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Bill’s Commentary:
“$22 trillion in 10 years… but we don’t have 10 years”
The latest from USA Watchdog –
Bill’s Commentary:
“What does this say about Trump’s opinion of the dollar?”
Trump Media Raises Money to Buy $2.5 Billion in Bitcoin
Trump Media & Technology Group, the parent company of Truth Social, said on Tuesday that it would raise $2.5 billion from institutional investors to invest in Bitcoin, continuing its transformation from a social media company into a financial services and crypto play.
Trump Media, whose largest shareholder is President Trump, said it would raise $1.5 billion from about 50 institutional investors by selling roughly 58 million shares. The company is planning to raise an additional $1 billion from the sale of bonds that can also be converted into shares at a later date.
Bill’s Commentary:
“So, the US Treasury defaults, and these morons who buy CDS (credit default swaps) on US Treasuries believe they will actually get paid? In what medium may I ask? And what bank or broker will still be open? …Gold instead maybe?”
Credit default swaps are back in fashion — even if the panic might be overblown
Investors are getting nervous the U.S. government might struggle to pay its debt — and they are snapping up insurance in case it defaults.
The cost of insuring exposure to U.S. government debt has been rising steadily and is hovering near its highest level in two years, according to LSEG data.
Spreads or premiums on U.S. 1-year credit default swaps were up at 52 basis points as of Wednesday from 16 basis points at the start of this year, LSEG data showed.
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Bill’s Commentary:
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me… about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“It was a problem then, and a bigger problem now… the math only gets worse.”
Why Obama’s former budget director is now sounding alarms about debt
A rally is underway for stocks after the long holiday weekend, thanks to another tariff reversal from President Trump.
And bond yields continue to ease. That’s a sore point for Deutsche Bank, where strategist Henry Allen points out the 10-year Treasury yield at around 4.5% is at a level seen before the global financial crisis “even though U.S. public debt is more than double what it was then.”
On that note, our call of the day from Peter Orszag, President Barack Obama’s former budget director, warned of “alarmingly elevated” U.S. fiscal risks, in an op-ed for The New York Times.
Bill’s Commentary:
“If you put shit information and cannot compete with truth… just SHUT ’em DOWN!”
“Just Gone. Like It Never Existed”: YouTube Nukes Top Canadian Political Account After State-Funded Media Complains
A Canadian YouTube channel that was dominating the platform during the country’s recent election has vanished, after the state-funded Canadian Broadcasting Corporation reached out to the social media giant, and branded it a ‘content farm’ in a Friday hit-piece.
The channel, “Real Talk Politiks,” had over 300,000 subscribers and more than 70 million views in the month of April, according to ViewStats.com – making it the third-most viewed Canadian news and politics channel over the past three months.
Bill’s Commentary:
“LaGarde wants the Euro to replace the dollar as the world’s reserve currency? Maybe they need some commonsense classes first?”
Sovereignty Under Siege: Hungary Faces Mounting Pressure Over Pride Ban
Several EU member states have once again placed Hungary at the center of the European political debate. Seventeen countries—including Germany, France, the Netherlands, and the Nordic nations—have formally urged the European Commission to take “immediate action” against Hungarian Prime Minister Viktor Orbán’s government for banning LGBT events in public spaces.
In a letter coordinated by the Dutch ministry of foreign affairs, the signatories of the statement called on Brussels to deploy the full “rule of law toolkit” to compel Budapest to reverse the measure. Among the possible responses is activating Article 7 of the EU Treaty, which could lead to suspending Hungary’s voting rights in the European Council.
Bill’s Commentary:
“Gold coming into the system, not away from it!”
Bill’s Commentary:
“470,000-600,000 deaths? Probably less than hoped for?”
Joe Rogan and Aaron Rodgers Perform an Autopsy on the Vaccine Narrative
When Joe Rogan sat down with Aaron Rodgers, the conversation quickly turned to one of the most polarizing topics in modern medicine: vaccines.
But instead of retreading old ground, they zeroed in on one of the most overlooked—and deeply disturbing—double standards of the pandemic.
Rogan opened the door with a brutally simple observation.
“You’re not even supposed to eat sushi while you’re breastfeeding,” he said.
