As indicated on the above graph, as of December 31, 2023, Goldman Sachs Bank USA, JPMorgan Chase Bank N.A., Citigroup’s Citibank and Bank of America held a staggering total of $168.26 trillion in derivatives out of a total of $192.46 trillion at all federally-insured U.S. banks, savings associations and trust companies. That’s just four banks holding 87 percent of all derivatives at all 4,587 federally-insured financial institutions in the U.S. that existed as of December 31, 2023…
The Black Swan Rears Its Head: The Fed Has Negative Capital Using GAAP Accounting…
As of last Wednesday, according to Fed data, the Fed was sitting on $6.97 trillion of debt instruments it had predominantly purchased at very low fixed rates of interest…
Former New York Fed Pres Bill Dudley Calls This the First Banking Crisis Since 2008; Charts Show It’s the Third…
The official that oversaw the secret funneling of trillions of dollars of bailout money from the New York Fed to the grossly mismanaged mega banks on Wall Street during the financial crisis of 2008 to 2010, had the temerity yesterday to pen an opinion piece at Bloomberg News pointing his finger at current Fed officials for today’s banking crisis – without once mentioning his role in getting us here…
Joe Biden Claims Current Gas Prices Lower Than When He Took Office, States Falsely Gas Was Over $5/Gal When He Was Inaugurated…
Why is Biden much less his staff incapable of differentiating between facts and disinformation?…
Are You Willing to Suffer Through a Recession for the Good of “The Liberal World Order”?…
How much are you willing to sacrifice for “the future of the liberal world order”?…
Oil Billionaire Blasts Biden’s Gas-Price Blame-Games, Says Only One Thing Will Fix Inflation…
New York billionaire and refiner John Catsimatidis, who owns hundreds of gas stations, blasted President Joe Biden’s pinning the blame on high prices at the pump on gas station owners, arguing there’s only one solution for inflation – boosting production of crude…
Exxon CEO Warns That Consumers Will Pay for Hasty Energy Transition…
ExxonMobil expects all new cars sold two decades from now to be electric vehicles. But the U.S. supermajor also believes that people will “pay a high price” in this rush to renewables without providing the energy the society currently needs…
The Perfect Storm in Oil Caught Markets Off Guard…
Just a couple of years ago, some of the biggest names in the oil market could have never imagined the current demand and supply situation…
Joe Biden Read This: All You Need to Know About the U.S. Refining Industry…
President Joe Biden has written to major oil companies to complain about the high refining margins for gasoline and diesel and demanded an explanation for refinery closures since 2020. The president’s letter, dated June 14, should be seen mostly as a political exercise to deflect responsibility for high fuel prices and accelerating inflation (“Biden warns big oil over gasoline output”, Axios, June 15)….
Exxon Mobil Slams Biden in Fiery Letter…
”We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand.”…