![balajis's tweet photo. ECONOMICS > POLITICS
No election can pay off America's $175T in debt.
Only the printing press can.
Because as Elon, Dalio, and others realize...the Western world is headed for a sovereign debt crisis far worse than 2008. Just like they’ve been lying about Biden’s senility, they’ve also been lying about the economy. And so they're going to print a lot of currency. But take a look at the data and judge for yourself.
1) MORE EMERGENCY LOANS THAN 2008
First, did you know the Fed[1] made more emergency loans in 2023 than during the financial crisis of 2008? The banking system is on life support thanks to the US government first selling billions in bonds to financial institutions and then devaluing them with surprise rate hikes.
Just look at this graph from the Fed. The blue bump below on the left is the lending from the 2008 crisis — you know, that little old thing. The purple is COVID. And the giant orange/aquamarine monster on the right is the 2023 banking crisis. See how much higher it is than even 2008?
2) MORE BORROWING THAN COVID
Second, did you know the US is borrowing more[2] under the "Biden boom" than it did during COVID? Set aside whether a coronavirus should have been treated as a financial crisis. At least the COVID borrowing was at ~0% rates. But today the US government is borrowing historical sums of money in peacetime…and at 5% rates! This is the act of a desperate man maxing out his credit cards to pay his bills.
3) MORE INTEREST THAN DEFENSE
Third, did you know that all this borrowing has made interest payments on the national debt the single largest government expense? More than defense, or social security, or anything else[3a, 3b]. The number one thing all tax dollars (and printed dollars) now go towards as of 2024 are payments to bondholders. And even still, anyone who bought US Treasuries (or other bonds) got annihilated over the past few years.
For all the warfare and all the welfare, it was buy now pay later. And as you can see from the graph, the time to pay has come.
4) MORE DEVALUATION OF THE DOLLAR
Fourth, did you know that the dollar has lost at least 25% of its value in just four years[4a]? This one you probably knew from just your lived experience of inflation. But Larry Summers estimates[4b] that purchasing power has been eroded even more radically than this, with annual numbers hitting 18% if you include the enormous spike in loan payments due to rate hikes. Compounded over four years, that’d be considerably more than 25% of the dollar's value.
But wait, there's more. Six more graphs, and references. 👇](https://pbs.twimg.com/media/GTH_trVaYAAvNMW.jpg)
![balajis's tweet photo. ECONOMICS > POLITICS
No election can pay off America's $175T in debt.
Only the printing press can.
Because as Elon, Dalio, and others realize...the Western world is headed for a sovereign debt crisis far worse than 2008. Just like they’ve been lying about Biden’s senility, they’ve also been lying about the economy. And so they're going to print a lot of currency. But take a look at the data and judge for yourself.
1) MORE EMERGENCY LOANS THAN 2008
First, did you know the Fed[1] made more emergency loans in 2023 than during the financial crisis of 2008? The banking system is on life support thanks to the US government first selling billions in bonds to financial institutions and then devaluing them with surprise rate hikes.
Just look at this graph from the Fed. The blue bump below on the left is the lending from the 2008 crisis — you know, that little old thing. The purple is COVID. And the giant orange/aquamarine monster on the right is the 2023 banking crisis. See how much higher it is than even 2008?
2) MORE BORROWING THAN COVID
Second, did you know the US is borrowing more[2] under the "Biden boom" than it did during COVID? Set aside whether a coronavirus should have been treated as a financial crisis. At least the COVID borrowing was at ~0% rates. But today the US government is borrowing historical sums of money in peacetime…and at 5% rates! This is the act of a desperate man maxing out his credit cards to pay his bills.
3) MORE INTEREST THAN DEFENSE
Third, did you know that all this borrowing has made interest payments on the national debt the single largest government expense? More than defense, or social security, or anything else[3a, 3b]. The number one thing all tax dollars (and printed dollars) now go towards as of 2024 are payments to bondholders. And even still, anyone who bought US Treasuries (or other bonds) got annihilated over the past few years.
For all the warfare and all the welfare, it was buy now pay later. And as you can see from the graph, the time to pay has come.
4) MORE DEVALUATION OF THE DOLLAR
Fourth, did you know that the dollar has lost at least 25% of its value in just four years[4a]? This one you probably knew from just your lived experience of inflation. But Larry Summers estimates[4b] that purchasing power has been eroded even more radically than this, with annual numbers hitting 18% if you include the enormous spike in loan payments due to rate hikes. Compounded over four years, that’d be considerably more than 25% of the dollar's value.
