The 12th Duke of Devonshire owns the castle at nearby Lismore — where we went on Saturday night. It was the Blackwater Opera Festival, the highlight of the social season in the area.
I miss the old days. Fewer people; air travel rare; dollar strong; no EV's; government officials held in high regard; radios for news, music and shows; and for family gatherings; respect for the flag. I don't miss Jim Crow or the disposition -- which still plagues our species -- to hate and harm one another. Never really keen on operas either.
Olde Ireland will be gone soon, so get out of the way. You can't stop it from happening, just like here in america. It'll be gone soon, and we can't stop it. As Dan's note points out; new accounting gets in the way of reality. Math is math; one side of an equation must equal the other until you don't like the answer and have the power to spin it. In my 77 years, I have had to deal with the result of political spin, most of it. Don't forget to vote!
Rich - the Fed has a new trick up its sleeve. They are going to "value" all Government land including National Parks and mineral rights and put that on the asset side of the balance sheet. 100 Trillion or more. Magically, Uncle Sam is in the black and merrily go on its way spending trillions for themselves and their buddies. Better than having a shot of whiskey and sending them on their way. The Good Folks north of Richmond aren't going quietly into the night I am afraid.
Wait a minute. Then, they will sell it and pay back the debt. Is that what you mean? Or put it on the books and borrow against it? Will they get, unsolicited from us proles, permission from congress before trying to steal it from us by executive order. It still smells like a spin to me. Did they get the same guys that appraised Trump's property to appraise our land? Oh, so many questions. I guess we will wake up some morning to find out it has already been done! Who gets the land? Us??
Interesting coverage today with Mr Denning’s Research Note which does, indeed, begs the question - Who will be left holding the bag when commercial real estate loans begin to default?
We all know, who the who’s are.
The following is written with a genteel Southern (raised proper, y'hear) Rhett Butler accent; in order to cushion unpleasant observations: "Maybe cooking just isn't your special gift, bless your heart." (Translation: "I don't think my bird dog would eat your [expletive] casserole.")
Replace the word “cooking” with… just about any other word(s) to do with the RINO\DINO .gov’ers racketeering bro’s (a.k.a. the 542’ers) lack of any sort of “special gift” to do with (in no particular rant order)…
diplomacy, statesmanship, politics, governance, policy, economy, fiscal responsibility, treaties, immigration, balanced budget, deficit spending, debt ceilings, vote harvesting, taxation, tax & spend, border controls, price inflation, supply inflation, recession, deflations, depression economies, money supply, M1 v. M2, sound money, specie payment, folding money, fiat money, transparency, U.S. Aaa/AA+, Strategic Petroleum Reserve, lying, cheating, stealing, fraud, kickbacks, extortions, cooking the books, the Federal Reserve is about as federal as FedEx, the FDIC’s and the Fed’s (in)solvency…
Mr Denning, it is less about who and more about “when”. Along the lines of the Doom Index 2.0’s score in at < 6. If I am not in control, then I am being controlled!
Why? Well, for one simple reason, capitulation & collapse. Why? Well, there’s this…
Banks by Statute are not required to hold any of our money in the bank. This is what is called the recently passed 0% reserve requirement.
Yes, the reserve requirement in the United States has been reduced to zero percent. The Federal Reserve announced on March 15, 2020, that reserve requirement ratios would be set to 0%, effective March 26, 2020, eliminating reserve requirements for all depository institutions. This action was taken in response to the COVID-19 pandemic to jump-start the economy by allowing banks to use additional liquidity to lend. As a result, depository institutions are no longer required to maintain deposits in a Reserve Bank account to satisfy reserve requirements. This change has been in effect since March 26, 2020, and there are currently no plans to reinstate the reserve requirement.
