![balajis's tweet photo. Just as in 2008, the bankers lied.
This time, the central bankers, the banks, and the bank regulators have lied to all dollar holders and depositors.
This isn't your typical fractional reserve situation. The problem is that there isn't enough in the banks on a mark-to-market basis to cover withdrawals. They knew this through all of last year, and communicated it internally in their coded language.
It's obvious from the graphs (see below). The central banks, the banks, and the banking regulators all knew a huge crash was coming โ the phrase is "unrealized losses" [1,2,3,4,5]. But they never notified you, the depositor.
Instead the regulators allowed banks to hide their literal insolvency in footnotes[6], until one guy figured it out[7].
It's Uncle Sam Bankman Fried. Just like SBF used your deposits to buy shitcoins, using accounting tricks to fool himself and others into using the money, so too did the banks.
They all used the deposits to buy the ultimate shitcoin: long-dated US Treasuries. And they all got rekt at the same time, in the same way, because they bought the same asset from the same vendor who devalued it at the same time: the Fed.
Specifically, as NYT admitted, banks "binged" on enormous amounts of Treasuries and other long-term bonds in 2021 when the flood of printed money cut off their typical demand for loans, and because they thought the Fed would keep interest rates low forever.[8].
And they had good reason to believe this. Powell said he'd be "patient" on rate hikes as late as Nov 3 2021[9]. Then he got renominated on Nov 22 2021[10], and hiked rates much faster than anyone had expected โ which even Yellen[11] and the FDIC[12] admit caused the current banking crisis.
Why did Powell delay? Probably for political reasons. Presidents don't like rate hikes[13], especially running into the election year of 2022. And Powell thought he could wait and just be like Paul Volcker[14], who was "firm" and then defeated inflation.
But the world isn't an 80s rerun. Hiking from ten years of near zero interest rates in the 2010s was a surprise attack on every dollar holder. Economics isn't politics - the kind of insane flipflops you see in politics don't work when there are actual contracts involved.
So anyone who bet on long-term Treasuries got killed in 2021. And now, anyone who bets on short-term Treasuries is going to get killed in 2023. The absolute worse place you can be is to have large amounts of assets locked up in three month treasury bills. The ~5% interest rate offered by big banks (G-SIBs) is a trap. Most fiat bank accounts are now a trap, for those countries whose central bankers followed the Fed.
Check my references, I've provided quite a few.
If you trust US bankers and US media, ignore me.
Otherwise buy Bitcoin and get your coins off exchanges.
#Bitsignal
[1]: Fed, Sept 22: https://t.co/U4xeA0TAq9
[2]: FDIC Nov 22: https://t.co/NPj6jde3uG
[3]: FDIC Mar 6 23: https://t.co/1cctxQ27KI
[4]: Fed Feb 1 23: https://t.co/knQzUIKJI2
[5]: Bank CPAs, April 22: https://t.co/OlEnfFqb1N
[6]: Insolvency in a footnote: https://t.co/7b8oCBuFpp
[7]: Discovered online: https://t.co/oaVtf9f57Y
[8]: Banks bingeing on bonds, but not because they want to Aug 25 2021: https://t.co/OTfWwVwIqK](https://pbs.twimg.com/media/Frcng5maIAA12ZS.png)
![balajis's tweet photo. Just as in 2008, the bankers lied.
This time, the central bankers, the banks, and the bank regulators have lied to all dollar holders and depositors.
This isn't your typical fractional reserve situation. The problem is that there isn't enough in the banks on a mark-to-market basis to cover withdrawals. They knew this through all of last year, and communicated it internally in their coded language.
It's obvious from the graphs (see below). The central banks, the banks, and the banking regulators all knew a huge crash was coming โ the phrase is "unrealized losses" [1,2,3,4,5]. But they never notified you, the depositor.
Instead the regulators allowed banks to hide their literal insolvency in footnotes[6], until one guy figured it out[7].
It's Uncle Sam Bankman Fried. Just like SBF used your deposits to buy shitcoins, using accounting tricks to fool himself and others into using the money, so too did the banks.
They all used the deposits to buy the ultimate shitcoin: long-dated US Treasuries. And they all got rekt at the same time, in the same way, because they bought the same asset from the same vendor who devalued it at the same time: the Fed.
Specifically, as NYT admitted, banks "binged" on enormous amounts of Treasuries and other long-term bonds in 2021 when the flood of printed money cut off their typical demand for loans, and because they thought the Fed would keep interest rates low forever.[8].
And they had good reason to believe this. Powell said he'd be "patient" on rate hikes as late as Nov 3 2021[9]. Then he got renominated on Nov 22 2021[10], and hiked rates much faster than anyone had expected โ which even Yellen[11] and the FDIC[12] admit caused the current banking crisis.
