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The US government will impose “substantial” tax increases on its citizens to try and fix its $1.4 trillion deficit, according to former Treasury Secretary Larry Summers.
In a new speech covered by Bloomberg, Summers says that out of control inflation and debt will force the US government to continue raising taxes and lean towards higher interest rates.
Summers says US debt is so massive that simply reducing spending won’t be enough to significantly address the problem, and higher taxes will become imperative.
The threat of a commercial real estate market crash is hanging over the already fragile U.S. economy.
So the U.S. national debt spiked by $359 billion in one single day, the first working day after the debt ceiling was suspended, to $31.83 trillion, as of yesterday evening, reported this evening by the Treasury Department.
And that was just the beginning, there will be more hair-raising single-day spikes of the debt over the next few days:
Now the TGA is being refilled, and this liquidity will be drained from the markets because the primary dealers and investors will buy all those Treasury securities that are being issued, instead of other stuff, and they will sell other stuff to fund their purchases of Treasury securities, and this flow of liquidity alters the buying and selling pressures.
Watch the Water-I wasn't aware that RFK Jr. run's the biggest water protection group in the world- The Water Keeper Alliance.
If Republicans want to prevent the introduction of a central bank digital currency (CBDC) that would allow government to track and control your purchases, they’d better scrutinize the two anti-CBDC bills before Congress. There’s a huge difference between them.
One would prevent a CBDC surveillance token from replacing the American dollar. The other would actually greenlight a CBDC by government-chosen contractor.
The idea of a CBDC is to replace the U.S. dollar with a government crypto-token tracking ledger that could surveil and control every dollar you spend. Bureaucrats could prevent you from buying the wrong thing, from raw milk to gas stoves to firearms. They could stop you from donating to the wrong person, like we saw with the Canadian truckers. They could even force you to buy whatever a government bureaucrat tells you to.
a very different kind of Republican CBDC bill is also making the rounds in Congress. This one, bizarrely, openly allows a CBDC so long so it’s run by a government-chosen company like Ripple or perhaps a Wall Street bank.
Moreover, even a contractor-run CBDC obviously takes its orders from the government; the Federal Reserve and Treasury will not be outsourcing control of money to Ripple or JP Morgan. That means the broader financial and economic risks of a CBDC are all there, obediently executed by government contractors.
The crypto-token firm Ripple — currently locked in a legal battle with the SEC for making $1.3 billion as an unregistered security — has been very active in lobbying to build CBDCs for governments worldwide. After their recently announced CBDC pilot in now China-dominated Hong Kong, Ripple released a glitzy promotional video portraying their turnkey CBDCs running in China, in Taliban-run Afghanistan, and in military dictatorships from Myanmar to Uzbekistan. Given the profits involved, they would surely love to add America to that list.
we already have the “digital dollar” in the form of private stablecoins like those of Circle or Paxos that offer every transaction benefit of a CBDC but that are actually separate from government.
These stablecoins act like a true “digital dollar” that can be used online, and are wildly popular to the point that more than 99.5 percent of currency-based stablecoins are in U.S. dollars. The dollar is actually far more dominant in crypto than it is in the real
It is worth mentioning that Swift is the leading global interbank messaging system connecting more than 11,000 banking and financial institutions in more than 200 countries, while Chainlink is the world’s largest Web3 services platform.
According to Sergey Nazarov, co-founder of Chainlink, this collaboration is bringing traditional capital markets into the world of cryptocurrencies and decentralized financial applications (DeFi).
In particular, he believes that the successful integration of the largest banks as well as the largest clearing and settlement systems in the context of web3 technology is what could grow the cryptocurrency market from $1 trillion to $10 trillion:
“If even a small portion of the quadrillions of dollars in value flowing through the Swift network and its over 11,000 member banks makes its way onto blockchains, the entire blockchain industry could grow multiple times larger very quickly.
We are also very excited to have the largest market infrastructures like DTCC and Euroclear participating as part of the collaboration, as well as some of the largest global banks like BNP Paribas, BNY Mellon, and Citi. In my opinion, this already signals that large multi-trillion dollar pools of capital plan to move value on-chain, making the blockchain industry multiple times larger than it is today.”
In recent months, we have seen that Swift’s various projects include implementing the beta version of the Central Bank Digital Currency (CBDC), which has received support from eighteen central and commercial banks, which have encouraged its development.
These banks include Intesa Sanpaolo, Banque de France, Deutsche Bundesbank, Monetary Authority of Singapore, HSBC, NatWest, SMBC, Société Générale, Standard Chartered, and UBS.
Participants processed a total of 4,736 transactions between the Quorum and Corda blockchain networks, performing CBDC-to-CBDC, and between Corda and fiat currency, performing CBDC-to-fiat.
BlackRock has begun paying for personal and home security for CEO Larry Fink and President Rob Kapito, in light of increased safety concerns related to their jobs.
Mr. Fink, who is also chairman, has become a lightning rod for national debates about investing that incorporates environmental, social and governance factors, or ESG, and is increasingly criticized by politicians and activists on both sides of the debate.
The $9.09 trillion New York-based asset manager began providing executive protection services to Mr. Fink in 2022, including security guards and upgraded home security systems at his private residences. The price tag was $376,360 in 2022, according to the firm's May 24 proxy statement.
According to BlackRock's proxy statement, the company's board of directors made the decision to tighten security for Messrs. Fink and Kapito last year, to "address potential threats to their safety that have originated in connection with their roles."
originally posted by: dashen
#pedogram is trending on Twitter
The algorithm was helping facilitate and connect all the kiddyfiddlers
They used pizza emoijis to signal.