But wait, there's more. Six more graphs, and references. 👇](https://pbs.twimg.com/media/GTH_jYObQAAy7zs.jpg)
![balajis's tweet photo. ECONOMICS > POLITICS
No election can pay off America's $175T in debt.
Only the printing press can.
Because as Elon, Dalio, and others realize...the Western world is headed for a sovereign debt crisis far worse than 2008. Just like they’ve been lying about Biden’s senility, they’ve also been lying about the economy. And so they're going to print a lot of currency. But take a look at the data and judge for yourself.
1) MORE EMERGENCY LOANS THAN 2008
First, did you know the Fed[1] made more emergency loans in 2023 than during the financial crisis of 2008? The banking system is on life support thanks to the US government first selling billions in bonds to financial institutions and then devaluing them with surprise rate hikes.
Just look at this graph from the Fed. The blue bump below on the left is the lending from the 2008 crisis — you know, that little old thing. The purple is COVID. And the giant orange/aquamarine monster on the right is the 2023 banking crisis. See how much higher it is than even 2008?
2) MORE BORROWING THAN COVID
Second, did you know the US is borrowing more[2] under the "Biden boom" than it did during COVID? Set aside whether a coronavirus should have been treated as a financial crisis. At least the COVID borrowing was at ~0% rates. But today the US government is borrowing historical sums of money in peacetime…and at 5% rates! This is the act of a desperate man maxing out his credit cards to pay his bills.
3) MORE INTEREST THAN DEFENSE
Third, did you know that all this borrowing has made interest payments on the national debt the single largest government expense? More than defense, or social security, or anything else[3a, 3b]. The number one thing all tax dollars (and printed dollars) now go towards as of 2024 are payments to bondholders. And even still, anyone who bought US Treasuries (or other bonds) got annihilated over the past few years.
For all the warfare and all the welfare, it was buy now pay later. And as you can see from the graph, the time to pay has come.
4) MORE DEVALUATION OF THE DOLLAR
Fourth, did you know that the dollar has lost at least 25% of its value in just four years[4a]? This one you probably knew from just your lived experience of inflation. But Larry Summers estimates[4b] that purchasing power has been eroded even more radically than this, with annual numbers hitting 18% if you include the enormous spike in loan payments due to rate hikes. Compounded over four years, that’d be considerably more than 25% of the dollar's value.
But wait, there's more. Six more graphs, and references. 👇](https://pbs.twimg.com/media/GTH_ciTaUAA_ael.jpg)
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Another ABA milestone going unmarked by NBA.
Well, John, we thank you.
The Yankees mourn the loss of legendary broadcaster John Sterling. Our thoughts are with John’s family, friends and loved ones at this time.
@winestainedlens @hearinladotcom The first time I saw Him I was coming out of the Metro Station at 7th & Fig. Oh boy was I unprepared
@birdabo Not a great look for Open AI, no?
@gheemoney Google QSO1 black hole
Maybe I’ve been living under a rock, but when did open source video models get this good?
This is LTX 2.3…and yeah, it’s not hard to guess what it’s trained on.
Still wild this runs locally.
No wonder Sora got shut down.
Сейчас я читаю роман Достоевского “The Idiot” … на английском языке, конечно
О ком мы говорим?
Who’s up for some good old fashioned Яeveяse яacism?
счастливого понедельника
#HappyMonday
Привет! Как дела?
Gerrit Cole may be cooked
DJ LeMahieu is still on the roster
Gonna get swept against the Mets
JD Davis is in the lineup daily
Injuries and more injuries
Only two good players
Aaron Boone is still the manager
Brian Cashman is still employed
No fanbase has it worse than us.
@SharpFootball I'd run thru a wall (of feathers) after hearing that
@StephanieKelton Surprised MMT hasn’t caught on with this crowd: https://t.co/4beFp9UoTc
ECONOMICS > POLITICS
No election can pay off America's $175T in debt.
Only the printing press can.
Because as Elon, Dalio, and others realize...the Western world is headed for a sovereign debt crisis far worse than 2008. Just like they’ve been lying about Biden’s senility, they’ve also been lying about the economy. And so they're going to print a lot of currency. But take a look at the data and judge for yourself.
