wealth growth. China, France, and Germany saw a drop in paper wealth as real estate prices declined. In the United Kingdom and Japan, inflation pushed up asset values.
• Major economies were on different pathways entering 2026. The United States has been in a “productivity acceleration” scenario, but high public debt and equities add the possibility of “sustained inflation” or “balance sheet reset.” Europe has gravitated toward “secular stagnation” as sluggish demand depresses growth and interest rates. China has experienced a partial balance sheet reset amid declining property values, although government spending and corporate investment have continued to propel balance sheet growth.
In this report, we provide an update on the global balance sheet in 2025, exploring to what extent its recent expansion, and by extension wealth growth, has been “in balance.” The analysis finds that wealth was, to an even greater extent than previously, rooted in asset values rising faster than real economy investment and growth, creating record levels of global wealth “on paper.”
Although many economies that were studied experienced wealth and balance sheet swings, the global picture was largely driven by its two biggest: the United States and China. Higher US equity values and the accumulation of China’s public and private debt brought some near-term economic benefits but left their economies more vulnerable to potential corrections.
Businesses use both income statements and balance sheets to develop a complete picture of their financial health. Analysts of the global economy tend to focus on the former. Since 2021, MGI has developed a “global balance sheet” to fill this gap, representing a clearer view into the world economy’s wealth and health.
Our previous reports found that from the mid-1990s to the COVID-19 pandemic, household wealth expanded faster than gross domestic product. Asset prices for real estate, equities, and bonds grew, as did debt and deposits. This occurred amid declining (and eventually rock-bottom) interest rates, rapidly expanding US profits, and a property boom in China. Productivity did not keep pace across advanced economies, nor did real wealth formation through net new investment.
When the balance sheet outruns the underlying economy, weaknesses can be exposed. When real estate and equity values rise faster than GDP, capital may disproportionately go to asset repurchases, sometimes with a lot of leverage. This may push up valuations but leave the economy deprived of the type of investment that generates long-run growth. For households, wealth rises but merely on paper, with heightened risks of eventual corrections. Growing asset values also tend to exacerbate wealth inequality, as existing owners of wealth see large gains while entering asset markets becomes harder for others (for example, young households trying to buy a home).
Elevated balance sheets may correct in one of three ways. A productivity acceleration scenario involves higher income supporting high asset values and debt; this is the most preferred outcome. A sustained inflation scenario brings down the real values of assets and debt, recalibrating the balance sheet with higher nominal GDP. But it can erode inflation-adjusted wealth along with other undesirable side effects. A balance sheet reset scenario, entailing a drop in asset values, deleveraging, and defaults, would shrink the balance sheet in absolute terms, with severe wealth losses and, often, lengthy periods of lost economic growth. Or the balance sheet may just stay high, particularly under secular-stagnation-like conditions of low investment and interest rates, as seen in the United States and Europe in the 2010s. That’s seemingly good for wealth, but at the cost of low growth and rising leverage.
Historically, most balance sheet corrections have taken place through higher inflation. Indeed, the inflation coming out of the COVID-19 pandemic in the United States and Europe brought a correction in the balance sheet (and wealth) ratio to GDP. In China, a drop in property values drove a decline in wealth to GDP.
In 2025, global wealth reached a higher dollar value than ever before. But how “healthy” was this new growth? After postpandemic corrections, some balance sheet items have resumed expansion and reached new heights. This was particularly the case for US equity as AI fueled market optimism and corporate earnings continued to climb. Rising government debt relative to GDP remains a challenge in many economies amid higher interest rates. Stocks of currency and deposits remain high compared to longer-term historical norms. Altogether, this has culminated in even more wealth on paper than in the past several decades and raises the stakes for US corporate earnings to deliver.
Balance sheets, and macroeconomic factors like productivity and inflation, point to diverging trends across major economies. Recognizing the swing factors that can shift an economy to productivity acceleration is more urgent than ever: for the United States, corporate earnings and greater government saving (in other words, less borrowing); for Europe, greater investment; for China, higher domestic consumption.
