RUTHFULLY YOURS

https://asiatimes.com/2021/07/the-great-federal-debt-ponzi-scheme/

It’s like the pump part of a pump-and-dump scheme in the stock market – without the benefit of an exit strategy.

The discrepancy between raging inflation and soggy Treasury bond yields remains a cognitive dissonance in financial markets.

There’s a simple explanation (and “Inflation is transitory” is NOT a full credit answer): The Federal Reserve and the commercial banks that depend on the Fed are virtually the only buyers of US government debt.

As long as the Fed is willing (and the market allows it) to buy arbitrarily large amounts of government debt, the price of US government debt is whatever the Fed says it is. It’s like the pump part of a pump-and-dump scheme in the stock market, except without the benefit of an exit strategy.

This Ponzi game can continue until inflation rises to the point where investors flee the Treasury market, yields soar and the economy falls back into recession. If the Fed and Treasury are willing to stake the credit of the United States of America on this game, it can last for a while. No matter how big a player you are, though, no one will take your marker at the craps table forever.

Without exaggeration, the US federal debt market is the most manipulated market of importance in the world at this writing.

The US banking system is a captive auxiliary of the central bank. The Fed has flooded the banks with reserves and pays them 0.05% (5 basis points) to hold these reserves at the Federal Reserve’s repurchase facility.

https://greenwald.substack.com/p/an-ugly-war-among-leftist-youtubers?token=ey

An incredibly vicious and protracted war is being waged, seemingly with no end in sight, among numerous prominent liberal and left-wing commentators who work primarily on YouTube. The conflict erupted on May 26 when Cenk Uygur — the founder and long-time host of The Young Turks, the largest liberal-left YouTube platform — baselessly and falsely accused independent journalist Aaron Maté of being “paid by the Russians,” while his co-host, Ana Kasparian, spouted innuendo that Maté was “working for” unnamed dictators.

Maté is one of the very few left-wing journalists who reported skeptically on Russiagate and who questioned the U.S. Government’s narrative about the civil war in Syria, including by traveling to war-torn parts of that country to do so. He won the 2019 Park Center for Independent Media’s Izzy Award for his work debunking Russiagate. Yet with a one-minute rant from their insulated studio, Uygur baselessly branded Maté as someone who is “paid by the Russians” while Kasparian asserted that he “seemed” to be working for Assad and other dictators — a potentially reputation-destroying smear for a journalist and one that can be quite dangerous for a reporter who, like Maté, works on the ground in war zones.

The conflict engendered by those grotesque fabrications escalated significantly when Kasparian sent a private Twitter message to one of Maté’s defenders, Jimmy Dore, in which she threatened to accuse Dore of #MeToo-type sexual harassment from when they worked together seven years earlier. Kasparian made clear that her intent to publicly vilify Dore as a sexual harasser would serve as punishment for his criticisms of The Young Turks. Dore then revealed Kasparian’s threat on his program, and days later, Kasparian made good on her threat by accusing Dore of sexual harassment back in 2014.

Twitter Direct Message from The Young Turks’ Ana Kasparian to Jimmy Dore, Apr. 14, 2016 and June 11, 2021.

While I used my social media platforms to denounce the false accusations voiced by Uygur and Kasparian against Maté, none of this would merit an article or stand-alone commentary if not for the fact that the two weapons they chose — false accusations that someone is a paid Russian agent and exploited sexual harassment accusations — have become extremely commonplace in Democratic Party politics, liberal circles and U.S. politics more broadly. It is long past time — way past time — that these tactics be rejected and scorned by everyone regardless of ideology or personality preferences.