"The financial system in the United States, and for most of the rest of the world for that matter, can basically be thought of as an Excel spreadsheet managed by the Federal Reserve. That’s all it really is. Some of the cells on the spreadsheet are assets, and some of the cells are liabilities. It’s just a ledger that they administrate, and that we all use." – Lyn Alden
A subtle but important shift has occurred recently... the Fed became, for the first time in modern history, unprofitable. Lyn Alden breaks down how this has come about and what it does and does not mean. How does a central bank that can print its own money become unprofitable exactly, and what does it mean for the future of the United States federal government? Today's episode is one not to miss if you are curious...
Check out the original article and the numerous charts that show the degree of the change at: https://www.lynalden.com/broke-federal-reserve/
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“If history shows anything, it is that there's no better way to justify relations founded on violence, to make such relations seem moral, than by reframing them in the language of debt—above all, because it immediately makes it seem that it's the victim who's doing something wrong.” ― David Graeber
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