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"The Federal Reserve is already insolvent.
According to its most recent annual financial statements, the Fed has just $51 billion in equity, versus a whopping $948 billion in mark-to-market losses. This means the Fed is insolvent by roughly $900 billion.
This is a big problem. Remember that the Fed is still a bank, i.e. it has financial obligations, liabilities, and depositors that it needs to pay.
For example, commercial banks like JP Morgan and Bank of America have deposited a total of $3.4 trillion of their customers’ money, i.e. YOUR money, with the Fed. And the Treasury Department holds another $700 billion deposit at the Fed.
The Fed owes money to foreign governments. They owe trillions of dollars from repurchase agreements to banks and businesses across the global financial system.
So, yeah, the insolvency of the Federal Reserve is a pretty big deal. Yet, at least for now, no one is saying a word about it.
ETIENNE DE LA BOETIE2
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."
"We are smack in the middle of a Fourth Turning, and the turmoil of it all has affected the entire West. Over the last five years, virtually every major institution has disgraced itself. What used to be a high-trust society has been blown to smithereens, and nobody knows what to think anymore. And even when an individual person’s convictions haven’t changed, despite the societal turmoil, it is very difficult to know who to think those convictions with. This implosion of all the trusted institutions and relationships has of course included those of us on the political right.
"...So what am I saying? When being normal is weird, be normal. When being normal is normal, remember why you should be normal, and be prepared to defend it, which cannot be done apart from Christ. And when being normal is weird, don’t be extra weird. Be extra normal. Normal you say? By what standard? To the law and to the testimony. Exactly so."
Doug Wilson