Future global wealth and stability may depend on it…
[The report unpacks 0with lots of charts/data) the contents– the constituent elements– of the balance sheet, examines whether or not it is “in balance,” and considers whether the growth that it reflects has been “healthy.” (McKinsey worries that it has not been.) It concludes, addressing the executives who are McKinsey’s primary clients…]
… A balance sheet that is out of kilter with the economy—in other words, with high paper wealth fueled by debt and liquidity levels significantly above historical norms—can unwind via higher productivity, higher inflation, or asset price corrections. Balance sheets may also remain large, typically under secular-stagnation-like conditions, effectively kicking the can down the road for potential correction.
Each of these four scenarios shapes the long-term economic outlook. Only productivity acceleration delivers real economic growth justifying valuations, thus protecting wealth. The others sacrifice wealth, growth, or both. Sustained inflation reduces real values of wealth, secular stagnation sees low growth, and a balance sheet reset signals a loss of wealth and growth. Importantly for business leaders, two scenarios would likely mean structurally higher interest rates: Productivity acceleration would entail greater demand for capital amid higher business investment, while sustained inflation would likely involve central banks tightening policy rates and, ultimately, higher long-term yields.
All scenarios are possible for all major economies. However, they appear to be on different pathways, with different swing factors that could move them from one trajectory to another.
For executives, this means both preparing for an unusually broad array of economic pathways and carefully watching the swing factors, which rise above the noise of daily indicators (see sidebar “Business planning for all scenarios”). Leaders across sectors and industries could also explore ways to encourage the optimal outcome, the productivity acceleration scenario.
Major economies show significant divergence in trends across macro drivers of productivity, inflation, and interest rates, along with fundamental balance sheet components including real estate, equity, and debt.
The United States has seen a structural uptick in both productivity growth and interest rates relative to the prepandemic period. Productive investment, particularly driven by the tech sector, has recently grown. High equity values also signal market confidence, although they may pose some downside risks. Meanwhile, inflation remains above the Federal Reserve’s 2 percent target and government debt remains near all-time highs, adding further inflation risk.
The eurozone has experienced a return to secular-stagnation-like conditions, akin to the prepandemic period, amid flat productivity and higher saving. Europe’s balance sheets overall appear more in balance compared to the US balance sheet (with a few exceptions, such as Italy’s government debt). Productivity growth rates, however, are down across the region’s three largest economies (Germany, France, and Italy). Until recently, inflation was mostly trending toward the European Central Bank’s 2 percent target, although Europe is more exposed to energy price changes. Personal savings rates remain high amid a drop in aggregate demand and per capita household wealth has declined in PPP terms in Germany and France.3 Productive investment remains below prepandemic and global averages.
China continues to work through a partial balance sheet reset in the face of a continued decline in real estate, with questions about future growth drivers amid low household demand and a boom in corporate investment. Productivity growth has receded in recent years, although it remains above the rate in advanced economies. Inflation and, in tandem, nominal interest rates have dropped, and concerns have shifted to dealing with deflation risks. At a macro level, lower household property investment has been offset by higher corporate investment, especially among state-owned enterprises, and by government spending. This has coincided with a substantial rise in corporate and government debt, both reaching all-time highs.
While the United States is the only major economy showing signs of productivity acceleration, it is not guaranteed long term, and other economies have a potential path to it. Focusing on “swing factors” could help filter signal from noise in the daily flow of indicators, market fluctuations, and political headlines. These factors differ by economy.
In the United States, swing factors that could knock the economy out of productivity acceleration include the “fiscal tightrope” and corporate earnings.
- Government debt stands at about 120 percent of GDP. Combined with higher interest rates, this means more public spending will need to be directed toward debt repayment. Public spending could come under pressure, especially from bond investors, in the form of higher market interest rates. These translate into higher business costs of capital. If fiscal policy tightens too little, a public debt crisis or sustained inflation becomes more likely. Too much, and secular stagnation is a potential outcome. To bring budgets back into balance, greater fiscal saving (or lower borrowing) on the order of three percentage points of GDP would be needed.