“Because you could get some sort of a parasite. And yet, you’re going to take pregnant women and dose them up with this experimental vaccine.”
He didn’t stop there.
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Bill’s Commentary:
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Trump so far has done some very good things and some bad things. Publicly saying your opponent is “CRAZY” while negotiations are taking place is the definition of BATSHIT CRAZY!”
https://truthsocial.com/@realDonaldTrump/posts/114571369956761390
Bill’s Commentary:
“The man is not wrong. The only problem is he is too late as the math is now irreversible…”
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Bill’s Commentary:
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Erik on Oligarchy”
The latest from Erik –
Bill’s Commentary:
“And you wonder if you live in a Nanny state?”
Come July, Keys Will Be De Facto Illegal In Minnesota
Come July, common keys for houses, cars, boats, and motorcycles will be illegal in Minnesota, save for uncertain intervention from the state Legislature.
That’s when the state’s ban on the manufacture, sale, or import of keys, toys, dishes, and other common items containing more than a tiny percentage of lead or cadmium goes into effect.
The purpose of that law was to remove dangerous heavy metals from products that come into contact with children. The trouble is that almost all keys sold today have more lead than the new law’s 0.09 percent limit on lead content.
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Bill’s Commentary:
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Re think? This is the foundation to the entire global financial system and ALL the options are bad ones!”
U.S. Treasury yield spike has investors rethinking the rest of the world
A U.S. Treasury selloff is prompting some market watchers to reassess their stance on fixed income allocation, after “relentless” action from yields on long-dated Treasurys saw those bonds surpass a key 5% threshold.
Yields on 20- and 30-year Treasurys were marginally higher on Thursday, trading at 5.136% and 5.128%, respectively. Both notes were up as much as 5 basis points earlier the session, before paring gains.
Bill’s Commentary:
“This is a new name for me…!”
Declassified: Biden Admin Labeled COVID Dissenters ‘Domestic Violent Extremists’
Newly declassified intelligence records have revealed that the Biden administration labeled Americans who opposed the COVID-19 vaccination and mask mandates as “Domestic Violent Extremists.”
The documents, which were declassified by DNI Tulsi Gabbard, show that they cutely abbreviated the term to ‘DVEs’.
Bill’s Commentary:
“How is it possible the President of the United States goes from totally healthy as per the WH physician to stage 4 cancer in just a few months? Is this the new “turbo cancer” from the jab?”
Bill’s latest with Liberty and Finance (Also posted under Interviews)
The latest from USA Watchdog –
Bill’s Commentary:
“Good stuff from Alisdair Mcleod.”
It’s Been A Wild Week In Global Markets, But Look At This…
May 23 (King World News) – Alasdair Macleod: It’s the best of times for gold; the worst of times for dollars. Led by long-dated JGBs, global government bond markets are wobbling. We can see where this is going…
This week saw moderately firmer prices for gold and silver following a near-four-week consolidation. In European trade this morning, gold was $3328, up $27 from last Friday’s close. And silver was $33.10, up 83 cents. Futures volumes on Comex remained low-to-moderate, though picking up slightly as the week progressed.
Bill’s Commentary:
“As I have always said, a failure to deliver either gold or silver will be the END of the current financial system.”
The ECB’s Limited Hangout Warning About Gold Market Instability
David JensenMay 24 “Limited hangout” is intelligence jargon for a form of propaganda in which a selected portion of a scandal, criminal act, sensitive or classified information, etc. is revealed or leaked, without telling the whole story. The intention may be to establish credibility as a critic of something or somebody by engaging in criticism of them while in fact covering up for them by omitting many details; to distance oneself publicly from something using innocuous or vague criticism even when one’s own sympathies are privately with them; or to divert public attention away from a more heinous act by leaking information about something less heinous.
This is a common tactic used by political extremist groups on both ends of the political spectrum, as well as by government intelligence agencies caught in scandals.
The focus of this Substack is and has been 1) to warn of the specific danger to worldwide societal and market stability presented by the Bank of England’s creation of the leveraged gold and silver market in the City of London where claims for non-existent gold and silver have been sold to unwitting cash purchasers and 2) to call for the institution of stable sound money to avert the coming disruptions.
