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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
This week, the US President gave an apparently delusional update of the Iran conflict. Iran's military is decimated, and it's President is asking for a cease fire, he reported.
Iran's Foreign Ministry spokesman immediately rejected that. State broadcaster IRIB quoted Esmail Baghaei as saying Trump's statements were false and unfounded.
Trump attributed the request for a ceasefire to Iran's "New Regime President."
On the same day, Iranian President Masoud Pezeshkian criticized the US war against his country in an open letter to the people of the United States on Wednesday, calling it an absurd operation that is costly for their nation.
Within hours of Mr. Trump's analysis of a destroyed Iranian military, Iran fired more missiles at Israel and Gulf Arab states, demonstrating Tehran’s continued ability to attack even as US President Donald Trump claimed the threat from the country was nearly eliminated and predicted the war would end soon.
In Mr. Trump's speech to the nation, Paul...
Today's assymetrical warfare: Iran's cheap munitions are taking out American's most expensive aircraft.
One internet observer:
"Iran, still using their pawns, while Israel and the US out there, with only their King n Queen left. Who will fall first?
"5 pawns and a king versus a king and queen in a chess end game, the side with the 8 pawns always wins. 5 pawns is enough. That’s standard.
"In a way, you could call it asymmetrical warfare."
Well, it's not "A quart of wheat for a denarius, and three quarts of barley for a denarius."
It's $400,000 Bentley automobiles. A lot of them. Of all the dealerships in Europe, the one in Kiev is in third place for sheer volume.
Take note of this tragic truth:
"Foreign aid is a mechanism by which poor people in rich countries are taxed to support the lifestyles of rich people in poor countries. The aid primarily serves three Ms—: munitions, monuments, and Mercedes for leaders and cronies."
--- Peter Thomas Bauer, a Hungarian-born British development economist:
