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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
Bill Madden writes, "Refusing illegal orders in the military is difficult to do because they normally are generated high in the chain of command and very few officers in the chain really know what is or is not a legal order. Immediate superiors can be very demanding and the orders are usually given in high pressure environments. Refusing an illegal military order is tantamount to whistleblowing and, as much good as it does for the concept of truth, the whistleblower’s life is made miserable as a punishment for his honesty and a warning to others."
I watched this happen with Army Spec Michael New during the Clinton years. He disobeyed an illegal Clinton order, was arrested on base in Germany, was then given an unjust, unconstitutional trial, and then a Bad Conduct Discharge. But he stood his ground the whole time and has been proven right since.
“Fact check; not locking down at all (like Sweden) would have saved lives in UK. Hard to believe how much money the UK spent on its sham covid inquiry.”
--Jay Bhattacharya
The UK Covid-19 Inquiry cost millions. It finally released the core political chapters of its long-awaited report. After nearly three years of hearings, millions of documents, and tens of millions of pounds spent on legal fees, the conclusion is now unmistakably clear.
They’ve learned nothing, even while watching millions suffer from lockdowns and vaccination.
Worse, they may not want to learn. The Inquiry’s structure, its analytical frame, even its carefully curated narrative all point in the same direction: away from the possibility that Britain’s pandemic response was fundamentally misguided.
Not the personal sub;
the private American car. Americans owe $1.66 trillion in auto debt. Delinquencies just hit levels not seen since the Great Financial Crisis. Nearly 30% of all trade-ins are underwater. Average amount owed: $7,000 more than their cars are worth.
Auto loans are now a bigger consumer debt category than student loans (8.9%) and significantly larger than credit cards (6.6%).
So is that shiny late model vehicle a blessing, or a curse?
