🔥Tuesday I tweeted Mike Johnson would recess Congress until after the election in an attempt to stymie our latest Epstein bill. Johnson went on TV adamantly saying that was STUPID and we’d work every day. Today he announced we’ll recess on Sept 17… until after the election!
Spc. Mackenzie L. Shay, a 20-year-old petroleum supply specialist with the 28th Infantry Division's 128th Brigade Support Battalion, took the life of an oath she had sworn to serve while training on home soil. She was driving an M1120 Load Handling System at Fort Indiantown Gap in Pennsylvania when a routine supply mission drill turned fatal.
Shay and three fellow soldiers were moving two M1120 vehicles single file along a tank trail to collect ammunition dunnage. The vehicle ahead of her came to a stop, and the LHS she was driving rear-ended it. The flat rack from the lead truck entered and crushed the driver's side cab of her vehicle. Fellow soldiers in the convoy pulled her from the wreck, but she had no pulse and perished at the scene. The three others involved were taken to a hospital as a precaution and were not seriously hurt. Army officials later confirmed her death was the first Ground Mobility Vehicle fatality of that fiscal year, in a category that has claimed the lives of an average of nine soldiers annually over the preceding four years.
Training accidents rarely draw the same attention as combat losses, yet they carry the same weight of sacrifice. Shay's service, and the Army's subsequent safety review of the incident, are reminders that readiness itself carries risk, and that vigilance in routine operations is never optional.
#MilitaryHistory #NationalGuard #USArmy #Fallen #TrainingSafety
https://t.co/UsCg9jcCSW
In an unprecedented move, the US Treasury is buying back its own long term debt in order to stop the surge in yields
Calling it “liquidity support”
But there’s one big problem with this…
The government doesn’t run a surplus. So in order to buy back old debt, they have to borrow new debt
Since they can’t borrow long term debt (that would make the buyback useless because they would be selling the exact thing they are buying) they have to borrow with short term debt
What are the implications?
Anyone calling this QE doesn’t understand it. Zero net effect on liquidity in the financial system overall. The government is simply swapping long term debt for short term. Same total debt and number of dollars exist as before.
But the Treasury has blinked. Large treasury holders now know that if they need to get rid of a large volume of treasuries, they don’t need to worry about crashing the treasury market and losing value. The US will step in and buy what is necessary.
This is a dangerous game and is exactly what led to the collapse of the Mississippi Bubble by John Law 300 years ago.
It also means we are likely to see intervention from the Fed sooner rather than later. The Treasury can’t do this themselves forever because the treasury doesn’t print money.
Either the Fed steps in with real QE, or they deregulate the banks (eliminate the SLR) so banks can buy unlimited treasuries and do QE for them.
We’ll see.
Georgia resident Tony Mullis was traveling with his wife on an interstate near Macon on Monday when he spotted an abandoned U.S. flag in the center median. Mullis, who told Storyful he had both of his legs amputated after an explosion in 2011 during his second tour in Afghanistan, pulled over to retrieve the flag.
"Seeing that flag lay there broke my heart because I see all who gave all for those colors to fly not lay on the ground like trash," he said.
The US Treasury increasing LT debt buybacks is driving an intra-day 8bps decline in 30yr ylds, +0.4% S&P but also a 0.8% decline in the US dollar which puts upward pressure on inflation. This follows yen intervention earlier this month to alleviate upward pressure on US ylds. There is an adage that the bond market will stop panicking when the government starts panicking. So the bulls will be heartened by today’s reaction given credit is the life blood of the economy.
Having said that, what bothers me is none of this solves the underlying upward pressure on rising treasury ylds of 1) 6% US deficits (and high deficits around the globe) despite a strong economy, 2) high US government debt of $40T vs $33T in GDP , 3) increasing hyperscaler debt issuance due to a near doubling in capex this year to nearly $900B & likely over 30% next year to $1.2 trillion taking away some of the demand for treasuries.
The reaction tomorrow to the reaction today will be an important tell. Does the rally continue or was today a temporary reprieve? As I posted on Sunday, there is normally a 10% peak to trough decline in the S&P between 7/31-11/9 since 1990 at some point during mid-term election years. I worry that the odds are increasing of seeing a repeat.
In July of 2025, Sayfollah Musallet, an American citizen born and raised in Florida, was beaten to death by Israeli settlers.
No one has been punished for this crime and Sayfollah’s father wants to know why. Despite requests for a meeting, @SenRickScott of Florida refuses to sit down with the family.
@SenRickScott, we’d like to invite you to the show to explain why you won’t investigate the murder of a Floridian at the hands of Israeli settlers. You’re welcome any time.
Illinois paid a staffing contractor $78.5 million for workers who did nothing.
We found out from an audit. Two years too late.
Who still thinks Illinois doesn't need a DOGE?
@paleochristcon We didn't even feel sorry for you when you got so humiliated by Candace and by yourself. We hope that you learned a lesson, but doubtful.