Sounding the alarm about a debt crisis has been great for companies shilling gold coins and fishy financial products but has made smart, sincere people look silly when nothing happened—financial markets’ equivalent of Y2K.
So why are several suddenly worried? Because the math is getting daunting with interest on the debt blowing past $1 trillion annually and Washington acting recklessly. Even people who have issued past warnings deserve a second (or third, or fourth) hearing.
“This is not Britain specific, this is the predictable end game to the Keynesian Ponzi scheme…”
BOE’s Mann Warns of Tension Between Rate Cuts and Gilt Sales
Bank of England rate-setter Catherine Mann said there’s a tension between cuts to interest rates and efforts to unwind quantitative easing, warning her colleagues that bond sales risk stunting the economy by holding up long-dated yields.
Mann said Monday that the effects from the BOE’s run-off of its balance sheet of bonds cannot be easily offset by rate cuts as they influence short and long-dated bond yields differently.
“There is not much worse than stealing food from hungry people…”
USDA Employee And Five Others Charged In Multimillion-Dollar Food Stamp Fraud And Bribery Scheme
Perry Carbone, Attorney for the United States, Acting under Authority Conferred by 28 U.S.C. § 515; Charmeka Parker, the Special Agent in Charge of the U.S. Department of Agriculture, Office of Inspector General (“USDA-OIG”); and Christopher G. Raia, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced the unsealing of a Superseding Indictment charging six individuals in connection with a sprawling fraud and bribery scheme that generated over $66 million in unauthorized transactions under the Supplemental Nutrition Assistance Program (“SNAP”)—colloquially known as food stamps. This is one of the largest food stamp frauds in U.S. history. The defendants—MICHAEL KEHOE, MOHAMAD NAWAFLEH, OMAR ALRAWASHDEH, GAMAL OBAID, EMAD ALRAWASHDEH, and ARLASA DAVIS—are charged with conspiracy to steal government funds and to misappropriate U.S. Department of Agriculture (“USDA”) benefits, among other charges. DAVIS, a USDA employee, is additionally charged with bribery and honest services fraud. The case is assigned to U.S. District Judge Jed S. Rakoff.
Trump administration prepares to ease big bank rules
The Trump administration is gearing up to deliver a major win to Wall Street banks: Easing rules imposed on megabanks in response to the 2008 financial crisis.
Trump-appointed regulators are nearing completion of a proposal that would relax rules on how much of a capital cushion the nation’s largest banks must have to absorb potential losses and remain solvent during periods of economic stress.
“You mean God, guns, and grub really is a good idea after all?”
Big Bank Boss Urges America To ‘Stockpile Bullets, Not Bitcoin’
JPMorgan Chase CEO Jamie Dimon argued at the inaugural Reagan National Economic Forum in California that the U.S. should should stockpile guns, ammunition and drones rather than Bitcoin.
“We should stockpiling guns, bullets, tanks, planes, drones, you know, rare earths. We know we need to do it. It’s not a mystery,”Dimon said, referencing President Donald Trump’s executive order in March that established a Bitcoin reserve.
Dimon is by now well known for his dislike/disapproval of cryptocurrencies (even though his own bank now allows clients to trade them); which should come as no surprise since the concept of sovereignty and democratizing finance is the nemesis of the established ‘trust us with your cash’ regime of banking rent-seekers.
“The day prior to peace talks? Maybe we will soon see whether US Treasuries et al are the safe haven or…rather gold? If Russia retaliates with equal or greater force, is that THE dollar collapse?”
Swarms of drones from parked trucks destroy Putin’s bombers
The FDA, CDC, and HHS are aggressively violating human clinical safety standards and their promises by approving a next-generation Moderna mRNA C19 shot, mNEXSPIKE – no placebo, no blinding. The observer-blinded term is nonsense. The patients and study investigators were unblinded, so that damning data can easily be distorted or discarded. Thank you Nicolas Hulscher for this excellent article.
This move directly contradicts a recent HHS statement: “All new vaccines will undergo safety testing in placebo-controlled trials prior to licensure — a radical departure from past practices.”
