As the latest debt-ceiling drama winds down, Americans are varyingly exasperated, angered, anxious and maybe even a little bit entertained by the spectacle. While their emotions vary, most citizens have something in common: They don’t realize they’re being misled...
According to the St. Louis Fed, there are three functions of money. First, as a store of value. Second, as a unit of account. Finally, as a medium of exchange. The enumeration of these functions represents an attempt to present money and the banking system as...
The failure of Silicon Valley Bank (SVB) on March 10 was the second largest bank failure in U.S. history. Just two days following SVB’s collapse, Signature Bank joined the record books as the third largest bank failure in U.S. history. First Republic Bank also seemed...
If you watched the Fed Chair Jerome Powell testify before the senate and the House, you heard over and over that banks are well capitalized. The non-sequitur should inspire the Shakespearean quote “Methinks you protest too much.” The very next day after the hearings,...
US News A government watchdog estimates nearly $200 billion in pandemic unemployment insurance payments may have been misspent. The Hill Majid Khan, a detainee at the Guantánamo Bay torture prison, was released to Belize. NPR Russia NATO Secretary-General Jens...
“President” Joe Biden described the U.S. economy as, “Strong as hell,” in a recent sound bite. No one except his most ardent supporters, a vanishingly small number in reality, believes that. He and they point to statistics, “internals” in Biden-speaks, that point to...
Social Security is the compulsory government retirement program Americans are required to pay into for as long as they are employed. All revenue which is used to pay for Social Security is acquired through payroll taxes. More specifically, it is acquired through...
Rents rose 0.5% last month in another of a series of sharp increases since last summer. The cost of rent — the biggest expense for many households —has jumped almost 4% in the past year. Food prices also increased again, up almost 1% in January. The cost of groceries...
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