One thing you have to say about these crooks, they aren't stupid.
One thing that I could never figure out is who is buying our debt? Other countries that sell per capita debt as much as the US does have to pay much higher interest rates. So why don't US bond rates go up like that? They say that the US is safe, that is why we pay low rates, but when you look China has divested, they haven't been a net buyer for years, same with Japan. Meanwhile 40% of the world's GDP is moving to BRICS, they aren't buying our debt, they also are divesting. So who are the saps stupid enough to not only buy up all this debt, but to not even ask for higher interest rates. As soon as I asked the question that way I knew, the only people this stupid are Americans. Sure enough, the US banks a few years back switched money market funds to become exclusively (98%) US bonds. The stupid saps buying up US bonds without asking for higher rates are all those who have money in the bank in the US. If not for that interest rates on our debt would have gone up years ago. However, the transition is complete. There are no more money market funds left to use to buy US bonds with. What is worse, the banks bought up all those bonds in the last five years at very low interest rates, now that interest rates have gone up people are pulling their money from a banks money market and moving to money markets composed of these bonds paying the higher rates. As a result there are a hundred banks poised to collapse in bankruptcy.
But again, do not assume these crooks are stupid just because all of these are about to go bankrupt. When they do collapse you will be the one holding the hot potato, not them. What they have been doing recently is converting the smaller banks to "Fed Now". You get a notice, if you don't agree to convert then they close your account. You can move to another bank that isn't Fed Now, but little by little there won't be any of those left and this when the big banks like Chase and BOA and Wells Fargo will convert. What FedNow means is your money is in a digital account that the US government controls. This is very different from having cash which they have little or no control over, or even having the money in US debt which you can convert to cash. Once you are FedNow your money is no longer yours, it is their money. They can tell you what to spend it on, what not to, and they can decide you owe more in taxes and simply take it, no debate, no recourse.