- On the corporate-earnings side, an equity or wealth reset could be triggered by a large structural shift in the longer-term outlook—for example, from AI disappointment or large geopolitical disruption. Equities are at all-time highs, at 3.7 times GDP and 2.4 times net assets, and constitute nearly 40 percent of household wealth. A price correction could result in a sharp pullback in demand, ushering in an extended period of low growth. It is thus imperative that corporate earnings deliver on high expectations…
Eminently worth reading in full: “The global balance sheet 2026: Imbalance and divergence.”
See also: “World Economic Situation and Prospects 2026” from UNCTAD (the UN Trade and Development Organization), whose review of the global finacial situation resonates with McKinsey’s, but whose recommendations are targeted to global policy makers and development champions:
• Strengthen coordination across macroeconomic policies. Monetary policy alone cannot manage persistent price pressures. Better alignment between monetary, fiscal and industrial policies is essential to stabilise inflation, support investment and protect vulnerable groups.
• Use fiscal policy strategically and credibly. Targeted and temporary measures can help protect households from high prices and support social cohesion, while credible medium-term fiscal plans and prudent debt management are essential to rebuild fiscal space.
• Scale up multilateral cooperation and development finance. Implementing commitments under the Sevilla Commitment, including debt reform and expanded concessional and climate finance, is vital to closing investment gaps and reducing systemic risks.
• Reinforce an open, rules-based trading system. Strengthening transparency, predictability and cooperation in global trade remains central to sustaining growth and limiting fragmentation in an increasingly uncertain global economy.
And for a differently-flavored kind of accounting: “What the Big Mac index reveals about a global currency beef.”
* Catchphrase often used by financial and sports journalists to transition to statistics or financial data, e.g., on public radio’s wonderful Marketplace.
###
As we ponder the political economy, we might recall (hoping that history doesn’t repeat itself) that on this date in 1929, while the U.S. economy was already showing signs of strain (agricultural strains and a sagging consumer market), the U.S., its businesses, and its financial markets were still in the “Roaring Twenties.” Roughly three months later (on October 24, 1929, “Black Thursday,” and October 29, 1929, “Black Tuesday”) America– and the world– suffered the Wall Street crash of 1929 and began the slide into the Great Depression.
By this date in 1932, stocks had lost roughly 90% of the value they had had three years earlier. GDP in the U.S. had fallen 30%; GDP around the world was down 15%. International trade fell by more than 50%, and unemployment in some countries rose as high as 33% (peaking in 1933 at 25% in the U.S.).
Unemployed people lined up outside a soup kitchen opened in Chicago by Al Capone, February 1931 (source) #balanceSheet #BlackThursday #BlackTuesday #business #CrashOf1929 #culture #economics #economy #equity #finance #globalEconomy #GreatDepression #history #McKinseyGlobalInstitute #politics #RoaringTwenties #stockMarket #trade #UNCTAD -
Number of the Day: 1,650,000,000,000
This is the total value of debt Alphabet, Amazon, Meta, Microsoft, and Oracle are using accounting tricks to keep it off the books, and it is legal.
Here is how they do it - the company packages the debt for data center chips, servers, and power into a separate legal entity, often a joint venture, so the cost never appears on or flows through its own books/accounting.
Meta’s off-balance-sheet debt is about $420B, nearly triple its reported debt. Oracle’s off-blance-sheet debt has grown roughly thirtyfold in four years.
The companies insist future earnings will more than cover the bills when they become due. https://thenextweb.com/news/tech-giants-hidden-off-balance-sheet-debt-ai #AI #Debt #BalanceSheet #Accounting #Transparency #Investing #Meta #Oracle #OffBalanceSheet-Debt #AIDataCenters #AIBuildOut #JointVenture #Microsoft #Amazon
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Number of the Day: 1,650,000,000,000
This is the total value of debt Alphabet, Amazon, Meta, Microsoft, and Oracle are using accounting tricks to keep it off the books, and it is legal.
Here is how they do it - the company packages the debt for data center chips, servers, and power into a separate legal entity, often a joint venture, so the cost never appears on or flows through its own books/accounting.
Meta’s off-balance-sheet debt is about $420B, nearly triple its reported debt. Oracle’s off-blance-sheet debt has grown roughly thirtyfold in four years.