The reserve requirement for banks, also known as the reserve ratio, is the minimum amount of funds that banks must hold in reserves. Before March 2020, the U.S. central bank, the Federal Reserve, required banks to have a percentage of funds tied up in reserves. The percentage was 3% or 10% of money held in transaction accounts, such as checking accounts, and the percentage depended on a bank’s size. However, in March 2020, the Fed lowered the reserve requirement ratio to 0%, meaning there is no longer a reserve requirement for banks.
This change was made to stimulate the economy, and the 0% reserve ratio has remained in place since late March 2020
Remember, By Law Banks are held to the High Bar of Having a 0% reserve requirement meaning that if you put 1,000.00 in the bank you just made a $1000 unsecured loan to the bank.
Yes brother, the American tax payer has been holding the bag full of shit for decades. Now as we sink deeper and deeper into the government/fed created swamp of thirdworldism, they show concern🤔 very much like Biden and his handlers addressing the democrat made border crisis after twenty million useful idiots are welcomed in with opened talon's…
Our fellow BPR readers can savor this short read from whichever (future) city state where their feet are planted. Here’s Rogue Economics expert Chris Weber today with “How Silver Saved Western Civilization” published on Rogue Econ - https://www.rogueeconomics.com/inside-wall-street/how-silver-saved-western-civilization/ - Spoiler alert: the final 3 paragraphs nearly captures my sentiment mens rea on motive, means, opportunity. Question: got silver?
Aren’t proles in charge of themselves? If not in control, proles are being controlled.
Dunno about silver bullets brother, too valuable & ineligible for discharge on werewolves. Might need those bo-bo’s for a higher purpose. As Greek savior general Themistocles had foresight, we can do well to take a page from the Themistocles’ playbook.
The southern border neighborhood has a new collectivist el jeffe. Today Substack’s Silver Academy had this to say here - https://tinyurl.com/3cfr6dst “Silver Miners in Mexico: Nationalization Risk”.
While stackable Ag above ground & is for sale, with a bid\ask, the ore itself in the ground (or Ag scattered around a sunken galleon) isn’t as attractive.
Andy Schectman: Exchanges Close To Running Out Of Silver video idea posted (June 5, 2024) here - https://youtu.be/knKj2qMwipQ
Summary
There is a scarcity of silver and potential market squeeze, urging people to invest in real assets without counterparty risk.
▫️Exchanges are close to running out of silver, indicating a potential loss of control in the market.
▫️The toxic actions of financial and monetary overlords are affecting ordinary earners, savers, and retirees, leaving them unprotected and unaware of the risks.
▫️“What’s coming is scary and it’s getting scarier by the day as far as I’m concerned.”
▫️“It’s wrong and I don’t know how these people sleep at night because they all prey on IRAs.”
▫️The world is sick and tired of the hypocrisy of the West in pointing fingers when our actions may be just as bad, if not worse.
▫️The bullion banks are trapped due to the large demand exceeding Supply in the West.
▫️Bullion banks have re hypothecated silver multiple times, creating a very scary situation for those who are short.
▫️All of these things are connected and will have a detriment on how the world looks at the United States.
So, ol' brother Colm scams the cops, buddy-buddies them with liquor, and everyone goes on his merry way, happily sticking it to The Man. How quaint. Thank alleged but unproven God that here in the USA, WE are a NATION OF LAWS! A veritable pillar of virtue, don't you know... Best always. PM
I liked Bill’s description of Irish behavior. It reminds me of my own time there,many years ago. It also reminds me of an anonymous Irish poem. Here it is.
You nailed it! Alcohol, the Boob Tube and in recent times: Weed. Our masses are fat, drunk and stupid, just the way they like us. That's how 81 million voted (wink-wink) for a perverted, demented, treasonous POS.
Wish other Americans were in as tune as you, and we know that no more then 30 million useful idiots, America haters and satanist voted for demented Joe, the other 50 million were already dead….
No one will ever know how many legitimate votes this kid sniffing, showering with his young daughter and influence peddling felon got. Our elections are now determined by ballot counts, not vote counts. And, it's going to keep happening until printing and disseminating ballots that people don't ask/qualify for is stopped.
