We explore real-life reformation here in this informed, online community.
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."
“It was always the women, and above all the young ones, who were the most bigoted adherents of the (revolutionary) Party, the swallowers of slogans, the amateur spies and nosers-out of unorthodoxy…”
–George Orwell, 1984
Christian Britain has been gone a long time. But the Crown finally held a funeral, bestowing King Charles, earlier "The Defender of the Faith," a new royal title: “Protector of the Space for Faith within the Multi-faith Nation.”
A world-historical societal transformation is taking place before our very eyes, and yet few have taken notice. Britain, the erstwhile leader of the Western world and the foundation and source of English-speaking civilization, is in its last days as a free society, and will soon become an Islamic state. Yet despite the mountains of evidence that this transformation is taking place, many will still deny that it is happening at all. They may not even admit it when it overtakes them personally.
“I thought being on the left was a mental problem. The empirical evidence is so overwhelming that it never worked anywhere, and they refused to accept it. But what I discovered is that being on the left is a disease of the soul. The left is built on envy, hatred, resentment, and unequal treatment under the law. They are very violent, and since they have no way or arguments to answer, they go for physical violence.”
Argentinian President Javier Milei