The companies insist future earnings will more than cover the bills when they become due. https://thenextweb.com/news/tech-giants-hidden-off-balance-sheet-debt-ai #AI #Debt #BalanceSheet #Accounting #Transparency #Investing #Meta #Oracle #OffBalanceSheet-Debt #AIDataCenters #AIBuildOut #JointVenture #Microsoft #Amazon
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“Increasingly, #Meta has been using #debt to fuel its #spending, amassing $59 billion in long-term debt on its #balancesheet by the end of 2025, double the prior year’s total.” www.nytimes.com/2026/05/08/o...
Opinion | Meta Is Dying. It’s ... -
“Increasingly, #Meta has been using #debt to fuel its #spending, amassing $59 billion in long-term debt on its #balancesheet by the end of 2025, double the prior year’s total.” www.nytimes.com/2026/05/08/o...
Opinion | Meta Is Dying. It’s ... -
Confirmation of Warsh, who Wants to Reduce #Fed’s #BalanceSheet, Gets Unstuck
"Powell was architect of #megaQE fr Mar2020 thru early 2022, even as #inflation began raging early 2021 – “the most reckless Fed ever”🤦♂️ is what I called it at te time for tt reason. & he was te architect just b4 covid of “ample reserves regime”.. These policies distorted & destroyed te #housing market as they caused home prices to explode fr mid-2020 thru mid-2022, aft already surging for years"
https://wolfstreet.com/2026/04/24/senate-confirmation-of-warsh-who-wants-to-reduce-the-feds-balance-sheet-gets-unstuck-as-doj-ends-powell-investigation/ -
Confirmation of Warsh, who Wants to Reduce #Fed’s #BalanceSheet, Gets Unstuck
"Powell was architect of #megaQE fr Mar2020 thru early 2022, even as #inflation began raging early 2021 – “the most reckless Fed ever”🤦♂️ is what I called it at te time for tt reason. & he was te architect just b4 covid of “ample reserves regime”.. These policies distorted & destroyed te #housing market as they caused home prices to explode fr mid-2020 thru mid-2022, aft already surging for years"
https://wolfstreet.com/2026/04/24/senate-confirmation-of-warsh-who-wants-to-reduce-the-feds-balance-sheet-gets-unstuck-as-doj-ends-powell-investigation/ -
Grana Padano: sales and exports on the rise
The Grana Padano PDO Consortium held its general assembly at the Garda Exhibition Center in Montichiari (BS), dedicated to the approval of the 2025 financial statements. The focus of the meeting…
#dining #cooking #diet #food #Italiancheese #balancesheet #Cheese #consortium #exports #GranaPadanoDop #Italia #Italian #italiano #italy #RenatoZaghini #sales #StefanoBerni
https://www.diningandcooking.com/2612417/grana-padano-sales-and-exports-on-the-rise-2/ -
Grana Padano: sales and exports on the rise
The Grana Padano PDO Consortium held its general assembly at the Garda Exhibition Center in Montichiari (BS), dedicated to the approval of the 2025 financial statements. The focus of the meeting…
#dining #cooking #diet #food #Italiancheese #balancesheet #Cheese #consortium #exports #GranaPadanoDop #Italia #Italian #italiano #italy #RenatoZaghini #sales #StefanoBerni
https://www.diningandcooking.com/2612417/grana-padano-sales-and-exports-on-the-rise-2/ -
Grana Padano: sales and exports on the rise https://www.diningandcooking.com/2612417/grana-padano-sales-and-exports-on-the-rise-2/ #BalanceSheet #Cheese #consortium #exports #GranaPadanoDop #Italia #Italian #ItalianCheese #italiano #italy #RenatoZaghini #sales #StefanoBerni
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Grana Padano: sales and exports on the rise https://www.diningandcooking.com/2612417/grana-padano-sales-and-exports-on-the-rise-2/ #BalanceSheet #Cheese #consortium #exports #GranaPadanoDop #Italia #Italian #ItalianCheese #italiano #italy #RenatoZaghini #sales #StefanoBerni
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Grana Padano: sales and exports on the rise
The Grana Padano PDO Consortium held its general assembly at the Garda Exhibition Center in Montichiari (BS), dedicated to the approval of the 2025 financial statements. The focus of the meeting w…