We know my brother, but the communist have way too much power now, and unless the majority of Americans fight back with our God given rights, we are doomed to failure, as we currently witness 🤔
Hi Dan, I've read elsewhere - and not as reliable a source as BPR - that the Treasury is trialing buying back some long-term dated bonds (which must be underwater, since they are paying 1% or so) , with money obtained by selling short-term-dated bonds, paying 5.4%. The last time the Treasury bought back bonds was in 2002, when there was a small budget surplus.
(Who the hell takes on high interest loans to pay back low interest loans?)
You quoted from the FDIC: "Unrealized losses on available-for-sale and held-to-maturity securities"
So, is Treasury going to buy those securities from the banks? At par?
Is this intended to be a quiet bank bailout, funds not from the Fed?
If you have reliable information, I'd like your insights, please.
Maybe Carol, but no harm in a bit of an amusing distraction from how ghastly much of the world is right now, and as an avid believer that opera should be being banned forever - well, most of it - I enjoyed it.
Really Dan? Who cares about America and fake bank failures? How can the Fed( banks) fail when they are stealing over a trillion dollars a year in interest on our Fed created debt? Who cares about anything in America when we hear such incredible stories of the hardships of life overseas for our host? Who cares about a corrupt government and nation when we can’t even care for ourselves? WHO cares 🤔
The Highlands of Scotland were very similar in the 80s and 90s. The first time the pub doors were locked with me inside (underage but behaving so no questions asked) I asked what if the Police came. The barman laughed and pointed at a table the corner "they're already here".
Even in the 2010s my car broke down and it took several hours for the recovery truck to arrive. When I asked why it took so long (I was merely interested as the owner of the hotel I was staying at brought me a burger and 4 cans of lager while I waited) he told me that they had a couple of new Policemen from Glasgow who were throwing their weight around. As a result they learned a lesson on Policing by consent when some local lads slashed all 4 tyres on their car.
The attitude to property was very grown up, you could leave your car with the keys in for days in perfect safety but every man's right was a fish from the Loch, a stagvfrom the hill and a bird from the moor so the gamekeepers turned a blind eye to a couple of teenagers fly fishing without permits.
Maybe best summed up by Norman McCaigs "A Man in Assynt"
Who owns this landscape? —
The millionaire who bought it or
the poacher staggering downhill in the early morning
Bill, I liked the IRA's approach to the matter at hand,it worked. Maybe its time to take that approach in this country (U.S.A.) with the banks. Tell them they have proven they can't add 2+2 time and again , and come out with the right answer, so their charter is revoked, and the depositer's will divvy up their assets, not the FDIC and thus the Elite.After that works , we should move on to the Federal and State governments. WHy because we are the depositers, and have paid the freight to long. Why, because we longer support the stupidity of 2+2 = 5.
I miss the old days. Fewer people; air travel rare; dollar strong; no EV's; government officials held in high regard; radios for news, music and shows; and for family gatherings; respect for the flag. I don't miss Jim Crow or the disposition -- which still plagues our species -- to hate and harm one another. Never really keen on operas either.
“He had . . . straight dark hair, gray on the edges, that bristled out like a toilet brush.”
Note to self: be sure to slap on the Brylcreem before attending any event at which I might meet Bill Bonner. 😊
…a little dab will do ‘ya…
Good one :)
Olde Ireland will be gone soon, so get out of the way. You can't stop it from happening, just like here in america. It'll be gone soon, and we can't stop it. As Dan's note points out; new accounting gets in the way of reality. Math is math; one side of an equation must equal the other until you don't like the answer and have the power to spin it. In my 77 years, I have had to deal with the result of political spin, most of it. Don't forget to vote!
