My timing on markets really is the worst You can imagine. But if I wouldn't need to put a time frame on it I am watching Europe as the potential first (and big) domino to send signals of real trouble. Their structural problems (the dysfuncional banking and currency union) and their gigantic miscalculation of sanctioning their ''energy and commodity dealer'' no. 1 makes them, at least in my opinion, a classical candidate to enter the downward spiral first. Maybe it's good advice to put europ. banking stocks on the watchlist, as indicators of economic seismic chocks besides the bond market. But after the covid intervention I have problems timing these processes. But: the debate on CBDC here in Europe is heating up in recent days. Maybe there is more pressure on the pot...