"Truth is proper and beautiful in all times and in all places.: -- Frederick Douglass
"All men recognize the right of revolution; that is, the right to refuse allegiance to, and to resist, the government, when its tyranny or its inefficiency are great and unendurable." -- Henry David Thoreau (1942). "Civil Disobedience"

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Report: Vatican official had side deal with Swiss bank on Holy See investments MikeRivero Wed, 03/22/2023 - 08:54

What’s new: An investment official at the Vatican’s Secretariat of State received for years a “finder’s fee” from a Swiss bank, which accrued when the Vatican deposited money or conducted other transactions with the bank.

What will happen: Fabrizio Tirabassi is already suspended from his job during an investigation of financial scandals at the Secretariat of State, and could face prosecution for this latest revelation.

Bidens Proposed FY 2024 Budget: Too Woke andToo Expensive MikeRivero Wed, 03/22/2023 - 08:02

Joe Biden recently released his proposed fiscal year 2024 federal budget, a budget he knows is dead on arrival. In a purely political move, Biden submitted a $6.8 trillion budget he claims will reduce the deficit by approximately $3 trillion over 10 years by raising taxes on Americans who earn more than $400,000, per Reuters.

Putin To Xi: "We Support Chinese Yuan Use With Asia, Africa, Latin America" MikeRivero Tue, 03/21/2023 - 15:49

In a ceremony at the Kremlin, and on the second day of Chinese leader's Xi Jinping's visit, Putin and Xi kicked off formal talks which will focus on the Ukraine crisis. They shook hands and stood side by side as their respective national anthems played, aired on state television. Following the meeting, they held a joint press conference, to be followed by a state dinner at the Kremlin. 

Derivatives.  Not much being said lately on them but a lot has been said on bank failures of as late.  I do not understand why not, they are directly related.  In math a derivative of a function is, in the most simple terms, “the rate of change of the function's output relative to its input value”.   Easy enough, but in financial terms a derivative is “a type of financial contract whose value is dependent on an 

Top Asian economy urges citizens to abandon Western payment systems MikeRivero Tue, 03/21/2023 - 13:54

The leader of Indonesia says the country must reduce its dependence on foreign payment systems, to negate potentially disastrous economic consequences should the country ever find itself in the crosshairs of Western sanctions.

Addressing a business forum in Jakarta this week, President Joko Widodo argued that Indonesia must shield itself from geopolitical disruptions, citing the sanctions attack on Russia’s financial sector by the US, EU, and their allies over the conflict in Ukraine.


The Federal Reserve is expected to increase current interest rates by one-quarter of a percentage point. The Fed's forthcoming decision is raising questions as the banking crisis appears to be far from over, despite stabilization measures being taken by the US and Swiss governments.

The US federal takeover of Silicon Valley Bank and Signature Bank, and the Credit Suisse merger with UBS has not calmed markets so far, according to the Western press. Banks around the world reportedly face falling customer deposits and losses on holding securities.

The US Commerce Department announced proposed restrictions on Tuesday on new foreign operations of semiconductor manufacturers who receive federal funding in the US.

"CHIPS is fundamentally a national security initiative. That's why the law included guardrails to protect our national security," Commerce Secretary Gina Raimondo posted on Twitter. "Today, we're building on them to ensure malign actors don’t have access to cutting-edge technology that can be used against America and our allies."


Foot Locker has become the latest chain to close its stores across the nation with the company set to shut more than 400 of its under-performing shops by 2026.

The 420 stores that are set to close across the United States account for nearly 10 per cent of Foot Locker's total sales.

Foot Locker said the closures will allow the company to introduce new store concepts and boost the company's annual revenue by £1billion.