#dining #cooking #diet #food #Italiancheese #balancesheet #Cheese #consortium #exports #GranaPadanoDop #Italia #Italian #italiano #italy #RenatoZaghini #sales #StefanoBerni
https://www.diningandcooking.com/2602880/grana-padano-sales-and-exports-on-the-rise/ -
Grana Padano: sales and exports on the rise
The Grana Padano PDO Consortium held its general assembly at the Garda Exhibition Center in Montichiari (BS), dedicated to the approval of the 2025 financial statements. The focus of the meeting w…
#dining #cooking #diet #food #Italiancheese #balancesheet #Cheese #consortium #exports #GranaPadanoDop #Italia #Italian #italiano #italy #RenatoZaghini #sales #StefanoBerni
https://www.diningandcooking.com/2602880/grana-padano-sales-and-exports-on-the-rise/ -
Grana Padano: sales and exports on the rise https://www.diningandcooking.com/2602880/grana-padano-sales-and-exports-on-the-rise/ #BalanceSheet #Cheese #consortium #exports #GranaPadanoDop #Italia #Italian #ItalianCheese #italiano #italy #RenatoZaghini #sales #StefanoBerni
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Grana Padano: sales and exports on the rise https://www.diningandcooking.com/2602880/grana-padano-sales-and-exports-on-the-rise/ #BalanceSheet #Cheese #consortium #exports #GranaPadanoDop #Italia #Italian #ItalianCheese #italiano #italy #RenatoZaghini #sales #StefanoBerni
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Parmigiano Reggiano: Italian market down
Parmigiano Reggiano is declining in Italy, yet strengthening its global positioning and consolidating its value. This is what emerges from the 2025 economic data presented today by the Consortium in Milan. Consumer turno…
#dining #cooking #diet #food #Italiancheese #balancesheet #Cheese #export #Italia #Italian #italiano #italy #market #ParmigianoReggiano #PDO #production
https://www.diningandcooking.com/2573120/parmigiano-reggiano-italian-market-down-2/ -
Parmigiano Reggiano: Italian market down https://www.diningandcooking.com/2573120/parmigiano-reggiano-italian-market-down-2/ #BalanceSheet #Cheese #export #Italia #Italian #ItalianCheese #italiano #italy #market #ParmigianoReggiano #PDO #production
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Parmigiano Reggiano: Italian market down https://www.diningandcooking.com/2573120/parmigiano-reggiano-italian-market-down-2/ #BalanceSheet #Cheese #export #Italia #Italian #ItalianCheese #italiano #italy #market #ParmigianoReggiano #PDO #production
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Parmigiano Reggiano: Italian market down
Parmigiano Reggiano is declining in Italy, yet strengthening its global positioning and consolidating its value. This is what emerges from the 2025 economic data presented today by the Consortium in Milan. Consumer turnove…
#dining #cooking #diet #food #Italiancheese #balancesheet #Cheese #export #Italia #Italian #italiano #italy #market #ParmigianoReggiano #PDO #production
https://www.diningandcooking.com/2571899/parmigiano-reggiano-italian-market-down/ -
Parmigiano Reggiano: Italian market down https://www.diningandcooking.com/2571899/parmigiano-reggiano-italian-market-down/ #BalanceSheet #Cheese #export #Italia #Italian #ItalianCheese #italiano #italy #market #ParmigianoReggiano #PDO #production
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Parmigiano Reggiano: Italian market down https://www.diningandcooking.com/2571899/parmigiano-reggiano-italian-market-down/ #BalanceSheet #Cheese #export #Italia #Italian #ItalianCheese #italiano #italy #market #ParmigianoReggiano #PDO #production
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Bitcoin Braces for Fed Balance-Sheet Shift as Liquidity Cycle Turns
https://decrypt.co/346924/bitcoin-braces-fed-balance-sheet-shift-liquidity-cycle-turns
#Web3 #Bitcoin #Crypto #Cryptocurrency #Fed #BalanceSheet #Liquidity
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📉 Fed can keep trimming balance sheet
Governor Waller says the central bank still has room to shrink its holdings—possibly down to ~$5.8 T—by letting securities roll off naturally.
