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You've probably heard this before, but it's always worth repeating. Something extremely cool about the "Star-spangled Banner," the American national anthem, is that it asks a question, and it's the question at the heart of everything in the American worldview.
"Oh, say, can you see
By the dawn's early light
What so proudly we hailed
At the twilight's last gleaming..."
So the anthem begins with a question and a scene. One man, a patriot, is asking another man, another patriot, "can you see it?" at sunrise after a long, dangerous night.
The "it" in question is going to be revealed to be the flag, our "star-spangled banner," which they had last fully recognized and honored as the sun set, daylight failed, and night crept over them the evening before.
Can you see it? Say! Can you see it?!
IS IT STILL THERE?!
"Whose broad stripes and bright stars
Through the perilous fight
O'er the ramparts we watched
Were so gallantly streaming..."
Here we find that the "it" is in fact the flag, our star-spangled banner, and we learn why the question is being asked.
The flag is described as having flown and streamed gallantly over ramparts of war through a perilous fight. All could have been lost. The flag, and even the fledgling country for which it stands, one nation under God and indivisible.
Say! Can you see it? Now that the light is back?
IS IT STILL THERE?!
"--And the rockets' red glare,
The bombs bursting in air,
Gave proof through the night
That our flag was still there!--"
They could see it through the battle in the light of the rockets and bombs that threatened them, here and there in quick glimpses. But it was still there throughout! But now? At dawn?
Say! Can you see?
IS IT STILL THERE?!
"Oh, say, does that star-spangled banner yet wave
O'er the land of the free
And the home of the brave?"
The urgency is palpable with every refrain. They have to know. It's the first thing they must know as the sun begins to light the sky, even before it rises.
IS IT STILL THERE?!
Say! Say!! Can you see? Can you see it?!
At the heart of every American beats the fundamental truth and reality that what we have here is precious, that it's worth fighting for, to the death if necessary, and that it's fragile. That at any moment it can be lost. That we have to remember to look for it because last night might have been the night in which it failed.
Every day, every year, every generation.
The American fight for freedom, to live in self-governance within ordered liberty, is ongoing and never-ending. The price of the land of the free is that it must be the home of the brave. We have to defend it, defend it, and defend it again, against all enemies foreign and domestic, because what we have is amazing, rare, fragile, and worth every cent of treasure, every drop of blood, and every risk to our sacred honor to protect it.
Our anthem is not a declaration. It is not a proclamation. It is not a statement.
It is a question.
Every time we sing our wholly unique national anthem, we as American ask the question again. IS IT STILL THERE?! Are we still America? Does that star-spangled banner yet wave?
Because it's a question, the answer is not known. It is not a guarantee. It cannot be taken for granted and isn't. And what an honor to ask and take up our part in the story, in the American Experiment, in the greatest country the world has ever known.
For tonight, the last night of our first 250 years, as the sun gave way to twilight's last gleaming and darkness overtook our land once again, the answer was still yes. We can see it even tonight in the red glare of rockets, with small bombs bursting in air, fill the sky with the noble tribute of fireworks once again.
And we all ask ourselves, will it still be flying at dawn?
This is what it means to be an American.
Happy 250th, America! Now for many happy returns!
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โก๏ธWALL STREET SUCCESSFULLY TESTS 5-SECOND XRP SETTLEMENT
JPMorgan, Mastercard, Ondo Finance and Ripple completed a cross-border tokenized Treasury redemption on the XRP Ledger.
Settlement took roughly 5 seconds, versus 3 to 5 business days on traditional banking rails.
Japanโs 10-year government bond yield hit 2.39 percent on April 3. The highest since February 1999. Twenty-seven years of near-zero rates ended because a strait 7,000 kilometres away closed and the oil that flows through it stopped arriving at Japanese refineries at a price the economy could absorb. The molecule that cannot pass through the Strait of Hormuz just broke the bond market that has anchored global finance for a generation.
Japan imports nearly all of its oil, roughly 90 percent from the Middle East through Hormuz. When the strait closed, physical Dubai crude rose from $73 to $140. Gasoline hit record highs. The Bank of Japan, which spent three decades at or below zero, now faces 60 to 71 percent odds of hiking at its April 27 meeting. Bond traders sold. The yield surged 27 basis points in a month. The number 2.39 is the sound of the last major central bank being forced off zero by an oil shock it did not start and cannot stop.
Here is why this matters beyond Tokyo. Japan holds approximately $1.1 trillion in US Treasuries, the largest foreign holder. When the BoJ raises rates, Japanese institutions earn more at home. The incentive to hold American bonds diminishes. If Japan repatriates capital, US borrowing costs rise at the moment the United States is proposing $1.5 trillion in defence spending funded by debt. The war drives the oil that drives Japanese inflation that drives the BoJ hike that pulls capital home from Treasuries that raises the cost of funding the war that drove the oil. The circle does not need to complete. It only needs to start. It started April 3.
The US Treasury bought back $15 billion of its own debt that same day. The largest buyback in history. If Japanโs appetite for American bonds weakens because BoJ is tightening, the US must absorb more of its own issuance. The Treasury becomes its own market-maker not because the market has failed but because the largest foreign buyer is being pulled away by the same oil shock that created the need for the debt.
The Fed is frozen at 3.50 to 3.75 percent. It cannot cut because oil-driven inflation is above target. The BoJ is hiking because the same oil-driven inflation has reached Tokyo. Two central banks on opposite sides of the Pacific, paralysed in opposite directions by the same molecule trapped in the same strait. The Fed cannot ease. The BoJ cannot hold. Both are hostage to the physical price of a barrel of crude that neither government controls and neither military can deliver.
WTI closed at $111.54, up 11.4 percent in a single week. Brent paper at $109. Dubai physical at $140. The screen says one number. The tanker says another. The Japanese bond market, which had not moved this far since the Asian Financial Crisis, says the tanker is right.
The molecule does not trade bonds. But the bonds fund the war that closed the strait that trapped the molecule that broke the yield curve that anchors the debt that funds the war.
Twenty-seven years of stability ended this week. The instrument that ended it was not a central bank. It was a 34-kilometre waterway and the molecule that can no longer pass through it.
https://t.co/dAOBBMsgDS