It just approved Moderna’s newest COVID-19 mRNA shot—mNEXSPIKE—without a single placebo-controlled trial, directly contradicting recent public assurances from HHS that “all new vaccines will undergo safety testing in placebo-controlled trials prior to licensure.”
However, this authorization appears to align with their so-called “evidence-based approach to COVID-19 vaccination” published in NEJM —a policy that permits the continuation of mass experimentation on many Americans without clinical proof of benefit:
The U.S. Food and Drug Administration (FDA) has approved mNEXSPIKE® (mRNA-1283), a new vaccine against COVID-19, for use in all adults 65 and older, as well as individuals aged 12-64 years with at least one or more underlying risk factor as defined by the Centers for Disease Control and Prevention (CDC).
The FDA’s approval of mNEXSPIKE is based on results from a randomized, observer-blind, active-controlled Phase 3 clinical trial (ClinicalTrials.gov Identifier: NCT05815498), which enrolled approximately 11,400 participants aged 12 years and older. The primary efficacy objective in this study was to demonstrate the non-inferior vaccine efficacy against COVID-19 starting 14 days after mNEXSPIKE compared to that after the comparator vaccine, mRNA-1273 (Spikevax®), Moderna’s original COVID-19 vaccine.
Moderna expects to have mNEXSPIKE available for eligible populations in the U.S. for the 2025-2026 respiratory virus season, alongside Spikevax and mRESVIA®, the Company’s approved respiratory syncytial virus (RSV) vaccine.
mRNA-1283 is Moderna’s next-generation COVID-19 mRNA vaccine, designed to encode the receptor-binding domain (RBD) and N-terminal domain (NTD) of the SARS-CoV-2 spike protein—unlike the original mRNA-1273 vaccine, which encodes the full-length spike protein.
But buried in the FDA’s May 30 approval letter is a concerning admission: the critical placebo-controlled trial that would actually assess the safety and efficacy of this new mRNA injection hasn’t even started yet.
According to the FDA, Moderna is only planning to begin a Phase 4, randomized, observer-blind, placebo-controlled study in adults aged 50–64 years without high-risk conditions on November 30, 2025—with final results not expected until January 2027.
Meanwhile, the trial used to justify this approval—NCT05815498—was not placebo-controlled. Instead, it merely compared mNEXSPIKE to Moderna’s previous COVID-19 shot (mRNA-1273/Spikevax)—a product already linked to serious adverse events and mass death.
This means the FDA fully licensed mNEXSPIKE for broad use without ever having seen placebo-controlled safety data in the exact population now being targeted.
This approval directly contradicts a recent public statement by an HHS spokesperson, who told The Washington Post:
“All new vaccines will undergo safety testing in placebo-controlled trials prior to licensure — a radical departure from past practices.”
Based on this extremely disappointing and dangerous development, it can be assumed that the Bio-Pharmaceutical Complex still exerts majority control over our regulatory agencies:
If we truly want to Make America Healthy Again, this global syndicate has to be properly dealt with.
Trump’s Monetary Reset: Is a Gold-Backed Dollar on the Horizon?
“More and more people are asking if a gold standard will end the financial crisis in which we find ourselves. The question is not so much if it will help or if we will resort to gold, but when.
All great inflations end with the acceptance of real money—gold—and the rejection of political money—paper.” –Ron Paul
Two powerful catalysts are driving the coming monetary reset.
First, the federal debt crisis has reached a breaking point, with skyrocketing interest payments now surpassing defense spending and on track to become the largest single budget item. This trajectory is unsustainable, signaling that a major financial reckoning is imminent.
“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.
“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.
“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.
“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.
“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.
“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!”
“The man is not wrong. The only problem is he is too late as the math is now irreversible…”
Rand Paul: "Somebody has to stand up and yell, 'the emperor has no clothes.' Everybody is falling in lockstep on this — 'Pass the big beautiful bill. Don't question anything.' Well, conservatives do need to stand up and have their voices heard … if we don't stand up on it, I… pic.twitter.com/rrmlaTDkjs
“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.
BillHolter.com 