So This has been bothering me for about a week now. The US hit our $31.4T debt ceiling in January, and since then the Fed has been using "extraordinary measures" to continue govt operations. They say that will only last until somewhere around June before the US defaults. Supposedly the govt only spent $20-25B to bail out some of the depositors, and theoretically that money should have come from the roughly $128B the FDIC maintains in the Deposit Insurance Fund (DIF). I also think they spent FAR MORE than they are telling us, but have zero evidence other than a gut feeling.
What I'm wondering is if that fund actually exists, or is it a bunch of post-it IOU notes in a drawer somewhere like they did with Social Security and Medicare, or even the US gold? If that kind of money is sitting around somewhere some Dem would use it to "combat climate change" or make treadmills for shrimp, or whatever the govt wastes our money on. I seriously doubt that money actually still exists (if it ever did).
Where did they get the $20-25B to hand over to the people who can't follow simple directions and only put the amount of money that is insured into the bank? Biden authorized that money (which he can't legally do anyway) and I think there is a good possibility that it was outside of the measures the Fed is using to buy time before we default.
Shouldn't this be a bigger deal and actually hit the mainstream news, assuming someone is actually paying attention? I know $25B won't go far, but what if they spent far more than that? What if there are other banks failing that the govt bailed out and kept under wraps "to quell panic"? What if the Fed had that $128B counted into their "extraordinary measures" fund to keep us from default? Remember - Wells Fargo had "issues" recently where people's paychecks disappeared from their accounts. Maybe that spurred the Fed to rescue them and they kept it secret.
Do we have anyone here who "watches the fed" (FedFags?) that can shed more light on this? Is it possible the bank runs were engineered to force the Republicans to bend to Biden and raise the debt limit with no cuts? I don't know, but something just doesn't seem right.
It should be a big deal, yes. But our controlled "media" has served up blandishments and pap so many times over the years, and sheeple don't want to hear bad news, so that's what they get.. more pap and mild blandishments... an occasional "tsk tsk" from a talking head or two.
Yes, America is in real trouble and a reckoning is coming. Watch the talking heads and government spokes people scurry for cover after it does. The mobs will be out for their blood when they realize they have no money or purchasing power.
That, and if/when the govt inevitably shuts down just when families are starting to go on summer vacations there will be a ton of pissed-off govt employees, and when Social Security/Medicare/EBT runs dry that would certainly put us on "the precipice".
Probably. That's why I'm keeping my head on a swivel, especially in the coming next few months. One thing I wonder about is, if currency is useless (or worse, hyper-inflated to require thousands of dollars to buy a bag of groceries), how will I be able to use my silver in such a situation? Will stores be agile and nimble enough to accept silver as payment?
People may, stores - probably not. They will be more worried about polymer or steel with a lead additive than silver. If society crashes there will be no stores anyway.
Don't you think the stores would shut down because because nobody could afford the prices, or the gas money to get there, if there even is gas to be had? I'm thinking everything will grind to a halt, no commerce, no travel, no banks doing business....just folks staying at home hunkering down watching four walls because even the DirecTv will be shut down. Heck, I doubt even the local water districts will be pumping water or even the sewer might not flow. But, I'm sure we'll figure out when the timing is right for the lights to go out.
It should be an insanely huge deal and Im appalled that it doesn't seem to be registering with a lot of people.
I keep thinking THIS 👇is a big deal, I post it everywhere, no one seems to bat an eye.
https://www.investmentwatchblog.com/banks-are-over-leveraged-2-quadrillion-dollars-in-derivatives-this-will-be-the-worst-financial-collapse-ever/
Did you ever see the movie: The Big Short?
There is a scene when "Michael Burry" is lying down on his floor, surrounded by documents, realizing that what is coming can't be stopped.......also realizing he's the only one who realizes.
That "part" happened in 2007, an entire year before it all fell through. It took that long before the musical chairs stopped.
Most of the Fed's dealings go right into a black box that no one will ever be able to validate, or scrutinize, or even have access to. We'll probably never actually know since it is most likely what you say.......non-existent, fugazi nothingness.
Biden’s proposed budget includes 4.5 trillion in new taxes. Wtf https://www.cassidy.senate.gov/newsroom/press-releases/cassidy-to-secretary-yellen-where-is-bidens-plan-on-social-security