Rich - the Fed has a new trick up its sleeve. They are going to "value" all Government land including National Parks and mineral rights and put that on the asset side of the balance sheet. 100 Trillion or more. Magically, Uncle Sam is in the black and merrily go on its way spending trillions for themselves and their buddies. Better than having a shot of whiskey and sending them on their way. The Good Folks north of Richmond aren't going quietly into the night I am afraid.
Wait a minute. Then, they will sell it and pay back the debt. Is that what you mean? Or put it on the books and borrow against it? Will they get, unsolicited from us proles, permission from congress before trying to steal it from us by executive order. It still smells like a spin to me. Did they get the same guys that appraised Trump's property to appraise our land? Oh, so many questions. I guess we will wake up some morning to find out it has already been done! Who gets the land? Us??
Interesting coverage today with Mr Denning’s Research Note which does, indeed, begs the question - Who will be left holding the bag when commercial real estate loans begin to default?
We all know, who the who’s are.
The following is written with a genteel Southern (raised proper, y'hear) Rhett Butler accent; in order to cushion unpleasant observations: "Maybe cooking just isn't your special gift, bless your heart." (Translation: "I don't think my bird dog would eat your [expletive] casserole.")
Replace the word “cooking” with… just about any other word(s) to do with the RINO\DINO .gov’ers racketeering bro’s (a.k.a. the 542’ers) lack of any sort of “special gift” to do with (in no particular rant order)…
diplomacy, statesmanship, politics, governance, policy, economy, fiscal responsibility, treaties, immigration, balanced budget, deficit spending, debt ceilings, vote harvesting, taxation, tax & spend, border controls, price inflation, supply inflation, recession, deflations, depression economies, money supply, M1 v. M2, sound money, specie payment, folding money, fiat money, transparency, U.S. Aaa/AA+, Strategic Petroleum Reserve, lying, cheating, stealing, fraud, kickbacks, extortions, cooking the books, the Federal Reserve is about as federal as FedEx, the FDIC’s and the Fed’s (in)solvency…
Mr Denning, it is less about who and more about “when”. Along the lines of the Doom Index 2.0’s score in at < 6. If I am not in control, then I am being controlled!
Why? Well, for one simple reason, capitulation & collapse. Why? Well, there’s this…
Banks by Statute are not required to hold any of our money in the bank. This is what is called the recently passed 0% reserve requirement.
Yes, the reserve requirement in the United States has been reduced to zero percent. The Federal Reserve announced on March 15, 2020, that reserve requirement ratios would be set to 0%, effective March 26, 2020, eliminating reserve requirements for all depository institutions. This action was taken in response to the COVID-19 pandemic to jump-start the economy by allowing banks to use additional liquidity to lend. As a result, depository institutions are no longer required to maintain deposits in a Reserve Bank account to satisfy reserve requirements. This change has been in effect since March 26, 2020, and there are currently no plans to reinstate the reserve requirement.
The reserve requirement for banks, also known as the reserve ratio, is the minimum amount of funds that banks must hold in reserves. Before March 2020, the U.S. central bank, the Federal Reserve, required banks to have a percentage of funds tied up in reserves. The percentage was 3% or 10% of money held in transaction accounts, such as checking accounts, and the percentage depended on a bank’s size. However, in March 2020, the Fed lowered the reserve requirement ratio to 0%, meaning there is no longer a reserve requirement for banks.
This change was made to stimulate the economy, and the 0% reserve ratio has remained in place since late March 2020
Remember, By Law Banks are held to the High Bar of Having a 0% reserve requirement meaning that if you put 1,000.00 in the bank you just made a $1000 unsecured loan to the bank.
Yes brother, the American tax payer has been holding the bag full of shit for decades. Now as we sink deeper and deeper into the government/fed created swamp of thirdworldism, they show concern🤔 very much like Biden and his handlers addressing the democrat made border crisis after twenty million useful idiots are welcomed in with opened talon's…
Our fellow BPR readers can savor this short read from whichever (future) city state where their feet are planted. Here’s Rogue Economics expert Chris Weber today with “How Silver Saved Western Civilization” published on Rogue Econ - https://www.rogueeconomics.com/inside-wall-street/how-silver-saved-western-civilization/ - Spoiler alert: the final 3 paragraphs nearly captures my sentiment mens rea on motive, means, opportunity. Question: got silver?
