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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."
Fixing immigration policy will require intelligence, delicacy and patience. A government truly determined to stop the boats and to deport illegal entrants will need to derogate, at least in part, from numerous international treaties – not just the ECHR, but all those cited by pro-immigration judges, including the Refugee Convention and possibly the UN Convention on the Rights of the Child. It will need to scrap a mass of domestic laws, including the Human Rights Act and the Equality Act. It will need to override the current system of judicial review and create a mechanism to remove partisan judges.
Doing these things will make Brexit look straightforward. The human rights Blob will fight tooth and nail to maintain, not just its influence, but its livelihood. Overcoming that resistance will consume most of a new government’s energies for an entire Parliament and will require immense tactical dexterity.
The trouble is that almost no one is interested.
-- Daniel Hannan, UK House of...
According to a barely-publicized Treasury report, the actual grand total of Uncle Sam’s obligations is more than $151 trillion.
That huge discrepancy springs from the fact that the federal government doesn’t hold itself to the same accounting standards it imposes on businesses. Rather than using accrual accounting — which recognizes expenses when they’re incurred — our Washington overlords self-servingly use simple cash accounting, only recognizing expenses when they’re paid. As a result, discourse on federal obligations solely focuses on the national debt, comprising Treasury bills, notes and bonds.
-- Brian McGlinchey
ChatGPT Eroding Critical Thinking Skills, According to a New MIT Study:
"Of the three groups, ChatGPT users had the lowest brain engagement and 'consistently underperformed at neural, linguistic, and behavioral levels.'
Over the course of several months, ChatGPT users got lazier with each subsequent essay, often resorting to copy-and-paste by the end of the study.
"The task was executed, and you could say that it was efficient and convenient," Kosmyna says. "But as we show in the paper, you basically didn’t integrate any of it into your memory networks."
