The U.S. Treasury Department’s bank account keeps dwindling. According to the latest Daily Treasury Statement (DTS), the Treasury General Account (TGA) Opening Balance for May 19 was $57.341 trillion, down from $68.332 billion on May 18. Remember, the cash balance at the beginning of the month was a little more than $316 billion. Fun times […]
Archives for May 2023
Treasury cash balance crashes 72% since start of month as Janet Yellen tries to avert a default
The Treasury Department is running out of cash. Secretary Janet Yellen has repeatedly warned that the X-date when the Treasury can no longer prevent a default could be as early as June 1. Some said this was hyperbole, but a look at its bank account at the Federal Reserve suggests she might be right. Since […]
Read the Durham Report in full
Special Counsel John Durham has published his 300-page report and lot of it is damning information. Of course, nothing will happen, but it is still interesting. This is perhaps the most riveting part of the report: Read the full report here
U.S. household debt tops $17 trillion in the first quarter for first time ever
Sure, all the focus is on the debt ceiling in Washington. Both sides will inevitably reach a conclusion and strike a last-minute agreement to raise the debt limit. Unfortunately, the private sector is also drowning in red ink. The Federal Reserve Bank of New York (FRBNY) published its latest Household Debt and Credit Report for […]
#BREAKING: Elon Musk has selected a new Twitter CEO
It looks like Elon Musk will soon be transitioning from his role as “chief twit.” Musk announced on May 11 that he has selected a new CEO. “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!” Musk tweeted. “My role will transition to being exec chair […]