Aren’t proles in charge of themselves? If not in control, proles are being controlled.
And now you know the rest of the story… Good one Gone Fishin’!
…know the rest of the story…
Armstrong Economics
https://www.armstrongeconomics.com/international-news/politics/police-officers-wanted-the-revolutionary-cycle-in-swing/
Martin Armstrong’s article Police Officers Wanted – The Revolutionary Cycle in Swing Posted Jun 6, 2024 by Martin Armstrong
Lots of Silver and even a couple of dozen .50cal Silver Bullets:)
Dunno about silver bullets brother, too valuable & ineligible for discharge on werewolves. Might need those bo-bo’s for a higher purpose. As Greek savior general Themistocles had foresight, we can do well to take a page from the Themistocles’ playbook.
The southern border neighborhood has a new collectivist el jeffe. Today Substack’s Silver Academy had this to say here - https://tinyurl.com/3cfr6dst “Silver Miners in Mexico: Nationalization Risk”.
While stackable Ag above ground & is for sale, with a bid\ask, the ore itself in the ground (or Ag scattered around a sunken galleon) isn’t as attractive.
Andy Schectman: Exchanges Close To Running Out Of Silver video idea posted (June 5, 2024) here - https://youtu.be/knKj2qMwipQ
Summary
There is a scarcity of silver and potential market squeeze, urging people to invest in real assets without counterparty risk.
▫️Exchanges are close to running out of silver, indicating a potential loss of control in the market.
▫️The toxic actions of financial and monetary overlords are affecting ordinary earners, savers, and retirees, leaving them unprotected and unaware of the risks.
▫️“What’s coming is scary and it’s getting scarier by the day as far as I’m concerned.”
▫️“It’s wrong and I don’t know how these people sleep at night because they all prey on IRAs.”
▫️The world is sick and tired of the hypocrisy of the West in pointing fingers when our actions may be just as bad, if not worse.
▫️The bullion banks are trapped due to the large demand exceeding Supply in the West.
▫️Bullion banks have re hypothecated silver multiple times, creating a very scary situation for those who are short.
▫️All of these things are connected and will have a detriment on how the world looks at the United States.
See my follow up comment to Will Foster below for the OSInt source attribution.
Martin Armstron’s projection for a lively times ahead here - https://www.armstrongeconomics.com/international-news/politics/police-officers-wanted-the-revolutionary-cycle-in-swing/
So, ol' brother Colm scams the cops, buddy-buddies them with liquor, and everyone goes on his merry way, happily sticking it to The Man. How quaint. Thank alleged but unproven God that here in the USA, WE are a NATION OF LAWS! A veritable pillar of virtue, don't you know... Best always. PM
And here was me thinking Americans don't do irony. Hat doffed to you sir!
I liked Bill’s description of Irish behavior. It reminds me of my own time there,many years ago. It also reminds me of an anonymous Irish poem. Here it is.
THE PIG
‘Twas an evening in November
As well I do remember.
I strutted down the street in drunken pride.
But my knees were rather flakey
And I fell, they were so shaky,
And a pig came up and lay down mat my side.
You can tell a man who boozes
by the company he chooses
And the pig got up and slowly walked away.
Dyson getting a visit from some old IRA guys, would have loved to have been a fly on the wall for that!
Funny they don’t seem too concerned about losing their country to mass migration
Americans are too stoned, Irish are too drunk...keep your people drunk, keep your people stoned, make them all get high, and they will all be owned:)
You nailed it! Alcohol, the Boob Tube and in recent times: Weed. Our masses are fat, drunk and stupid, just the way they like us. That's how 81 million voted (wink-wink) for a perverted, demented, treasonous POS.
