News
The Myth of the Barter Economy
Imagine life before money. Say, you made bread but you needed meat. But what if the town butcher didn’t want your bread? You’d have to find someone who did, trading until you eventually got some meat. You can see how this gets incredibly complicated and inefficient, which is why humans invented money: to make it easier to exchange goods. Right? This historical world of barter sounds quite inconvenient. It also may be completely made up.
Bond Villain
I’m not really interested in the endless primary battle between Trump and DeSantis for the Republican nomination. But I am interested in this recent salvo by Trump-supporter Laura Loomer — mainly because I anticipate many more things like it, where group A blames group B for economic losses caused by the Fed. See, many financial institutions bought supposedly safe bonds from the government in 2021. But then that same government did a massive surprise devaluation of all of the bonds it had just sold — screwing over its biggest customers, from banks to insurance companies, causing the largest losses in bond history, and saddling institutions what Stanford researchers estimate to be literally trillions in unrealized losses.
Federal Judge Limits Biden Officials’ Contacts With Social Media Sites
The order came in a lawsuit filed by the attorneys general of Missouri and Louisiana, who claim the administration is trying to silence its critics. A federal judge in Louisiana on Tuesday restricted the Biden administration from communicating with social media platforms about broad swaths of content online, a ruling that could curtail efforts to combat false and misleading narratives about the coronavirus pandemic and other issues. The order, which could have significant First Amendment implications, is a major development in a fierce legal fight over the boundaries and limits of speech online.
An Amazing Freak Show: Treasury Increases National Debt By Over $850 Billion in Just One Month
A month ago, the fake debt ceiling fight ended and Congress suspended the federal government’s borrowing limit for two years. Since the debt ceiling deal, the US Treasury has added a staggering $851 billion to the national debt. Within a week of the debt ceiling suspension, the national debt cracked $32 trillion and as of June 30, it stood at $32.33 trillion. I warned that we would see a big jump in the national debt with the passage of any debt ceiling deal. After nearly six months up against its borrowing limit, the federal government had some ground to make up. It needed to replenish cash reserves and unwind the extraordinary measures it took to keep the government running while it couldn’t borrow any money. But the pace of borrowing even surprises me.
From Joe
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