1) MORE EMERGENCY LOANS THAN 2008
First, did you know the Fed[1] made more emergency loans in 2023 than during the financial crisis of 2008? The banking system is on life support thanks to the US government first selling billions in bonds to financial institutions and then devaluing them with surprise rate hikes.
Just look at this graph from the Fed. The blue bump below on the left is the lending from the 2008 crisis — you know, that little old thing. The purple is COVID. And the giant orange/aquamarine monster on the right is the 2023 banking crisis. See how much higher it is than even 2008?
2) MORE BORROWING THAN COVID
Second, did you know the US is borrowing more[2] under the "Biden boom" than it did during COVID? Set aside whether a coronavirus should have been treated as a financial crisis. At least the COVID borrowing was at ~0% rates. But today the US government is borrowing historical sums of money in peacetime…and at 5% rates! This is the act of a desperate man maxing out his credit cards to pay his bills.
3) MORE INTEREST THAN DEFENSE
Third, did you know that all this borrowing has made interest payments on the national debt the single largest government expense? More than defense, or social security, or anything else[3a, 3b]. The number one thing all tax dollars (and printed dollars) now go towards as of 2024 are payments to bondholders. And even still, anyone who bought US Treasuries (or other bonds) got annihilated over the past few years.
For all the warfare and all the welfare, it was buy now pay later. And as you can see from the graph, the time to pay has come.
4) MORE DEVALUATION OF THE DOLLAR
Fourth, did you know that the dollar has lost at least 25% of its value in just four years[4a]? This one you probably knew from just your lived experience of inflation. But Larry Summers estimates[4b] that purchasing power has been eroded even more radically than this, with annual numbers hitting 18% if you include the enormous spike in loan payments due to rate hikes. Compounded over four years, that’d be considerably more than 25% of the dollar's value.
But wait, there's more. Six more graphs, and references. 👇
![balajis's tweet photo. ECONOMICS > POLITICS
No election can pay off America's $175T in debt.
Only the printing press can.
Because as Elon, Dalio, and others realize...the Western world is headed for a sovereign debt crisis far worse than 2008. Just like they’ve been lying about Biden’s senility, they’ve also been lying about the economy. And so they're going to print a lot of currency. But take a look at the data and judge for yourself.
1) MORE EMERGENCY LOANS THAN 2008
First, did you know the Fed[1] made more emergency loans in 2023 than during the financial crisis of 2008? The banking system is on life support thanks to the US government first selling billions in bonds to financial institutions and then devaluing them with surprise rate hikes.
Just look at this graph from the Fed. The blue bump below on the left is the lending from the 2008 crisis — you know, that little old thing. The purple is COVID. And the giant orange/aquamarine monster on the right is the 2023 banking crisis. See how much higher it is than even 2008?
2) MORE BORROWING THAN COVID
Second, did you know the US is borrowing more[2] under the "Biden boom" than it did during COVID? Set aside whether a coronavirus should have been treated as a financial crisis. At least the COVID borrowing was at ~0% rates. But today the US government is borrowing historical sums of money in peacetime…and at 5% rates! This is the act of a desperate man maxing out his credit cards to pay his bills.
3) MORE INTEREST THAN DEFENSE
Third, did you know that all this borrowing has made interest payments on the national debt the single largest government expense? More than defense, or social security, or anything else[3a, 3b]. The number one thing all tax dollars (and printed dollars) now go towards as of 2024 are payments to bondholders. And even still, anyone who bought US Treasuries (or other bonds) got annihilated over the past few years.
For all the warfare and all the welfare, it was buy now pay later. And as you can see from the graph, the time to pay has come.
4) MORE DEVALUATION OF THE DOLLAR
Fourth, did you know that the dollar has lost at least 25% of its value in just four years[4a]? This one you probably knew from just your lived experience of inflation. But Larry Summers estimates[4b] that purchasing power has been eroded even more radically than this, with annual numbers hitting 18% if you include the enormous spike in loan payments due to rate hikes. Compounded over four years, that’d be considerably more than 25% of the dollar's value.
But wait, there's more. Six more graphs, and references. 👇](https://pbs.twimg.com/media/GTIA_4rbEAAwqsj.jpg)
here is a thread of each MLB teams most liked/favorited tweet of all-time
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