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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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Bill’s Commentary:
“Math is math, we must now borrow to pay the interest…”
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Bill’s Commentary:
“A long and growing list… and there are real reasons for “why”!”
De-Dollarization: Full List of Countries Dropping the US Dollar & Key Reasons
Countries around the world are actively seeking alternatives to the US dollar for international trade and reserves. This trend has dramatically increased in 2025 as numerous countries are adopting different approaches to wean themselves off the American currency, reflecting a vital change in the world’s financial system since World War II.
As of writing, major economies from Asia, Africa, South America, and even some parts of Europe are following their own footsteps in leaving the dollar hegemony behind. This movement is fundamentally altering global trade patterns and also putting into question the international monetary arrangement which has been around for almost eight decades.
Bill’s Commentary:
“Criminal…”
Bill’s latest interview with Jon Dowling (Also posted under Interviews)
Bill’s Commentary:
“Few people even have a clue that paper money is/was a derivative of actual gold and silver held on deposit.”
Paper Money Began as Receipts for Gold and Silver held in vaults
It’s good to remember fundamentals and watch for the warning signs where today’s deviation from the basics will wipe out “companies” like “Bank of America”
The Silver AcademyMay 16 Silver News First
- SGE Silver Vaults Down
- Shanghai Silver vaults hit the lowest level in 11-month
- down 47 Tons this week to 887 Tons or 28.5 m ounces
Global silver mine production is approximately 830 million ounces annually.
To replenish 28.5 million ounces (Shanghai’s vault decline):
- Daily production: ~2.27 million ounces (830M ÷ 365 days)
- Days required: ~12.5 days (28.5M ÷ 2.27M/day)
end of segment
Gold and silver have been used as money for thousands of years, valued for their scarcity and durability. Historically, paper money began as receipts for gold and silver held in vaults, representing real, tangible wealth stored safely for the bearer.
Look how far we have deviated from this simple concept.
Bank of America’s massive unrealized bond losses-estimated at $111–$112 billion as of early 2025-pose a severe risk to its stability, representing 57% of its tangible common equity. These losses stem from pandemic-era investments in low-yield bonds (1–2%) that plummeted in value as interest rates surged to 4.89% on 10-year Treasuries. With the U.S. Treasury needing to refinance $9.2 trillion in debt in 2025 and issue $28 trillion over four years, rising yields could further erode bond prices, amplifying losses across the banking sector.
The FDIC estimates $500 billion in unrealized losses industrywide, with Bank of America accounting for roughly 20% of this total. While the bank claims its balance sheet remains strong, its strategy of holding depreciated bonds mirrors Silicon Valley Bank’s 2023 collapse, where similar interest-rate risks triggered insolvency. If yields climb to 7–10%, as some fear, Bank of America’s equity could be wiped out, potentially sparking liquidity concerns or depositor panic.
Compounding these risks, the Federal Reserve’s limited control over long-term yields and the Treasury’s reliance on volatile debt markets create a precarious feedback loop. Failed auctions or forced Fed intervention (e.g., quantitative easing) might ignite inflation, further destabilizing the financial system. While a 1932-style collapse isn’t certain, the convergence of soaring refinancing needs, banking-sector fragility, and evaporating investor confidence underscores a systemic vulnerability with few painless exits
Gold and Silver: The Only True Money? Unmasking the Centuries-Old Confidence Game
“Gold is money. Everything else is credit.” The words of J.P. Morgan, uttered in the early 20th century, echo like a warning shot through the centuries. But how did we arrive at a world where this truth is not just ignored, but actively inverted-where money is conjured from promises, and the bedrock of civilization is replaced by shifting sands of credit and confidence? To answer that, we must follow the bucket brigade of history, passing the torch from temple vaults to Venetian bankers, from Medici ledgers to the shadowy halls of the Federal Reserve.
Was there ever a time when money was truly money-tangible, immutable, and universally trusted? In the ancient markets of Mesopotamia and Egypt, gold and silver were not just symbols of wealth, but the very substance of commerce. Their durability, scarcity, and universal appeal made them ideal stores of value, and the first standardized coins-struck in Lydia, Persia, and Rome-became the arteries through which the lifeblood of trade flowed.
But as kingdoms grew and wars multiplied, a new breed of financier emerged. What happens when the guardians of gold become its gatekeepers? In medieval Venice, the state, desperate to fund its endless wars, locked away citizens’ gold and silver and issued “prestiti”-state bonds-turning private wealth into public debt. Spain called its war bonds “juros,” France “rentes,” and soon, the entire continent was addicted to the alchemy of paper promises backed by vaults of precious metal. But what was really in those vaults, and who controlled the keys?
Did the villagers know that their crisp notes were just claims on a treasure they would never see? For centuries, paper money was little more than a receipt-a draft or bill, a promise to pay in “real” money, meaning gold or silver. But as the paper multiplied, the metal backing it thinned. In France, John Law’s Banque Royale issued so many notes that the first great paper money inflation ended in ruin, a lesson quickly forgotten as assignats and later francs flooded the land.
