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Just a quick reminder: the Federal Reserve is almost insolvent.

September 10, 2008 was one of the last “normal” days in the world of banking and finance.

That afternoon, the US Federal Reserve published its routine, weekly balance sheet report, indicating that the central bank had total assets worth around $925 billion.

Just a few days later, Lehman Brothers filed for bankruptcy, kicking off the most severe economic crisis since the Great Depression.

And almost immediately the Fed launched a series of[...] Click here to continue reading

Nine years later, Greece is still in a debt crisis…

Sometimes you have to marvel at the absurdity of the financial universe in which we live.

On one side of the Atlantic, we have the United States of America, which triggered yet another debt ceiling disaster last Thursday when the US government’s maximum allowable debt reset to just over $20 trillion.

Of course, the US national debt is pretty much already at $20 trillion.

(That’s roughly $166,000 per taxpayer in the Land[...] Click here to continue reading

This new bubble is even bigger than the subprime fiasco

In 1988, a bank called Guardian Savings and Loan made financial history by issuing the first ever “subprime” mortgage bond.

The idea was revolutionary.

The bank essentially took all the mortgages they had loaned to borrowers with bad credit, and pooled everything together into a giant bond that they could then sell to other banks and investors.

The idea caught on, and pretty soon, everyone was doing it.

As Bethany McLean[...] Click here to continue reading

The “justice” system killed this guy for stealing $14

During the winter of 1796, a Frenchman named Eugene Francois Vidocq was sentenced to eight years of hard labor after being convicted of document forgery.

It was a remarkably harsh punishment for a non-violent crime, especially in Vidocq’s case as there was not even a victim.

Yet this took place during the chaos that ensued after the French Revolution. The scars from the Reign of Terror still remained.

Long sentences were typical,[...] Click here to continue reading

Demand for physical gold is collapsing

I serve on the Board of Directors of a large Singapore-based company that’s in the gold and silver business.

And, last night during our quarterly conference call, the management team gave me a lot of intriguing information.

Sales of physical gold and silver are collapsing across the entire industry.

At the US Mint, for example, sales of US Eagle gold coins fell by 67% between February 2016 versus February 2017.

And[...] Click here to continue reading

What do these CEOs know that we don’t?

Last night a good friend of mine came over for dinner.

He’s originally from Poland, and growing up there he heard a lot of bizarre stories about what it was like during the Nazi invasion and World War II.

In 1939, even as 1.5 million German soldiers prepared to invade, the general mood in Poland couldn’t have been more carefree.

My friend’s grandfather once told him that, just prior to the Nazi[...] Click here to continue reading

What’s next with America’s enormous $20T debt?

Thousands of years ago, as far back as 3000 BC, the ancient Egyptians had developed a highly advanced system of writing using hieroglyphic symbols.

The used hieroglyphs for numbers as well.

A single line, for example, represented the number 1. Two strokes represented 2. Nine strokes for the number 9.

Since the Egyptians had not yet invented the “zero” in 3000 BC, representing the number 10 required a new symbol-- a sort[...] Click here to continue reading

The US government now has less cash than Google

In the year 1517, one of the most important innovations in financial history was invented in Amsterdam: the government bond.

It was a pretty revolutionary concept.

Governments had been borrowing money for thousands of years… quite often at the point of a sword.

Italian city-states like Venice and Florence had been famously demanding “forced loans” from their wealthy citizens for centuries.

But the Dutch figured out how to turn government loans[...] Click here to continue reading

How one Silicon Valley entrepreneur lost his faith in the system

Today I’m going to introduce you to my friend Ben, easily one of the most unique, intelligent people I know.

I first met Ben at my summer Liberty and Entrepreneurship camp several years ago.

He had recently dropped out of Harvard after winning the prestigious Peter Thiel fellowship, which has an incredibly competitive selection rate of less than 1%.

He was working on an intriguing new business, and after conducting our own[...] Click here to continue reading

The most shocking revelation from the CIA spying scandal

It happened again-- another spying scandal in the Land of the Free.

Yesterday Wikileaks released 8,761 CIA documents detailing the agency’s hacking of smart phones, routers, computers, and even televisions.

These files reveal that the CIA can and has hacked devices that were supposedly secure-- iPhones, iPads, and Android devices.

The documents further reveal that the CIA is deliberately infecting personal computers with spyware, including Windows, Mac OS/X, Solaris, Linux, and other[...] Click here to continue reading