If only someone had tried to warn us
if not for Elon this would have been shut down by now
The billionaire sounds the alarm on the real estate market, saying it's suffering from higher interest rates while the economy has slowed sharply.
Trend is concerning. Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession," Musk warned in November.
House 🏡 prices are declining almost everywhere," a Twitter user said on June 4, with a chart showing that two-thirds of the economies for which the Organization for Economic Cooperation and Development tracks housing prices saw declines, based on the most recent quarter of available data.
This will accelerate, as high interest rates make homes less affordable," Musk commented on June 5.
Investors are bracing for a flood of more than $1 trillion of Treasury bills in the wake of the debt-ceiling fight, potentially sparking a new bout of volatility in financial markets.
the T-bills will suck up liquidity from the financial system, potentially weighing on markets. JPMorgan recently estimated that the combined performance of stocks and bonds this year will suffer by nearly 5% due to the debt issuance and the effect of the Federal Reserve's quantitative tightening.
We are in a climate emergency, and it's absurd that our government isn't acting like it," said one campaigner.
Environmental groups are demanding that world leaders take urgent action as smoke from Canadian wildfires fueled by the climate crisis continued to smother eastern regions of the United States on Wednesday, pushing the Air Quality Index (AQI) in both nation's capitals to "unhealthy," with at least 16 states issuing air quality alerts affecting millions of people.
New York City had the worst air quality of any major city Tuesday night, and then again on Wednesday afternoon, when its AQI jumped up to "hazardous," the highest possible level that signals a "health warning of emergency conditions."
We are in a climate emergency, and it's absurd that our government isn't acting like it," Sunrise Movement executive director Varshini Prakash said in a statement.
"President Biden, declare a climate emergency," she continued. "How can you look at what's going on and not take action?"
The smoke—making the Eastern U.S. look like California at the peak of fire season—is not normal," The Washington Post's Capital Weather Gang tweeted. "The air is compromised from Minneapolis to D.C. to Boston, and the worst from western NY to around Ottawa."
The climate crisis is fueling these fires with record spring heat, and high latitudes are warming faster than the global average, as The Washington Post pointed out. Already in May, Canada saw more than 6.5 million acres burn, far surpassing the average for the month of around 370,000 acres.
Hey @POTUS, about that climate emergency?" Fossil Free Media director Jamie Henn tweeted over a picture of a smoke-darkened New York.
Advocates want Biden to use national emergency and defense laws to funnel federal investments toward renewable energy, halt new fossil fuel leases and prod manufacturers to increase supplies of renewable energy technologies.
“There should be an alarm in the White House that reads, ‘In case of congressional inertia, declare a climate emergency,’” said Daniel Weiss, a longtime environmental advocate. “Our ferocious Western wildfires, record drought and unprecedented European heat wave are more than enough signals that we don’t have the luxury of pollution procrastination.”
The move would be a victory for young progressives with the Sunrise Movement, who had pushed candidate Biden to add such a declaration to his platform.
Environmental law experts and Democratic lawmakers note that declaring a climate emergency would give Biden a range of expanded policy options to choose from.
The president can suspend oil leases during national emergencies, and Biden could respond to industrial shortfalls by supporting the expansion of batteries for electric vehicles, Farber wrote. The Transportation secretary could potentially use the power to “coordinate transportation” during national emergencies to limit auto emissions, Farber added.
originally posted by: Thoughtful2
a reply to: socialmediaclown
The irony- Today is World Food Safety Day.[ Inversion is in order.]
Lol..."highlights the importance of maintaining food standards". The theme "Most people depend on the information in the packaging of consumable items to know that there food is safe."
I have to say this is the biggest fail ever. They play games with names of ingredients and then there is the issue of "other spices" and what about zee bugs? I could go on.
World Food Safety Day
We have another link to the plan. This food safety day just ...gasp..."December 20, 2018, World Food Safety Day was established by the UN." Probably not plan related that the first day celebrated was June 7, 2019.
Un Declaration Food Safety Day
This all merges in with the WEF plan for total global food control as per Goal 17.
I can't make this stuff up...
"A globaized world with annual of U.S.D 1.6 trillion and complex food delivery systems demands international cooperation across sectors to ensure the food is safe.
Food safety is a shared responsibility among governments, food industries, producers and consumers." I guess they were trying to be inclusive and throw us in there.
What about Apeel, that invisible non washable protective coating on fruit and vegetable? No packaging but still we eat that.
Update on my experiment...
Blueberries- mold quickly
Strawberries-mold quickly
Grapefruit and lemons going on 7 weeks with no sign of change.
Cucumbers seem to be struggling with this coating. They are super sticky when purchased so rather unappetizing.
Avocados maintaining appearance after 1 week.
I have to question why the grapefruit and lemons are being target. Probably nothing to do with their peels being used as a natural form of hydroxychloroquine.
Food Safety Day
originally posted by: dashen
#pedogram is trending on Twitter
The algorithm was helping facilitate and connect all the kiddyfiddlers
They used pizza emoijis to signal.
If only someone had tried to warn us
if not for Elon this would have been shut down by now
originally posted by: carewemust
originally posted by: dashen
#pedogram is trending on Twitter
The algorithm was helping facilitate and connect all the kiddyfiddlers
They used pizza emoijis to signal.
If only someone had tried to warn us
if not for Elon this would have been shut down by now
Ever since the Pizza-Gate was exposed by Wiki-leaks, I've been dismayed by how children can be sex objects. They have no features that make women and men "sexy". I'm afraid to conduct research, so I just let it stay a mystery.