Who benefits when the promise becomes the product? The Medici of Florence, the Rothschilds of Frankfurt, the Bank of England’s founders-each new generation of bankers refined the art of control. In 1694, when King William III needed funds to fight France, forty businessmen pooled their resources to create the Bank of England, with the explicit right to issue currency and, more importantly, to control it6. The king got his navy, the bankers got the kingdom’s purse strings.
At what point does money lose its anchor to reality? The 19th century saw the rise of central banks and the gradual replacement of silver and gold with banknotes and token coinage, their value “guaranteed” by reserves held in secretive vaults. But the final break came with the advent of fractional reserve banking, a system where only a small fraction of deposits are actually backed by anything tangible. The rest? Pure credit-faith, hope, and, as history shows, eventual betrayal.
Why did the world’s greatest democracy hand its money supply to a private cartel in 1913? The Federal Reserve Act, signed by Woodrow Wilson, was sold as a cure for banking panics. But as Wilson himself later lamented, “A great industrial nation is controlled by its system of credit… a Government by the opinion and duress of a small group of dominant men”. The Fed, a quasi-public, quasi-private institution, now creates money “out of thin air,” buying government bonds, setting interest rates, and expanding the money supply at will. The villagers’ gold is long gone; in its place, a web of debt and promises, managed by unelected technocrats.
Does anyone remember that the temple of Solomon was once the world’s central bank-its vaults the repository of both spiritual and material wealth? Today, the temples are glass towers, the priests wear pinstripes, and the rituals are conducted in the language of derivatives and quantitative easing. The global financial system, like the temple before it, is built on confidence, perception, and carefully managed narratives. But what happens when the story unravels?
Will the next crisis remind us that only gold and silver are money, and everything else is credit? Or will we double down on the illusion, trusting that the hand that gives is still above the hand that takes? The answer, as history suggests, depends on how long the villagers are willing to believe that the emperor’s notes are worth more than the gold and silver they once represented.
Bill’s Commentary:
“America’s balance sheet… is a mess! But not to worry with all those student loans sitting there as the largest asset…”
America Inc.’s Balance Sheet
Even the smallest business understands the importance of the balance sheet: what it owns vs. what it owes. The inspiring news is that Republicans are refocusing the federal government on the black-ink side of its ledger.
Credit Interior Secretary Doug Burgum, a businessman himself, who is pitching Washington and voters on a better way to look at the country’s financial picture, via “America’s balance sheet.” Federal scribes minutely document everything the country owes—in entitlements, debt payments, employee pensions and tax credits. Everyone knows that the liability side includes $36.5 trillion in national debt.
But what about the value of what we own: enormous stores of oil, coal, minerals, timber, and geothermal power, all held within a vast property portfolio.
Moody’s downgrades United States credit rating, citing growth in government debt
Moody’s Ratings cut the United States’ sovereign credit rating down one notch to Aa1 from Aaa, the highest possible, citing the growing burden of financing the federal government’s budget deficit and the rising cost of rolling over existing debt amid high interest rates.
“This one-notch downgrade on our 21-notch rating scale reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns,” the rating agency said in a statement.
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Bill’s Commentary:
“Have you ever heard of gold being “hacked”?”
Coinbase says hackers bribed staff to steal customer data and are demanding $20 million ransom
Coinbase on Thursday reported that cybercriminals bribed overseas support agents to steal customer data to use in social engineering attacks. The incident may cost Coinbase up to $400 million to fix, the company estimated.
The crypto exchange operator received an email on May 11 from someone claiming they obtained information about certain Coinbase customer accounts as well as other internal Coinbase documentation, including materials relating to customer service and account management systems, Coinbase reported in a Securities and Exchange Commission filing.
The company’s shares were down more than 6% in morning trading.
Bill’s Commentary:
“Once convicted, maybe her punishment should be 10 years housing and feeding one ILLEGAL family per month prior to their deportment? Actually, she should offer this on her own as she is one of the “kind” people with shit for brains?”
Federal Grand Jury Indicts Wisconsin Judge Accused of Helping Illegal Immigrant Evade ICE
Milwaukee County Circuit Judge Hannah Dugan was indicted by a federal grand jury on May 13, after being arrested and accused of helping an illegal immigrant evade Immigration and Customs Enforcement (ICE) last month.
Her indictment comes after she was arrested by the FBI on April 25 and subsequently suspended from her duties as a judge by the Wisconsin Supreme Court.
A reserve judge has been working in her stead.
Bill’s Commentary:
“Unfortunately, they will come for all of us before it’s over…”
The latest from Erik –
Bill’s Commentary:
“You are what you eat…”
Gene-edited pork: The CRISPR pigs now heading to your dinner plate
(NaturalHealth365) The world’s first gene-edited pigs designed for human consumption just received FDA approval. While supporters hail this as a breakthrough in agriculture, critics worry about the long-term consequences of permanently altering our food supply.