The suppression of gold and silver’s monetary policy inflation warning signals, coordinated through Bank for International Settlements (BIS), has compounded global currency and debt market disorder created by central bankers over decades.
This week, BIS member the European Central Bank (ECB) revealed that it appears to have gotten the memo in terms of the imminent danger posed by the leveraged claims in the world’s gold (and silver) markets.
However, the challenge for the ECB and other central banks is how do you now offload blame by warning of the imminent disintegration of this decades-old metals Ponzi scheme without implicating your own institution?
The Limited Hangout
In the its May 21, 2025 Financial Stability Review, the ECB gingerly begins the entire discussion on page 39 in a 5 page section titled “What does the record price of gold tell us about risk perceptions in financial markets?” by Maurizio Michael Habib, Oscar Schwartz Blicke, Emilio Siciliano and Jonas Wendelborn.
In what appears to be the ECB’s ‘limited hangout’, the ECB discusses gold and how physical gold delivery in the US against derivatives in the COMEX market highlight the risk gold delivery default destabilizing the Euro area where a notional value of $1 trillion (T) of gold derivatives are held.
Figure 1 – COMEX Gold Market Statistics and EU Gold Derivative Exposure; source: ECB May 21, 2025 Financial Stability Review
On pg. 42, the ECB report notes: “While gold prices are driven by many factors, investors showed high demand for gold as a safe-haven asset and, at the beginning of 2025, a notable preference for gold futures contracts to be settled physically. These dynamics hint at investors’ expectations that geopolitical risks and policy uncertainty could remain elevated or even intensify in the foreseeable future. Should extreme events materialise, there could be adverse effects on financial stability arising from gold markets. This could occur even though the aggregate exposure of the euro area financial sector appears limited compared with other asset classes, given that commodity markets exhibit a number of vulnerabilities.34 Such vulnerabilities have arisen because commodity markets tend to be concentrated among a few large firms, often involve leverage and have a high degree of opacity deriving from the use of OTC derivatives. Margin calls and the unwinding of leveraged positions could lead to liquidity stress among market participants, potentially propagating the shock through the wider financial system. Additionally, disruptions in the physical gold market could increase the risk of a squeeze. In this case, market participants could be subject to significant margin calls and/or have trouble sourcing and transporting appropriate physical gold for delivery in derivatives contracts, leaving themselves exposed to potentially large losses.”
We see in the quote above the ECB use key words “gold”, “vulnerability”, “concentrated”, “leverage”, “opacity” and, most importantly, “OTC derivatives” where OTC is Over-the-Counter (or private party-to-party) derivative contracts.
However, the report only obliquely mentions the London Gold Market despite the fact that London is the world’s largest gold and silver market, trades exclusively in OTC contracts, and is ‘ground zero’ for the global leveraged silver and gold price fixing scheme created by the Bank of England.
The London Bullion Market Association (LBMA) itself tells us that trading of derivatives is less than 10% of daily trading volume while the remainder is in the form of trading of unallocated (leveraged) cash/spot claims for immediate delivery of gold.
Standing claims for cash/spot gold in London are leveraged hundreds of times against physical gold available for immediate delivery with the Bank of England having to lease gold into the market to cover the nature of the leveraged market when physical delivery was demanded earlier this year.
With an estimated 400M to 600M oz. of cash/spot gold claims and 5B to 8B oz. of cash/spot silver claims standing in London, the real risk to global stability is the leveraged CASH/SPOT market for immediate delivery physical gold and silver in London and not derivative gold claims in an unnamed OTC market.
The ECB does not mention this however, as that would highlight the problem that has been created by these central planners.
While the ECB’s May 2025 Financial Stability Review has very little value in identifying the central issue in the gold and silver markets that we face today, it does serve as an excellent example of a ‘limited hangout’.
Best regards,
David Jensen
This post is public so share it with your contacts.
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Bill’s Commentary:
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Creative accounting?”
@DarioCpx
How would you define a bank which had ~50bn$ of capital 2 years ago, lost 192bn$ from then till today, but still reports ~50bn$ of capital in its balance sheet when nobody injected 242bn$ of cash into it?
The bank I am describing is not a myth, but the US Federal Reserve
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Bill’s Commentary:
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me… about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
The latest from USA Watchdog –
Bill’s Commentary:
“Who could ever believe this is even a “thing”?”