👉 Full story: https://bluewaterhealthyliving.com/news/business-and-economy/feds-waller-sees-some-ways-to-go-in-shrinking-central-banks-holdings/#Fed #BalanceSheet #QuantitativeTightening #Waller #GBSMedia
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@DGI CRUCIAL economic insight! Hadn't realized Graeber knew it, although of course I should have!
Thanks for posting this!#GovernmentDeficitEqualsPrivateAsset #DoubleEntryBookkeeping #BalanceSheet #Macroeconomics #MMT #MMTandBeyond
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CleanSpark becomes fourth Bitcoin miner to hold 10,000 BTC - CleanSpark joins MARA Holdings, Riot Platforms and Hut 8 Mining Corp as ... - https://cointelegraph.com/news/cleanspark-bitcoin-miner-10000-btc-balance-sheet #bitcoinholdings #maintenancecost #hut8miningcorp #riotplatforms #zachbradford #balancesheet #bitcoinminer #maraholdings #cleanspark #payroll
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CleanSpark becomes fourth Bitcoin miner to hold 10,000 BTC - CleanSpark joins MARA Holdings, Riot Platforms and Hut 8 Mining Corp as ... - https://cointelegraph.com/news/cleanspark-bitcoin-miner-10000-btc-balance-sheet #bitcoinholdings #maintenancecost #hut8miningcorp #riotplatforms #zachbradford #balancesheet #bitcoinminer #maraholdings #cleanspark #payroll
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Rumble shares rise 9% as founder mulls scooping up Bitcoin - Rumble shares soared after the bell as its CEO Chris Pavlovski said he’s... - https://cointelegraph.com/news/rumble-rises-founder-hints-buy-bitcoin #chrispavlovski #balancesheet #adoption #rumble #btc
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Rumble shares rise 9% as founder mulls scooping up Bitcoin - Rumble shares soared after the bell as its CEO Chris Pavlovski said he’s... - https://cointelegraph.com/news/rumble-rises-founder-hints-buy-bitcoin #chrispavlovski #balancesheet #adoption #rumble #btc
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Michael Saylor to pitch Microsoft board on Bitcoin buying strategy - MicroStrategy’s Michael Saylor says he’ll get three minutes to pitch Mic... - https://cointelegraph.com/news/michael-saylor-present-bitcoin-buying-case-to-microsoft-board #nationalcenterforpublicpolicyresearch #balancesheet #proposal
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Michael Saylor to pitch Microsoft board on Bitcoin buying strategy - MicroStrategy’s Michael Saylor says he’ll get three minutes to pitch Mic... - https://cointelegraph.com/news/michael-saylor-present-bitcoin-buying-case-to-microsoft-board #nationalcenterforpublicpolicyresearch #balancesheet #proposal
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BNY Mellon Engages With Banking Regulators to Offer Crypto Custody Services ‘at Scale’ - BNY Mellon, one of the world’s largest custodian banks, is seeking to offer custod... - https://news.bitcoin.com/bny-mellon-engages-with-banking-regulators-to-offer-crypto-custody-services-at-scale/ #regulatoryapprovals #cryptocurrency #digitalassets #balancesheet #bitcoinetf #etpclients #bnymellon #featured #custody #crypto #sab121 #etp #sec
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BNY Mellon Engages With Banking Regulators to Offer Crypto Custody Services ‘at Scale’ - BNY Mellon, one of the world’s largest custodian banks, is seeking to offer custod... - https://news.bitcoin.com/bny-mellon-engages-with-banking-regulators-to-offer-crypto-custody-services-at-scale/ #regulatoryapprovals #cryptocurrency #digitalassets #balancesheet #bitcoinetf #etpclients #bnymellon #featured #custody #crypto #sab121 #etp #sec
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MARA Adopts ‘Full HODL Strategy,’ Surpasses 20,000 BTC Holdings - Marathon Digital Holdings, now known as MARA, has announced a strategic shift to h... - https://news.bitcoin.com/mara-adopts-full-hodl-strategy-surpasses-20000-btc-holdings/ #marathondigitalholdings #institutionalsupport #cryptocurrency #treasurypolicy #digitalassets #balancesheet #hodlstrategy #bitcoin #news #mara
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MARA Adopts ‘Full HODL Strategy,’ Surpasses 20,000 BTC Holdings - Marathon Digital Holdings, now known as MARA, has announced a strategic shift to h... - https://news.bitcoin.com/mara-adopts-full-hodl-strategy-surpasses-20000-btc-holdings/ #marathondigitalholdings #institutionalsupport #cryptocurrency #treasurypolicy #digitalassets #balancesheet #hodlstrategy #bitcoin #news #mara
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Federal Reserve's balance sheet increased to $7,224B, slightly up from the previous $7,222B. #Fed #Economy #BalanceSheet
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The Fed's #balancesheet decreased to $7,253B from the previous $7,259B. #Fed #Economy
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The #FederalReserve's #balancesheet decreased slightly, with the latest figure at $7.304 trillion compared to the previous period's $7.353 trillion.