This approval signals a new era in biotechnology that could transform farming forever or create unforeseen problems we’re unprepared to handle. Although these CRISPR-modified animals are immune to a costly disease, what does this mean for consumers who may unknowingly eat them next year?
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Bill’s Commentary:
“Scientists confirm that the “conspiracy theorists” were correct regarding the jab. Are we running out of conspiracy theories not proven to be real…?”
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The latest from USA Watchdog –
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Bill’s Commentary:
“No matter what, both sides of the Pacific Ocean will PUMP COPIOUS AMOUNTS OF NEW MONEY INTO THE SYSTEM as sure as death and taxes!”
China’s Keynesian Model Is Crumbling. It Needs a Trade Deal, Fast…
In the past decade, the Chinese economy has expanded its central-planned neo-Keynesian model that simply cannot survive without a trade deal. The Chinese manufacturing sector has followed a running-to-stand-still strategy that simply cannot subsist without the enormous trade surplus with the United States.
The Chinese manufacturing sector overcapacity is not an anecdote. It is the norm. China produces 30% of the world’s manufacturing goods but consumes less than 18%, according to CKGSB. Additionally, China’s industrial capacity utilization rate fell to 74.1% in the first quarter of 2025.
Bill’s Commentary:
“Drill baby drill!”
Gulf Coast may be sitting on more undiscovered oil and gas than we thought
Dating to the Cretaceous period, the geological era between 145.5 and 66 million years ago, the sedimentary rocks far underneath East Texas and Louisiana contain significant undiscovered energy resources, the U.S. Geological Survey reported this week.
According to a USGS news release, the Hosston and Travis Peak formations under the western Gulf Coast states could yield as much as 28 million barrels of oil and nearly 36 trillion cubic feet of natural gas. The release added that since exploration began, the formations have already produced 8 trillion cubic feet of natural gas and 126 million barrels of oil.
Bill’s Commentary:
“Remember this, the global financial system rests entirely upon “debt”. This foundation will ultimately be seen as quicksand…”
Japanese 40 Year Gov’t Bond Trading at Record High Yield Signals Trouble in One of the Largest Bond Markets
As I write, this morning the Japanese Government (JGB) 40 Year bond is trading at record high yield, currently 3.44%%.
There are only two times in history that the JGB 40 year has traded as high as 3%. That happened in January 2011 and again in January 2024.
As one can see in the chart above, rates on the JGB 40 year have spiked from just 2.60% a month ago to 3.44% today.
Bill’s Commentary:
“Interesting!”
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Bill’s Commentary:
“…and the “why” BRICS even formed.”
Global Shift to Bypass the Dollar Is Gaining Momentum in Asia
Banks and brokers are seeing rising demand for currency derivatives that bypass the dollar, as trade tensions add a sense of urgency to a years-long shift away from the greenback.
Firms are receiving more requests for transactions including hedges that sidestep the dollar and involve currencies such as the yuan, the Hong Kong dollar, the Emirati dirham and the euro. There’s also demand for yuan-denominated loans, and a bank in Indonesia is setting up a desk for the Chinese currency.
The vast majority of foreign-exchange trades use the dollar even if they’re transferring money between two local currencies. For example, an Egyptian company wanting Philippine pesos will typically transfer its local currency into the greenback before buying pesos with the dollars it receives. But companies are increasingly looking at strategies that skip the dollar’s role as a go-between.
Bill’s Commentary:
“Again, price always follows volume…”
Panic as US vacation rental boom collapses and owners rush to sell at steep discounts
Vacation homes are being dumped at a rapid rate as fresh fears of a housing market crash — and a shrinking pool of renters — rattle sellers.
The number of people buying second homes has plunged to its lowest level since records began, and is under a third of what it was during the pandemic boom.
A toxic mix of sky-high mortgage rates, soaring maintenance costs, and a widespread return-to-office push is fueling the trend.
Bill’s Commentary:
“Meet the new boss same as the old boss?”
‘Trump Sides With Pfizer’: Trump’s DOJ Has Dismissed Lawsuit Against Pfizer Concerning Its Fraudulent COVID Jab “Clinical Trial”— Brook Jackson
Pfizer Whistleblower Brook Jackson explains how Trump’s DOJ has dismissed her lawsuit against Pfizer concerning its fraudulent COVID-jab “clinical trial.”
Trump’s DOJ said her case “lacks merit” and “does not align with public health policy.” “The Biden administration had access to the same data that Trump does,” Jackson says.
“The two administrations have held the same position. Nothing has changed.”
The latest from USA Watchdog –
Bill’s Commentary:
“If you want to hear true history, just read Churchill and Roosevelt’s statements on the end of WWII…”
The latest from Erik –
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