Bill’s Commentary:
“A travesty!”
Massive Scandal Unfolds in Colorado Alleging Elections are Rigged, and the Cover Up is Real – Free Tina Peters Now
Former Mesa County Clerk and Gold Star Mother, Tina Peters, is sitting in prison right now for preserving her own election records following the 2020 election before Dominion Voting Systems and Colorado Secretary of State, Jenna Griswold, could come in and erase them. Peters was following state and federal law to preserve those records, while Dominion and SOS Griswold are more likely the criminals unlawfully erasing them. This persecution of the innocent and promotion of criminality was a hallmark of the Biden era.
Trump’s DOJ has filed a statement of interest in Peter’s case, and President Trump himself has called attention to the fact that the persecution of Tina Peters is nothing more than Democrats covering up their own election crimes:
Bill’s Commentary:
“Interest rate shooting up all over the world threatens the biggest debt bubble (by any metric) the world has ever seen… Pooh pooh this at your own risk and lifetime peril!”
‘Worse than Greece’: The debt crisis threatening to blow up the global economy
When Lisa Nandy attends the World Expo in Osaka on Thursday, she will launch an initiative aimed at increasing ties between Britain and Japan.
However, there is a potential link between the two countries that the Culture Secretary and her ministerial colleagues will be much less keen on.
A dramatic lurch in the Japanese bond market has heightened fears that debt-heavy Western governments such as the UK and even the US could be in line for a budget-busting financial crunch.
Bill’s Commentary:
“Please go back 8 days and read what Pastor Stanley wrote for us? Kudos sir!”
Bill:
I just wanted to say ‘Thank you’ for putting up my ‘ Japanese 40 Year Gov’t Bond at Record High Yield Signals Trouble in One of the Largest Bond Markets’ article 8 days ago as we were out information of yesterday’s story…I’m sure you saw the Japanese PM say yesterday : “The government is not in a position to comment on interest rates, but the reality is we’re facing a world with them. Our country’s fiscal situation is undoubtedly extremely poor, worse than Greece’s.”…
It’s a bad world economic situation-but as a writer it’s nice to be vindicated once in a while. Thanks again for posting my writing.
Stan Szymanski
encouragingangels@icloud.com
“My pleasure Stan!”
From J. Johnson
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Bill’s Commentary:
“Can you say VALUE!”
A Third Of Russell 3000 Energy Companies Trade Below Book Value
Looking at Berkshire’s mindblowing $350 billion cash stash… one would think that there is nothing in the market that a value investor would find attractive. One would be wrong: almost half of all mid- and small-cap oil and gas stocks in the US are now trading below their book values. That’s the highest level since the pandemic. And according to Bloomberg, it’s a gift for value investors worshiping the gospel of Warren Buffett and his mentor Ben Graham, who referred to these kinds of opportunities as “cigar butts.”
“We’re going to take advantage of a lot of suckers,” said Cole Smead, CEO of Smead Capital Management, who has been buying additional oil and gas stocks that are trading well below book.
Bill’s Commentary:
“Please refresh my memory? What is the penalty for lying to the FBI? Whether you hate Trump or not, these deep state assholes ALL need to go to jail! If they do not… then you know the current administration is the same as the old ones. Don’t be fooled by the chants of left right left right left…”
Comey Peddles UNBELIEVABLE Excuse For His ‘8647’ Sea Shell Post…
Disgraced former FBI Director James Comey is playing dumb and innocent after essentially calling for President Trump to be assassinated last week, claiming he had no idea his post would be so controversial.
After Comey posted an image of shells on a beach he arranged to read ‘8647’, meaning get rid of Trump, The Secret Service questioned him, but then let him go without any charges.
Now, in an interview with MSNBC he claims he’s just a silly old fella who wears baggy jeans and sweaters and had no idea what he was doing.
Bill’s Commentary:
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me… about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!” (Also posted under Interviews)
Bill’s Commentary:
“God blessed the USA… before we broke every promise we ever made?”
The latest from Erik –
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Bill’s Commentary:
“A dumpster fire indeed!”
Playing with Fire: Money, Banking, and the Federal Reserve
The Fed has been the source of booms, busts, and the ongoing impoverishment of Americans since the Fed’s founding.
