China to defuse its $13 trillion LGFV debt time bomb?
Local reports indicate policymakers may finally get serious about a solution to dangerous debt pile at upcoming Third Plenum
By William Pesek
China’s leadership gathering later this month could be the moment policymakers devise to defuse the US$13 trillion time bomb imperiling Asia’s biggest economy.
Though China’s property crisis gets the headlines, debt troubles plaguing municipalities across the nation also require urgent action.
At issue is the explosion of local government financing vehicles (LGFVs) in recent years. Such debt, the vast majority of it the off-balance-sheet kind, now almost rivals China’s annual gross domestic product (GDP)….
Ukraine war will end in surrender
And there won’t be any negotiations with Zelensky when the Ukrainian army collapses and a replacement government is installed
By Stephen Bryen
The Ukraine war will end in a surrender, not in a negotiated deal. That is my sense of where the war is headed and why the parties cannot negotiate a settlement.
The latest wrinkle in the missing negotiating saga is a declaration in the form of an interview given by Ukrainian President Volodymyr Zelensky to the Philadelphia Inquirer…
patrick.net memes, Wed Jul 03 2024
Etienne Note: Some of the Pro-Trump memes made me throw up in my mouth but the overwhelming majority are pure GOLD!
Etienne Note: Some of the Pro-Trump memes made me throw up in my mouth but the overwhelming majority are pure GOLD!…
British Spies Built Zionist Propaganda Network
On June 22nd, Declassified UK published an extraordinary interview with Jeremy Corbyn.
by Kit Klarenberg
On June 22nd, Declassified UK published an extraordinary interview with Jeremy Corbyn. Now vying for parliament as an independent, having been expelled from Labour due to bogus allegations of antisemitism, he reflected on his brief time as the party’s leader, and the vast media, political, and intelligence service conspiracy to sabotage his electoral prospects.
Along the way, Corbyn discussed the central role of former Labour MP Ruth Smeeth in his undoing. He was avowedly “surprised” to learn she was named in WikiLeaks-released sensitive diplomatic cables as a “strictly protect” US embassy informant. This designation means a sensitive and confidential information source, for Washington. However, looking back at “her behaviour and hostility” towards him as Labour leader, the revelation made perfect sense…
The Duong Dynasty: How a Recycling Empire Funded Top Democrats -Joe, Kamala, & Gavin - with Dirty Money
FBI blows the lid off of criminal activities and campaign finance violations connected to Dems—government officials funded by sex trafficking & drug ring.
by Reinette Senum
After the SCOTUS’ recent jaw-dropping decisions - Chevron Doctrine, Jan. 6 defendants, banning homeless from sleeping on streets (I’ll have pros & cons on this later), and as of yesterday, granting Donald Trump “immunity for official acts“ and the ability of small business owners to challenge regulations - I’m beginning to feel this criminal house of cards is crashing down.
The Democrats, in particular, can't catch a break these days. As if President Biden's disastrous debate performance last week wasn't enough to send the party into a tailspin - as if they didn’t know Biden was senile - now we've got a juicy scandal brewing in Oakland that has been found to travel as far as the White House…
The Fed Posts Historic Operating Losses As It Pays Out 5.40 Percent Interest to Banks
According to Federal Reserve data, for the first time in its history, the Fed has been losing money on a consistent monthly basis since September 28, 2022.
By Pam Martens and Russ Martens
According to Federal Reserve data, for the first time in its history, the Fed has been losing money on a consistent monthly basis since September 28, 2022. As of the last reporting date of June 19, 2024, those losses add up to a cumulative $176 billion. As the chart above using Fed data shows, the losses thus far in 2024 have ranged from a monthly high of $11.076 billion in February to a low of $5.674 billion in May.
These losses are separate and distinct from the unrealized losses the Fed is experiencing on the debt securities it holds on its balance sheet. It does not mark those losses to market since it intends to hold the securities to maturity and their principal is guaranteed at maturity by the U.S. government…
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