Bill’s Commentary:
“So, 2025 is the year…”
Bank of England announces it will keep the names of non-bank financial institutions it bails out a secret
On Monday, the Bank of England announced it will hide the identities of any pension funds, insurers or hedge funds bailed out to avoid the stigma. This new policy of secrecy to protect banks’ identity will begin in 2025 when the central bank launches its Contingent NBFI Repo Facility.
Also in 2025, the final parts of Basel III will be implemented. Basel III introduces bail-ins, where account holders rather than the government bail out a failing bank.
But that’s not all. In the “second half of this decade,” i.e. any time from 2025, is “the earliest” the Bank of England would issue a central bank digital currency.
Bill’s Commentary:
“Sorry not sorry!”
Janet Yellen “Sorry” After Presiding Over $15 Trillion Increase In US Debt
Something funny happened in late November.
Outgoing Treasury Secretary, and former Fed chair and vice chair, Janet Yellen said that she spoke with Donald Trump’s nominee to be her successor, Scott Bessent, after he was selected for the job. During a Tuesday event organized by the WSJ, Yellen said that in a call before Thanksgiving, she told Bessent, a veteran hedge-fund manager, about the breadth of the job and strength of the department’s staff.
Yellen, who had never worked one day in the private sector let alone a hedge fund where you are only as good as your last trade and only successful if you outsmart most of your peers, reiterated previous warnings against encroaching on Federal Reserve independence and on broad tariff hikes, while expressing regrets on the fiscal situation.
Bill’s Commentary:
“The budget is blowing out and will not get better from here. I see a currency and sovereign debt crisis dead ahead…”
Government Spending Shock: US Budget Deficit Soars In Worst Start To Year On Record
We thought last month’s US budget deficit was bad. Boy, were we wrong.
It is only fitting that the twilight days of the Biden admin would exhibit more of the same fakeness that defined not only all of the past four years, but certainly the fakeness of that Kamala Harris presidential campaign which had a billion dollars a month ago and ended up in failure, broke… and millions in debt. We are talking, of course, about the relentless debt-funded spree that somehow became synonymous with economic success in the US.
According to the latest Treasury data released today, in November – the second month of fiscal 2025 – the US spent a massive $584.2 billion, a 14% increase from the prior year, and a record for the month of November. For those who remember out outrage from a month ago, will also remember that the latest deficit number follows what was also a record government outlay for the month of October.
Bill’s Commentary:
“Wait, what? Why does she need a pardon? What could she have possibly done to need a pardon? Please tell us Bill!”
https://twitter.com/CitizenFreePres/status/1867297202877378812
Bill’s Commentary:
“But Ray Epps was not one of the 26?”
https://twitter.com/CitizenFreePres/status/1867274450900857019
BillHolter.com 
Thank you pamelamoves@gmail.com
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