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Cake day: June 8th, 2023

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  • But in a major concession from Democrats, it does not include an extension of expiring Affordable Care Act subsidies. Allowing the funds to lapse would raise insurance premiums for millions of Americans unless they are extended. Instead, the Democrats settled for a promise that the Senate will vote on a bill to extend the subsidies by the end of the second week of December, with the outcome uncertain, two of the sources said.

    This is why we can’t have nice things.










  • I think your definition of a global reserve currency is a bit out of touch. I would argue that there is no requirement for a global reserve currency to be untraceable but even if there was.

    There are other assets that are untraceable and could still perform that function if it was a need.

    As far as being fungible, and easy to transport, any digital currency would meet these requirements. It’s not like banks are physically shipping USD bills to anyone.

    Right now, the US government is struggling to pay troops during the shutdown. And even if there were no shutdown, we are paying more in interest on the national debt then we do for the entire military industrial complex. So I don’t think the claim that the USD is backed by it’s military is a strong argument anymore, especially not if things continue on their current course or if any thing negative happens.




  • Honestly, I think a new reserve currency is inevitable. And I’m betting on it happening next year after the US has its first default.

    I think it’s more likely to be some type of Central Bank Digital Currency (CBDC) which might be claimed to be backed by something tangible to enable global buy in but won’t really be.

    I find it hard to believe USD to be switched for another fiat currency after its failure, but it would be cheaper than having a currency backed by gold and easier to control. I guess at the end of the day if one currency is more trusted that is enough to make the switch.