Wish other Americans were in as tune as you, and we know that no more then 30 million useful idiots, America haters and satanist voted for demented Joe, the other 50 million were already dead….
No one will ever know how many legitimate votes this kid sniffing, showering with his young daughter and influence peddling felon got. Our elections are now determined by ballot counts, not vote counts. And, it's going to keep happening until printing and disseminating ballots that people don't ask/qualify for is stopped.
We know my brother, but the communist have way too much power now, and unless the majority of Americans fight back with our God given rights, we are doomed to failure, as we currently witness 🤔
Funny. Love it.
Hi Dan, I've read elsewhere - and not as reliable a source as BPR - that the Treasury is trialing buying back some long-term dated bonds (which must be underwater, since they are paying 1% or so) , with money obtained by selling short-term-dated bonds, paying 5.4%. The last time the Treasury bought back bonds was in 2002, when there was a small budget surplus.
(Who the hell takes on high interest loans to pay back low interest loans?)
You quoted from the FDIC: "Unrealized losses on available-for-sale and held-to-maturity securities"
So, is Treasury going to buy those securities from the banks? At par?
Is this intended to be a quiet bank bailout, funds not from the Fed?
If you have reliable information, I'd like your insights, please.
Change comes , but unfortunately human nature is not !
Eh, the article was a little soft. Not up to usual standard. Maybe much opera.
Maybe Carol, but no harm in a bit of an amusing distraction from how ghastly much of the world is right now, and as an avid believer that opera should be being banned forever - well, most of it - I enjoyed it.
Really Dan? Who cares about America and fake bank failures? How can the Fed( banks) fail when they are stealing over a trillion dollars a year in interest on our Fed created debt? Who cares about anything in America when we hear such incredible stories of the hardships of life overseas for our host? Who cares about a corrupt government and nation when we can’t even care for ourselves? WHO cares 🤔
The Highlands of Scotland were very similar in the 80s and 90s. The first time the pub doors were locked with me inside (underage but behaving so no questions asked) I asked what if the Police came. The barman laughed and pointed at a table the corner "they're already here".
Even in the 2010s my car broke down and it took several hours for the recovery truck to arrive. When I asked why it took so long (I was merely interested as the owner of the hotel I was staying at brought me a burger and 4 cans of lager while I waited) he told me that they had a couple of new Policemen from Glasgow who were throwing their weight around. As a result they learned a lesson on Policing by consent when some local lads slashed all 4 tyres on their car.
The attitude to property was very grown up, you could leave your car with the keys in for days in perfect safety but every man's right was a fish from the Loch, a stagvfrom the hill and a bird from the moor so the gamekeepers turned a blind eye to a couple of teenagers fly fishing without permits.
Maybe best summed up by Norman McCaigs "A Man in Assynt"
Who owns this landscape? —
The millionaire who bought it or
the poacher staggering downhill in the early morning
with a deer on his back?
Who possesses this landscape? —
The man who bought it or
I who am possessed by it?
Forgive my nostalgia trip.....
Bill, I liked the IRA's approach to the matter at hand,it worked. Maybe its time to take that approach in this country (U.S.A.) with the banks. Tell them they have proven they can't add 2+2 time and again , and come out with the right answer, so their charter is revoked, and the depositer's will divvy up their assets, not the FDIC and thus the Elite.After that works , we should move on to the Federal and State governments. WHy because we are the depositers, and have paid the freight to long. Why, because we longer support the stupidity of 2+2 = 5.
The bank losses are not unnoticed by others:
https://wallstreetonparade.com/2024/04/for-the-first-time-in-history-the-fed-is-reporting-billions-in-losses-weekly-its-still-paying-high-interest-income-to-the-mega-banks-on-wall-street/
Too true, the news of the day is painful. Maybe I was a little harsh. Or maybe reading about Ireland changing makes me sad.