Why did Powell delay? Probably for political reasons. Presidents don't like rate hikes[13], especially running into the election year of 2022. And Powell thought he could wait and just be like Paul Volcker[14], who was "firm" and then defeated inflation.
But the world isn't an 80s rerun. Hiking from ten years of near zero interest rates in the 2010s was a surprise attack on every dollar holder. Economics isn't politics - the kind of insane flipflops you see in politics don't work when there are actual contracts involved.
So anyone who bet on long-term Treasuries got killed in 2021. And now, anyone who bets on short-term Treasuries is going to get killed in 2023. The absolute worse place you can be is to have large amounts of assets locked up in three month treasury bills. The ~5% interest rate offered by big banks (G-SIBs) is a trap. Most fiat bank accounts are now a trap, for those countries whose central bankers followed the Fed.
Check my references, I've provided quite a few.
If you trust US bankers and US media, ignore me.
Otherwise buy Bitcoin and get your coins off exchanges.
#Bitsignal
[1]: Fed, Sept 22: https://t.co/U4xeA0TAq9
[2]: FDIC Nov 22: https://t.co/NPj6jde3uG
[3]: FDIC Mar 6 23: https://t.co/1cctxQ27KI
[4]: Fed Feb 1 23: https://t.co/knQzUIKJI2
[5]: Bank CPAs, April 22: https://t.co/OlEnfFqb1N
[6]: Insolvency in a footnote: https://t.co/7b8oCBuFpp
[7]: Discovered online: https://t.co/oaVtf9f57Y
[8]: Banks bingeing on bonds, but not because they want to Aug 25 2021: https://t.co/OTfWwVwIqK](https://pbs.twimg.com/media/Frcnfs8akAExKIh.png)
![balajis's tweet photo. Just as in 2008, the bankers lied.
This time, the central bankers, the banks, and the bank regulators have lied to all dollar holders and depositors.
This isn't your typical fractional reserve situation. The problem is that there isn't enough in the banks on a mark-to-market basis to cover withdrawals. They knew this through all of last year, and communicated it internally in their coded language.
It's obvious from the graphs (see below). The central banks, the banks, and the banking regulators all knew a huge crash was coming โ the phrase is "unrealized losses" [1,2,3,4,5]. But they never notified you, the depositor.
Instead the regulators allowed banks to hide their literal insolvency in footnotes[6], until one guy figured it out[7].
It's Uncle Sam Bankman Fried. Just like SBF used your deposits to buy shitcoins, using accounting tricks to fool himself and others into using the money, so too did the banks.
They all used the deposits to buy the ultimate shitcoin: long-dated US Treasuries. And they all got rekt at the same time, in the same way, because they bought the same asset from the same vendor who devalued it at the same time: the Fed.
Specifically, as NYT admitted, banks "binged" on enormous amounts of Treasuries and other long-term bonds in 2021 when the flood of printed money cut off their typical demand for loans, and because they thought the Fed would keep interest rates low forever.[8].
And they had good reason to believe this. Powell said he'd be "patient" on rate hikes as late as Nov 3 2021[9]. Then he got renominated on Nov 22 2021[10], and hiked rates much faster than anyone had expected โ which even Yellen[11] and the FDIC[12] admit caused the current banking crisis.
Why did Powell delay? Probably for political reasons. Presidents don't like rate hikes[13], especially running into the election year of 2022. And Powell thought he could wait and just be like Paul Volcker[14], who was "firm" and then defeated inflation.
But the world isn't an 80s rerun. Hiking from ten years of near zero interest rates in the 2010s was a surprise attack on every dollar holder. Economics isn't politics - the kind of insane flipflops you see in politics don't work when there are actual contracts involved.
So anyone who bet on long-term Treasuries got killed in 2021. And now, anyone who bets on short-term Treasuries is going to get killed in 2023. The absolute worse place you can be is to have large amounts of assets locked up in three month treasury bills. The ~5% interest rate offered by big banks (G-SIBs) is a trap. Most fiat bank accounts are now a trap, for those countries whose central bankers followed the Fed.
Check my references, I've provided quite a few.
If you trust US bankers and US media, ignore me.
Otherwise buy Bitcoin and get your coins off exchanges.
