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If you’re planning a mortgage on a home, you’re standing in line behind Google, Meta, and the Treasury Department. All competing for the same money. Data centers now cost tens of billions. Google has already borrowed more than $70 billion this year. Meta paid about 7.5% just to finance El
$15 billion. No train. Empty daycares. A new law to punish anyone who films it. Two stories. Same machine. In 2008, California promised a bullet train from San Francisco to Los Angeles in under three hours. Ready by 2020. $33 billion. Eighteen years later there is nothing to ride —
Read the full article: America’s national debt just crossed $40 trillion. China’s official news agency used the moment to mock the United States, compare the debt to Frankenstein’s monster, and warn that U.S. Treasuries are no longer “risk-free.” The U.S. problem is real. But China’s lecture leaves out a lot.
Full article: Almost 4,000 years ago, King Hammurabi of Babylon had a simple rule: if the house you built collapsed and killed the owner, you were held responsible. The United States Congress has spent decades creating the opposite arrangement. In this video: Congressional pay vs. days actually worked How much
In 1944 the top U.S. income tax rate reached 94% — the highest in American history. Despite peak patriotism and massive war-bond purchases, total tax revenue only hit 20.5% of GDP. For the next eight decades, federal tax revenue has averaged just 17-18% of GDP, almost no matter what the
For decades, the U.S. financial system was viewed as a neutral and reliable place for countries–even geopolitical enemies–to store their reserves. That changed in February 2022, when the United States and its allies froze roughly $300 billion of Russian central-bank reserves following Russia’s invasion of Ukraine. The consequences went far
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