The Biden Administration Keeps Lying about US Government Defaults
If you have an actual life and important things to do, you probably haven't been paying attention to the latest debt-ceiling theater now going on in Congress. Congress is indeed at it again, however, and the leadership from the GOP and the Democrats are fighting over how federal tax dollars will be spent over the next year. Until an agreement is reached, the GOP leadership is refusing to sign off on any increase to the debt ceiling which permits the federal government to add to its 30-trillion-plus debt and keep the federal government humming using its usual debt-financed tricks.
Texas Committee Passes Bill to Create 100% Reserve Gold and Silver-Backed Transactional Currencies
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
FDIC plans to hit big banks with fees to refill deposit insurance fund
The U.S. Federal Deposit Insurance Corporation is planning to exempt smaller lenders from kicking in extra money to replenish the government's bedrock deposit insurance fund, and instead saddle the biggest banks with much of the bill, Bloomberg News reported on Thursday, citing people familiar with the matter. The FDIC is planning to release a highly anticipated proposal for refilling its deposit insurance fund as soon as next week, the report added.
Fed Swaps Point to a Rate Cut by July, or Maybe Even June
Bond traders eyeing the deepening rout in US regional bank shares concluded Thursday that the Federal Reserve is likely to reverse this week’s quarter-point interest-rate increase by July in response to tightening credit conditions. Swap contracts linked to Fed meeting dates collapsed, with the July rate briefly falling to 4.82%, a quarter point below the 5.08% level where the effective fed funds rate is likely to settle as a result of Wednesday’s increase in the target band to 5%-5.25%. Short-term Treasury yields also slumped, the five-year to the lowest level since August.
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