#Bitsignal
[1]: Fed, Sept 22: https://t.co/U4xeA0TAq9
[2]: FDIC Nov 22: https://t.co/NPj6jde3uG
[3]: FDIC Mar 6 23: https://t.co/1cctxQ27KI
[4]: Fed Feb 1 23: https://t.co/knQzUIKJI2
[5]: Bank CPAs, April 22: https://t.co/OlEnfFqb1N
[6]: Insolvency in a footnote: https://t.co/7b8oCBuFpp
[7]: Discovered online: https://t.co/oaVtf9f57Y
[8]: Banks bingeing on bonds, but not because they want to Aug 25 2021: https://t.co/OTfWwVwIqK](https://pbs.twimg.com/media/FrcnepDaYAA-bxE.png)
Olivia
Online
THEE homosexual dr anthony fauci ๐๐๐
@Discourse_Jeb
stochastic terrorist
pfizer 1๏ธโฃ2๏ธโฃ
moderna 1๏ธโฃ2๏ธโฃ3๏ธโฃ
Joined November 2010
2.2K Following
967 Followers
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don't let anyone tell you it's not okay to snoop in your friend's medicine cabinet to see what mental illnesses they have. you have a right to know
@lodgepolepines pains me to say this but we need to make interest rates higher ๐
@lodgepolepines Sounds like they have too much stuff. Real technologists just require a laptop and a travel size sunscreen to slow skin aging. Perfectly respectable to bring into a restaurant.
I don't think it's fair to describe it as a "complete coup" as long as Adam Friedland is allowed to continue existing without being hunted for sport.
so i think the "you cant even describe what woke is" thing is revealing in that usually when an ideology executes such a complete coup it usually comes in with a popular vote or at least it tries to retrospectively legitimate itself in explicit terms
but that hasnt happened here
@smoothiedog @ChiTheRealest lol
yes actually I do trust the bankers and media more than the unhinged VCoid who wants to solve the housing crisis by recreating the slums of cape town in the mojave desert
Just as in 2008, the bankers lied.
This time, the central bankers, the banks, and the bank regulators have lied to all dollar holders and depositors.
This isn't your typical fractional reserve situation. The problem is that there isn't enough in the banks on a mark-to-market basis to cover withdrawals. They knew this through all of last year, and communicated it internally in their coded language.
It's obvious from the graphs (see below). The central banks, the banks, and the banking regulators all knew a huge crash was coming โ the phrase is "unrealized losses" [1,2,3,4,5]. But they never notified you, the depositor.
Instead the regulators allowed banks to hide their literal insolvency in footnotes[6], until one guy figured it out[7].
It's Uncle Sam Bankman Fried. Just like SBF used your deposits to buy shitcoins, using accounting tricks to fool himself and others into using the money, so too did the banks.
They all used the deposits to buy the ultimate shitcoin: long-dated US Treasuries. And they all got rekt at the same time, in the same way, because they bought the same asset from the same vendor who devalued it at the same time: the Fed.
Specifically, as NYT admitted, banks "binged" on enormous amounts of Treasuries and other long-term bonds in 2021 when the flood of printed money cut off their typical demand for loans, and because they thought the Fed would keep interest rates low forever.[8].
And they had good reason to believe this. Powell said he'd be "patient" on rate hikes as late as Nov 3 2021[9]. Then he got renominated on Nov 22 2021[10], and hiked rates much faster than anyone had expected โ which even Yellen[11] and the FDIC[12] admit caused the current banking crisis.
Why did Powell delay? Probably for political reasons. Presidents don't like rate hikes[13], especially running into the election year of 2022. And Powell thought he could wait and just be like Paul Volcker[14], who was "firm" and then defeated inflation.
But the world isn't an 80s rerun. Hiking from ten years of near zero interest rates in the 2010s was a surprise attack on every dollar holder. Economics isn't politics - the kind of insane flipflops you see in politics don't work when there are actual contracts involved.
So anyone who bet on long-term Treasuries got killed in 2021. And now, anyone who bets on short-term Treasuries is going to get killed in 2023. The absolute worse place you can be is to have large amounts of assets locked up in three month treasury bills. The ~5% interest rate offered by big banks (G-SIBs) is a trap. Most fiat bank accounts are now a trap, for those countries whose central bankers followed the Fed.
Check my references, I've provided quite a few.
If you trust US bankers and US media, ignore me.
Otherwise buy Bitcoin and get your coins off exchanges.
#Bitsignal
[1]: Fed, Sept 22: https://t.co/U4xeA0TAq9
[2]: FDIC Nov 22: https://t.co/NPj6jde3uG
[3]: FDIC Mar 6 23: https://t.co/1cctxQ27KI
[4]: Fed Feb 1 23: https://t.co/knQzUIKJI2
[5]: Bank CPAs, April 22: https://t.co/OlEnfFqb1N
[6]: Insolvency in a footnote: https://t.co/7b8oCBuFpp
[7]: Discovered online: https://t.co/oaVtf9f57Y
[8]: Banks bingeing on bonds, but not because they want to Aug 25 2021: https://t.co/OTfWwVwIqK
![balajis's tweet photo. Just as in 2008, the bankers lied.