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The #FederalReserve's balance sheet decreased slightly, with the actual value at $7,362 billion compared to the previous figure of $7,402 billion. #Fed #US #BalanceSheet
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Officials are also expected to announce a short-term slowdown in the Federal Reserve's $7.4 trillion balance sheet reduction. #Fed #BalanceSheet
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The ECB reported its first annual loss in 19 years for 2023, totaling 1.3 B euros, attributed to tightening impacts. Despite this, the bank maintains a solid financial position with around 45 B euros in net equity. The ECB anticipates an improved balance sheet in the future as bond purchases are reduced. It expects to return to sustainable profitability in the coming years, with last year's loss carried forward to offset future profits. #ECB #financials #Eurozone #Economy #BalanceSheet
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Coinbase narrows loss while crypto trading volumes fall in Q3 - Despite seeing falling trading volumes, Coinbase said they were “... - https://cointelegraph.com/news/coinbase-results-q3-loss-revenue-crypto-trading-volumes #adjustedebitda #tradingvolume #institutions #balancesheet #netincome #earnings #revenue #retail #ebitda
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Coinbase narrows loss while crypto trading volumes fall in Q3 - Despite seeing falling trading volumes, Coinbase said they were “... - https://cointelegraph.com/news/coinbase-results-q3-loss-revenue-crypto-trading-volumes #adjustedebitda #tradingvolume #institutions #balancesheet #netincome #earnings #revenue #retail #ebitda
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Binance CEO brushes off negativity, assures firm has 'no liquidity issues' - Despite the so-called FUD, Changpeng Zhao said in reality, the cr... - https://cointelegraph.com/news/binance-changpeng-zhao-deny-fud-liquidity-employee-turnover #patrickhillmann #stevenchristie #balancesheet #mayurkamat #employees #leonfoong #lawsuits #bankruns
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Binance CEO brushes off negativity, assures firm has 'no liquidity issues' - Despite the so-called FUD, Changpeng Zhao said in reality, the cr... - https://cointelegraph.com/news/binance-changpeng-zhao-deny-fud-liquidity-employee-turnover #patrickhillmann #stevenchristie #balancesheet #mayurkamat #employees #leonfoong #lawsuits #bankruns
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FASB rules ‘eliminate the poor optics’ that shied firms from crypto: Analyst - “The change should help MicroStrategy and other companies that ho... - https://cointelegraph.com/news/fasb-crypto-accounting-rules-eliminate-poor-optics-impairment #impairmentloss #microstrategy #balancesheet #accounting #bitcoin
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FASB rules ‘eliminate the poor optics’ that shied firms from crypto: Analyst - “The change should help MicroStrategy and other companies that ho... - https://cointelegraph.com/news/fasb-crypto-accounting-rules-eliminate-poor-optics-impairment #impairmentloss #microstrategy #balancesheet #accounting #bitcoin
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How to handle crypto trading gains and losses on your balance sheet - Cryptocurrency taxation and reporting transactions on your balanc... - https://cointelegraph.com/news/crypto-trading-gains-and-losses-on-balance-sheet #cryptocurrencytaxation #reportingtransactions #balancesheet
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How to handle crypto trading gains and losses on your balance sheet - Cryptocurrency taxation and reporting transactions on your balanc... - https://cointelegraph.com/news/crypto-trading-gains-and-losses-on-balance-sheet #cryptocurrencytaxation #reportingtransactions #balancesheet