This is why a new, critical look at the Federal Reserve is needed, and why the Mises Institute is now happy to bring you this new documentary on the Fed.
Bill’s Commentary:
“Monday comedy!”
FBI Honcho Dan Bongino Shoots Down Epstein Conspiracy Theory in Fox Interview
FBI Deputy Director Dan Bongino and Director Kash Patel dismissed conspiracy theories about the death of sexual predator and human trafficker Jeffrey Epstein during a joint interview Sunday on Fox News.
Bongino stated clearly that Epstein’s 2019 death at the Metropolitan Correctional Center in New York City was a suicide and nothing more.
Speaking on Sunday Morning Futures with host Maria Bartiromo, Bongino and Patel were pressed on widespread skepticism surrounding Epstein’s death, which has fueled years of speculation.
Bill’s Commentary:
“Should an autopen even exist?”
Rep. James Comer Says STAFFERS Behind Biden’s Autopen Scandal When He was “Clearly in Mental Decline” Have Been IDENTIFIED — Warns Subpoenas Are Coming (VIDEO)
The autopen scandal just erupted into a full-blown constitutional crisis.
House Oversight Chairman James Comer (R-KY) revealed in a bombshell interview with Jason Chaffetz that his committee has identified the shadowy White House staffers responsible for wielding President Joe Biden’s infamous autopen during a period when Biden was “clearly in mental decline.”
The autopen scandal first erupted in March when President Trump, in a fiery late-night Truth Social post, declared Joe Biden’s autopen pardons “VOID, VACANT, AND OF NO FURTHER FORCE OR EFFECT.
Bill’s Commentary:
“‘Dark forces’ have existed since the beginning of time…”
The Dark Forces in Control of the Anglo-American-Zionist Empire Are the Source of the World Crisis. Richard C. Cook
Today’s spreading world crisis dates in its current phase from over 500 years ago, when the small island nation of England, having renounced Catholicism over King Henry VIII’s marital woes, embarked under his daughter Elizabeth I on an occult project of world conquest.[i]
This goal was to be accomplished through worldwide mercantile colonization, including heavy involvement in the international slave and drug trades, and war against a succession of leading European continental powers: Spain, France, Holland, Germany, Austria-Hungary, the Ottomans, and Russia. The rival that could not be immediately suppressed was the U.S., which declared independence in 1776. So recapture of the U.S. also became a priority.
Bill’s Commentary:
“Unthinkable? Michael Oliver was Jim’s favorite analyst to follow, disbelieve him at your own peril…”
Bill’s Commentary:
“What he doesn’t say is this; US Treasuries are the “FOUNDATION” for the entire global financial system! Gold is rebar and cement, Treasuries as you will soon see are quicksand…”
Ray Dalio says the risk to U.S. Treasurys is even greater than what Moody’s is saying
Bridgewater Associates founder and billionaire Ray Dalio warned Monday that Moody’s downgrade of the U.S. sovereign credit rating understates the threat to U.S. Treasurys, saying the credit agency isn’t taking into account the risk of the federal government simply printing money to pay its debt.
“You should know that credit ratings understate credit risks because they only rate the risk of the government not paying its debt,” Dalio said in a post on social media platform X.
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Bill’s Commentary:
“Student loans are THE BIGGEST ASSET on the US balance sheet, and the credit quality is collapsing!”
“I Don’t Know What To Do!”: Borrowers Report Credit-Score Carnage As Student Loans Hit Reports
Last week we noted new report from the New York Federal Reserve, which showed that while Americans’ credit card debt is falling, credit scores are starting to decline due to an uptick in student loan delinquencies.
The NY Fed’s Center for Macroeconomic Data’s quarterly report reveals that overall household debt rose by $167 billion – with credit card debt declining by $29 billion. Yet, the delinquency rate for student loans surged from below 1% to nearly 7.7% after a pandemic-era pause on student loan payments was lifted in September 2023.
While the payments were resumed, policymakers extended a one-year ramp-up period that shielded borrowers’ missed payments from being reported to credit bureaus. This extension expired in October 2024, with delinquencies starting to hit the first quarter of 2025.
The latest from USA Watchdog –
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