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Could be so massively bankrupt, says Bill Bonner.
"We have a mountain of debt... nearly $100 trillion of it... every penny of which is counted as an “asset” on the creditors’ balance sheets. Probably only about half of it is ‘money good.’ The rest may go ‘poof’ in the credit cycle’s downturn.
The safest part of this pile is US Treasury bonds. And yet, in gold terms, we’ve seen that they lost 30% of their value in the last four years... and 75% since 1999.
And we have a GDP that is largely fraudulent... with as much as half of it directed, controlled or be-muddled by government, rendering it unfit...
It’s not just Treasury bonds that pretend to have value they don’t actually have. All across the fixed-return world, there are unrecognized losses and make-believe wealth.
Here’s the FDIC warning:
'Unrealized losses on available-for-sale and held-to-maturity securities increased by $39 billion to $517 billion in the first quarter. Higher unrealized losses on residential mortgage-backed securities, resulting from higher mortgage rates in the first quarter, drove the overall increase. This is the ninth straight quarter of unusually high unrealized losses since the Federal Reserve began to raise interest rates in first quarter 2022. '
Banks were required to hold US Treasury bonds as ‘reserves.’ That, they were told, would make them more antifragile. But it did just the opposite. Treasury bonds proved to be a terrible form of ‘reserve.’ They went down, in nominal terms, by about 20% since 2020. In gold terms, they lost half again as much.
The banks also had plenty of private debt that went bad. They lent heavily to real estate developers and speculators, for example. But now, commercial real estate is not worth what it was a few years ago.
In addition to the loan losses, there are the losses on the collateral itself. Green Street reports that the ‘all-property commercial index’ is down more than 20% since 2021."
Most people hear “Hormuz” and think gas prices.
That’s part of it. But it’s bigger. It’s a central artery for global trade, and we talked about how disruptions hit second-order systems fast, including inputs tied to food production (field work and fertilizers), trucking, and downstream shocks in everything from shipping insurance to medicine, medical supplies, medical treatments and regional stability.
This is why the “we’re energy independent so it doesn’t matter” line is naive. In a globally priced commodity world, you don’t get to opt out.
Former Muslim Ayaan Hirsi Ali comes to Christ and discovers the supernatural Christian heritage of West, and how worldly families destroyed it. She is now married and living in the US.
"I like Os Guinness’s analogy of the cut flower civilization. I find it very vivid in regard to non-Christian conservative parents. Conservative non-Christian families are cutting themselves off from our foundational roots.
Let’s think about what happens to a plant when the roots die. What happens when you pick flowers and put them in a vase? Obviously, the flowers wither. And if you cut conservative morals off from Christianity, they fade.
"This decline is exactly what we have seen in the West over the last century and a half. Some people say the decay dates back to the Enlightenment. It’s a gradual fading that goes on and on. My fear is that we have landed in a place of moral wilderness.
"For the West to restore itself, it has to rediscover and revive its biblical roots. I insist that the biblical...
A number of officials with high-level security clearance, and copious amounts of intel, have warned the president about this. This includes Mr. Vance and Tulsi Gabbard. But for some inexplicable reason, Mr. Trump was unentreatable. A seductive influence has moved him away from his previous, sincerely held opinions. Below are a few he expressed in public, going back a quarter century.
“I’m not going to start wars, I’m going to stop wars.”
“We’re going to end these endless wars.”
“We will turn the page forever on those foolish, stupid days of never-ending wars. They never ended.”
“I will expel the warmongers from our national security state… and stop the war profiteering.”
“He [his predecessors] sent our blood and treasure to back regime change in Iraq, regime change in Libya, regime change in Syria and every other globalist disaster for half a century.
“We believe that the job of the United States military is not to wage endless regime-change wars around the globe, ...