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Gemini Files Lawsuit Against Digital Currency Group and Barry Silbert Alleging Fraud and Deception - After Gemini co-founder Cameron Winklevoss published an open letter to Digital Cur... - https://news.bitcoin.com/gemini-files-lawsuit-against-digital-currency-group-and-barry-silbert-alleging-fraud-and-deception/ #digitalcurrencygroup #cameronwinklevoss #cryptocurrencies #accountability #geminisilbert #balancesheet #barrysilbert #legalaction #openletter #deception #damages #genesis #gemini
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Gemini Files Lawsuit Against Digital Currency Group and Barry Silbert Alleging Fraud and Deception - After Gemini co-founder Cameron Winklevoss published an open letter to Digital Cur... - https://news.bitcoin.com/gemini-files-lawsuit-against-digital-currency-group-and-barry-silbert-alleging-fraud-and-deception/ #digitalcurrencygroup #cameronwinklevoss #cryptocurrencies #accountability #geminisilbert #balancesheet #barrysilbert #legalaction #openletter #deception #damages #genesis #gemini
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Citizens Trust Bank to Hold $65 Million in USDC Reserves as Circle Expands Bank Partnerships
https://news.bitcoin.com/citizens-trust-bank-to-hold-65-million-in-usdc-reserves-as-circle-expands-bank-partnerships/
#minority-owneddepositoryinstitutions #financialliteracyinitiatives #NewYorkCommunityBancorp #FinancialInstitutions #MarketCapitalization #cryptocurrencyasset #fast-growingmarkets #CitizensTrustBank #DigitalCurrency #USdollar-pegged #communitybanks #Cryptocurrency #BalanceSheet -
Payments provider Affirm to sunset crypto program after 19% staff cut - Users will not be able to buy Bitcoin after Mar. 2, and the “Affi... - https://cointelegraph.com/news/payments-provider-affirm-to-sunset-crypto-program-after-19-staff-cut #affirmcryptoprogram #paymentsplatform #buynowpaylater #michaellinford #balancesheet #maxlevchin #staffcut #product #affirm #profit #nydig
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Payments provider Affirm to sunset crypto program after 19% staff cut - Users will not be able to buy Bitcoin after Mar. 2, and the “Affi... - https://cointelegraph.com/news/payments-provider-affirm-to-sunset-crypto-program-after-19-staff-cut #affirmcryptoprogram #paymentsplatform #buynowpaylater #michaellinford #balancesheet #maxlevchin #staffcut #product #affirm #profit #nydig
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Which tokens could FTX dump on the market? - The list of illiquid tokens includes a Donald Trump prediction to... - https://cointelegraph.com/news/which-tokens-could-ftx-dump-on-the-market #balancesheet #illiquid #tokens #ftx
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While the FTX Co-Founder Claims He ‘Wasn’t Running Alameda,’ SBF Is Asked Why He Threw Caroline Ellison ‘Under the Bus’ - While the former FTX CEO Sam Bankman-Fried (SBF) has done numerous interviews, dur... - https://news.bitcoin.com/while-the-ftx-co-founder-claims-he-wasnt-running-alameda-sbf-is-asked-why-he-threw-caroline-ellison-under-the-bus/ #ellisonexplainsbalancesheet #twitterspacesinterview #goodmorningamerica #mysteriouspartners #ftx/alamedafiasco #sambankman-fried #balancesheet
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Circle marks a possible $3B loss from Binance stablecoin conversions - Circle attributed its miscalculated financial projections to Bina... - https://cointelegraph.com/news/circle-marks-a-possible-3b-loss-from-binance-stablecoin-conversions #s-4registrationstatement #concordacquisition #jeremyallaire #tokenissuance #balancesheet #filing