Is the end nigh?

[Gomez Adams]

Guess they Killer Whales have had just about enough of our shit.

 

[Gomez Adams]

And even in the face of more and more reports like this, the government and wealthy keep pushing that the economy is on fire and all is well.

https://www.cnn.com/2023/06/01/investing/macys-earnings-costco/index.html

 

[Zeedox]

Interesting. I noted one of our local supermarket is providing more bulk sales.

 

[Gomez Adams]

They're getting rid of surplus inventory as quickly as possible. Amazon has been doing the same thing. They know that the whole "inflation" thing was just them getting greedy, that there never was a shortage. Now that people are pulling back on spending, they're desperate to get rid of all the shit they've been hoarding before the music stops completely and they're left without a chair.

 

[Zeedox]

Ford Motor Co sues Blue Cross Blue Shield in antitrust case over ‘astronomical’ profit

Ford Motor Co sued Blue Cross Blue Shield Association in U.S. court on Wednesday, accusing it of a price-fixing conspiracy that caused the automaker to pay inflated costs for health insurance products for its employees.

www.reuters.com

The allegations from Ford, employing more than 170,000 workers worldwide, relate to a $2.7 billion settlement that Blue Cross Blue Shield Association and its three dozen member companies reached in 2020 with corporate and individual policy holders in Alabama federal court.

Ford opted out of that settlement, which is now on appeal at the Atlanta-based 11th U.S. Circuit Court of Appeals, in order to pursue its own claims. The appeals court agreed to fast-track its consideration of the settlement.

The lions are stalking each other now...

 

[Gomez Adams]

Totally not surprised.

https://twitter.com/x/status/1665806297315377153

 

[Zeedox]

https://edition.cnn.com/2023/07/18/investing/china-evergrande-losses-intl-hnk/index.html

The company reported losses attributable to shareholders of 476 billion yuan ($66 billion) and 106 billion yuan ($15 billion) for 2021 and 2022, respectively, according to a Monday stock exchange filing. Combined net losses for the two years amounted to 582 billion yuan ($81 billion).

This is the first time the group has released results since 2021, when its collapse sparked China’s worst ever property crisis, which continues to weigh on the economy.

 

[Gomez Adams]

That's actually not as bad as I thought it would be. Musk has lost around 32 billion on the Twitter deal already and he's still rolling along like nothing ever happened.

I'm beginning to believe that none of these loses actually matter because none of it was ever worth anything to begin with.

 

[Zeedox]

Fiat money

 

[Gomez Adams]

Fiat money

Not sure of the reference.

 

[Zeedox]

My bad.

Fiat money - Wikipedia

en.wikipedia.org

Fiat money is a type of currency that is not backed by a commodity, such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was quite rare until the 20th century, but there were some situations where banks or governments stopped honoring redeemability of demand notes or credit notes, usually temporarily. In modern times, fiat money is generally authorized by government regulation.

Remember those Silver Certificate and Gold Certificate dollars? It's why they indicate something like "held in silver/gold..." nowadays.

 

[Gomez Adams]

Remember those Silver Certificate and Gold Certificate dollars? It's why they indicate something like "held in silver/gold..." nowadays.

Blue was silver and yellow was gold. They are no longer circulated. The Federal Reserve pulled them as they were used. You can also no longer redeem them for metals. That was done away with decades ago.

Some idiots still horde some of them thinking that they can use them to redeem metals when the end is nigh, but they are wrong. The ability to redeem them was done away with in 1964.