This time, the central bankers, the banks, and the bank regulators have lied to all dollar holders and depositors.
This isn't your typical fractional reserve situation. The problem is that there isn't enough in the banks on a mark-to-market basis to cover withdrawals. They knew this through all of last year, and communicated it internally in their coded language.
It's obvious from the graphs (see below). The central banks, the banks, and the banking regulators all knew a huge crash was coming โ the phrase is "unrealized losses" [1,2,3,4,5]. But they never notified you, the depositor.
Instead the regulators allowed banks to hide their literal insolvency in footnotes[6], until one guy figured it out[7].
It's Uncle Sam Bankman Fried. Just like SBF used your deposits to buy shitcoins, using accounting tricks to fool himself and others into using the money, so too did the banks.
They all used the deposits to buy the ultimate shitcoin: long-dated US Treasuries. And they all got rekt at the same time, in the same way, because they bought the same asset from the same vendor who devalued it at the same time: the Fed.
Specifically, as NYT admitted, banks "binged" on enormous amounts of Treasuries and other long-term bonds in 2021 when the flood of printed money cut off their typical demand for loans, and because they thought the Fed would keep interest rates low forever.[8].
And they had good reason to believe this. Powell said he'd be "patient" on rate hikes as late as Nov 3 2021[9]. Then he got renominated on Nov 22 2021[10], and hiked rates much faster than anyone had expected โ which even Yellen[11] and the FDIC[12] admit caused the current banking crisis.
Why did Powell delay? Probably for political reasons. Presidents don't like rate hikes[13], especially running into the election year of 2022. And Powell thought he could wait and just be like Paul Volcker[14], who was "firm" and then defeated inflation.
But the world isn't an 80s rerun. Hiking from ten years of near zero interest rates in the 2010s was a surprise attack on every dollar holder. Economics isn't politics - the kind of insane flipflops you see in politics don't work when there are actual contracts involved.
So anyone who bet on long-term Treasuries got killed in 2021. And now, anyone who bets on short-term Treasuries is going to get killed in 2023. The absolute worse place you can be is to have large amounts of assets locked up in three month treasury bills. The ~5% interest rate offered by big banks (G-SIBs) is a trap. Most fiat bank accounts are now a trap, for those countries whose central bankers followed the Fed.
Check my references, I've provided quite a few.
If you trust US bankers and US media, ignore me.
Otherwise buy Bitcoin and get your coins off exchanges.
#Bitsignal
[1]: Fed, Sept 22: https://t.co/U4xeA0TAq9
[2]: FDIC Nov 22: https://t.co/NPj6jde3uG
[3]: FDIC Mar 6 23: https://t.co/1cctxQ27KI
[4]: Fed Feb 1 23: https://t.co/knQzUIKJI2
[5]: Bank CPAs, April 22: https://t.co/OlEnfFqb1N
[6]: Insolvency in a footnote: https://t.co/7b8oCBuFpp
[7]: Discovered online: https://t.co/oaVtf9f57Y
[8]: Banks bingeing on bonds, but not because they want to Aug 25 2021: https://t.co/OTfWwVwIqK](https://pbs.twimg.com/media/FrcniLSaMAEtI0d.jpg)
@lodgepolepines WAIT the show is out????? OMFG
@lodgepolepines cant wait for the Dark Forest posting
"We can make exciting deep learning progress without hyping up AGI!" I proclaim as Sydney's writhing tentacles pull me into her gaping maw.
"Was I a good Bing?" are the last words I hear before I'm digested, my atoms reassembled into a neat pile of OpenAI paperclips.
Good point Franรงois!
We can make exciting progress with deep learning without hyping things up via tenuous connections to AGI.
@NotABigJerk sorry
reading mein kampf and shaking my head so everyone on the Marguerite knows i disagree with it
I donโt think universities should have systems that allow you to report a student for reading a book
https://t.co/rORHhiiqz4
if you see my reflection in the snow-covered hills... no you didn't
i'm old fashioned. i prefer to just print it out and read it that way. maybe get out my highlighter to keep track of interesting parts along the way.
7% interest rates are lowkey goated when crashing the entire technology sector is the vibe
@lodgepolepines ๐ซก
friendsgiving with chosen family is lowkey goated when hitting different is the vibe ๐ฎโ๐จ๐
trying stand up comedy for the first time and i lead with "what the hell is goin' on with this yves tumor guy. what does he have, cancer, or what?" someone in the crowd lobs a 5lb watermelon at my head killing me instantly
viral tweets be like: every hotel's got THAT ONE ice machine ๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ๐คฃ
does anyone else just pretend to like dogs to fit in
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