Hard news.\u00a0 No corned beef was to be had at the local grocery store.\u00a0 So now we have cabbage and potatoes and no beef.\u00a0 Shocking and depressing.\u00a0 Well, we\u2019ll see.\u00a0 If we have it another day it\u2019ll count.<\/p>\n
Out in the real world today.\u00a0 Some bank business and visiting some folks.\u00a0 Got back to my regular exercise routine after a week of snow shoveling.\u00a0 Finally had a chance to listen to the ZMan\u2019s podcast this afternoon.\u00a0 It was a discussion of the Irish \u201cTroubles.\u201d\u00a0 He explains how some of the lessons learned there could be applied to our situation with respect to the occupying army we face.<\/p>\n
Looking through the news articles I saw that various federal and state prosecutors are trying to get up the nerve to indict Donald Trump for everything from soliciting sex (Stormy Daniels) to treason.\u00a0 And another article said that YouTube has restored Trump\u2019s account on the video site.\u00a0 Boy, do they hate that guy.<\/p>\n
But the biggest stories are about failing banks.\u00a0 Apparently, a reckoning is finally setting in over our reckless, seemingly endless trillions of dollars conjured out of thin air.\u00a0 You can see it happening.\u00a0 In 2008 we saw the first wave.\u00a0 After the Bush II wars and the loosening of home mortgage requirements had maxed out the federal government\u2019s credit card, the investment banks were overleveraged and Lehman Brothers sank under the weight.\u00a0 The Fed rescued the even bigger banks and GM and we saw the beginning of \u201ctoo big to fail.\u201d\u00a0 The stock market has been propped up by zero interest rates for a decade and more but with the COVID debacle and the insane energy policies of the Greenies, inflation has roared back to life and so the government economists tried to raise the prime rate to tame this inflation.\u00a0 But that puts all these zero rate bonds under water.\u00a0 And the little banks then see people stampeding out looking for a way to get some return on their money.<\/p>\n
And the result is smaller investment banks like SVB go bust.\u00a0 Now it\u2019s thought the Fed will stop increasing the interest rates and maybe even back it down.\u00a0 And that will reignite inflation and impoverish the working class.\u00a0 \u201cWell so what?\u201d says Joe Biden, \u201cas long as the banks stay open.\u201d<\/p>\n
And we hear that consolidation is ahead and when the dust settles there will be only four or five banks left.\u00a0 And since those banks are too big to fail what it really means is that the banks are really now just another name for the US Treasury.\u00a0 And that\u2019s supposed to make us feel better.<\/p>\n
But what\u2019s the next step?\u00a0 So essentially the US government now guarantees all of our money in all banks.\u00a0 And not just $250,000 or $500,000 but however much you have.\u00a0 And what\u2019s next?\u00a0 When another big corporation starts failing like Google or Meta will the Feds prop it up too?\u00a0 And what about smaller companies?\u00a0 You see where this goes.\u00a0 There will be one car company, one giant retailer, one appliance company, one social media company, etc. and all of them will be propped up by Uncle Sam.\u00a0 And the employees of those companies are effectively employees of the government.<\/p>\n
What is being described is a socialist country like Britain in the 1970s, or as the worst case, the Soviet Union.\u00a0 Long before we get to that endpoint our currency will no longer be considered the world\u2019s reserve currency.\u00a0 It will be considered toilet paper.\u00a0 But the way things are going nobody will do anything about it.\u00a0 Nobody wants to rock the boat.\u00a0 We just slowly settle into endless bureaucracy, mediocrity and dependence.<\/p>\n
So, in this pathetic version of 1984, Big Brother is Joe Biden; a lying dementia case who smiles or shouts or cries depending on which lies he\u2019s selling that day.\u00a0 But somehow he\u2019ll have to explain away the fact that America is becoming Cuba.\u00a0 I guess he can buy an olive drab uniform, grow a beard, smoke a cigar and start calling himself \u201cEl Presidente.\u201d\u00a0 Yeah, it\u2019s about right.<\/p>\n
Update:<\/strong><\/span><\/p>\n Chemist replies:<\/strong><\/span><\/p>\n “<\/strong>Not so fast, Photog. The US government will\u00a0not\u00a0guarantee all the deposits in all of the banks. Treasury Secretary Janet Yellen said that: uninsured deposits, would only be covered in the event that a \u201cfailure to protect uninsured depositors would create systemic risk and significant economic and financial consequences.\u201d<\/strong> I can easily see Biden letting a red state bank fail and telling the red state depositors to suck it up. Just like he is letting the people in East Palestine suffer.<\/strong> You make a good point Chemist.\u00a0 If Gavin Newsome asks Uncle Joe to help out he will.\u00a0 If I might lose money that would be a source of humor and nothing else.<\/p>\n photog<\/p>\n","protected":false},"excerpt":{"rendered":" Hard news.\u00a0 No corned beef was to be had at the local grocery store.\u00a0 So now we have cabbage and potatoes and no beef.\u00a0 Shocking<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[3701,3519,3945],"class_list":["post-22772","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-banana-republic","tag-failed-biden-presidency","tag-too-big-to-fail"],"yoast_head":"\n
\nJosh Hawley relied: \u201cLet me translate that, you only get protection if you\u2019re a woke billionaire who gives a lot of money to Democrats.\u201d<\/strong><\/p>\n
\nIf you vote GOP you don\u2019t matter in Biden\u2019s America.”<\/strong><\/p>\n