If you write an IOU for $30 that’s just a piece of paper, you can’t convert it to monies at the top of the financial pyramid, you can’t get bank to give you a deposit, you can’t give it to Treasury to pay taxes. No one will take it because no one trusts you enough on whether you’ll give them Government or bank money for it later (maybe your friends trust you and they’ll take it but it won’t circulate further). also note that you are writing the IOU in US Dollars, which is the money of account of the U.S. Govt, you can’t issue Dollars at the top of the pyramid, only the Govt can.

https://annas-archive.org/md5/420990eab63dea8c4660d7e84b1cb538

See page 174 or section 9.4

If you don’t want to download the whole book:

Yea I should’ve said “it’s not looking good [for the U.S.]”

Oh! kinda annoying ngl its a simple swipe up on nova launcher.

I play as Russia or China usually, set interests in Africa, and side with African tribes against colonial powers.

Problem is you get a truce even when you win.

There’s a hide button for posts but not for comments. I’m so glad they added a hide button.

It’s looking like US GDP decline in Q1 was in part due to tariff frontrunning (since imports reduce GDP Growth, exports increase it).

It’ll be worse when consumption and investments starts declining. Combine that with low government spending, it’s not good.

Got a used iPhone as secondary since so many of my banking apps stopped working on my rooted android and all the fixes are whack a mole and could break any time.

1. There is no back button wtf

2. Sound controls are dogshit

3. Notifications are silly, you can’t control it much

4. Face unlock is alright but there should also be fingerprint.

5. You can’t install Firefox with all the extensions

6. Cameras are better on my Xiaomi phone with big sensors. Idk why American phone makers can’t do big sensors other than margins.

7. There is no app drawer.

The good thing I can say is that i Iike the wider screen and some of the apps are just better on ios than android. Plus I won’t have to worry about banking apps not working due to “security issues”.

Really shows how even innocuous (relatively) Gov agencies can be misused.

For example, IRS database can be used to target ITIN taxpayers (more likely to be migrants).

Or how health data can be used to target disabled or ND ppl

not even the 90s were really ‘calm’

Yea, local currency bond yields were never a good measure. On the other hand, exchange rates are. DXY hasn’t recovered much.

There will always be demand for US Treasuries domestically as long as the US State is functional. It has no risk of involuntary default and is basically money (even long term ones to some extent). Short term treasuries are considered “cash equivalents” in accounting.

Hedge funds and money managers love Treasuries. It’s the easiest way to store money. Reserve accounts at the Fed are only accessible to eligible financial institutions, Treausries are accessible to public.

If you are a money manager, you can store money in a commercial bank and earn interest. Even if there were no default risk and all deposits were guaranteed by Gov, the deposits are still a liability of the commercial bank, not the Government.

That is not the case with treasuries, these are direct libablities of the Gov.

You are so wrong. China and others have been providing US with aid by sending goods in exchange for financial claims which may not even be claimed for real goods.

Recognize that US is getting free lunch and that its manufacturing decline is its own choice of relying too much on capitalists.

US can’t make shit as long as it’s in capitalist mode.

Setup SOEs, set prices to match imports and not worry about deficits. Use the Dollar privilege to your advantage.

Tariffs are not the way.

Yep, imports are an investment from importers/capitalists perspective. And under capitalism, investments are done with expectation of profit.

Some final remarks from Portugal’s power firm REN, which goes on on to say that, “due to the complexity of the phenomenon and the need to rebalance electricity flows internationally, it is estimated that full normalisation of the network could take up to a week”.

It says that “due to extreme temperature variations in the interior or Spain, there were anomalous oscillations in the very high voltage lines (400 KV), a phenomenon known as ‘induced atmospheric vibration’”.

“These oscillations caused synchronisation failures between the electrical systems, leading to successive disturbances across the interconnected European network.”

https://www.bbc.com/news/live/c9wpq8xrvd9t

hmmm

“Such a widespread grid failure is extremely unusual and could be caused by a number of things: there could be a physical fault in the grid which brings down power, a coordinated cyber attack could be behind it, or a dramatic imbalance between demand and supply has tipped the grid system over the edge,” Taco Engelaar, managing director at energy infrastructure experts Neara told Euronews.

“If it’s a system fault, then the interconnectivity between different regional and national grids could be leading to the large footprint of outages we’re seeing today,” he added.

“The same goes for a cyber attack - lots of these systems are connected and share assets - taking down one could take down many.”

https://www.euronews.com/my-europe/2025/04/28/spain-portugal-and-parts-of-france-hit-by-massive-power-outage

Fucking opportunist

https://clerk.house.gov/Votes/202581

This alone could be good, (though they should only eliminate it on slabs of, say, <$60k), but they will combine it with austerity so that it is net regressive for the poor, the tariff shock doesn’t help either.

Also, doesn’t Congress set the rates and slabs?

They are so obsessed with market solutions.

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