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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."
"The problem with the evangelical elite is that there isn’t one. All too few evangelical Christians hold senior positions in the culture-shaping domains of American society. Evangelicals don’t run movie studios or serve as editors in chief of major newspapers or as presidents of elite universities. There are no evangelicals on the Supreme Court. There are hardly any leading evangelical academics or artists. There are few evangelicals at commanding heights of finance. The prominent evangelicals in Silicon Valley can be counted on one hand. There are not even many evangelicals leading influential conservative think tanks and publications, despite the fact that evangelicals are one of the largest and most critical voting blocs in the Republican coalition. Two domains are exceptions that prove the rule: politics and business."
Aaron Renn
On the way to Brussels for the European Council summit, Prime Minister Orbán warned that despite a long and diverse agenda, the coming days will be defined by a single, decisive question: war or peace.
It will be a volatile summit, with long-lasting consequences. Hungarian PM Orbán draws a clear distinction between those advocating continued military and financial aid to Ukraine and those calling for restraint.
Hungary, he emphasized, belongs to the latter group. “We say that no strategic decisions should be taken now,” the prime minister said, arguing that the EU should support ongoing American peace efforts and wait for the outcome of U.S.-Russian negotiations rather than making irreversible commitments.
A particularly contentious issue is the future of frozen Russian assets. PM Orbán explained that until recently, the continuation of asset freezes required unanimous approval by member states every six months, allowing Hungary to express its opposition. He said this legal ...
Today marks the 250th anniversary of the birth of fiction author Jane Austen, who examined ordinary, day-to-day, small-town family life within an Overton window-frame which once included Biblical civilization and ethics.
The world of Jane Austen's generation was rapidly pivoting the Overton window to a secular worldview, and so were the cultures of contemporary nations.
Lord David Cecil, a biographer of Miss Austen, noted this comparison between authors:
"If I were in doubt as to the wisdom of one of my actions, I should not consult Flaubert or Dostoyevsky. The opinion of Balzac or Dickens would carry little weight with me: were Stendhal to rebuke me, it would only convince me I had done right: even in the judgment of Tolstoy I should not put complete confidence. But I should be seriously upset, I should worry for weeks and weeks, if I incurred the disapproval of Jane Austen."
