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As A Former Credit Suisse Risk Management Shlub, I Ask: Is DEI Bringing Down the Banking System?
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[Adapted from the latest Radio Derb, now available exclusively on]

The big talking point of the week was the collapse of Silicon Valley Bank, with a couple of hundred billion in assets evaporating overnight and blowing away on the morning wind.

I ought really to be more interested in this than I actually am. I only became a rootless bohemian 22 years ago. Prior to that I was a middle-class shlub, with a salaried job at a respectable firm—an investment bank, in fact.

I wasn’t a hot-shot trader, more’s the pity. I was a back-office worker bee, a cube jockey designing and writing software for the bank’s Credit and Risk Management Department.

To this elderly Credit and Risk Management geek, the SVB collapse looks like a serious failure of Risk Management. It wouldn’t have happened if I’d been cutting their code.

There’s some knotty stuff in Risk Management computing—check out the Black-Scholes model for option pricing, if you’re confident with your calculus.

That doesn’t seem to have been in play with SVB, though. What happened here was just basic banking.

Basic banking: A bank is a safe place to stash your money; but a bank doesn’t just take your money in tens and twenties and lock it up in a vault, it uses your money. It spends your money to buy stuff.

One variety of stuff banks particularly like to buy is bonds. The First Law of bond trading: When interest rates go up, bond prices go down, and vice versa.

The Risk Management team at SVB seem not to have known the First Law. Actual Silicon Valley tech companies, when they were swilling in money, gave scads of it to SVB for safe-keeping. SVB used that cash to buy heaps of long-maturity U.S. Treasury bonds with coupons pegged to the very low interest rates that prevailed until recently.

Then the Fed jacked up interest rates in hopes of pushing down inflation. The First Law kicked in. Those heaps of Treasuries were now worth way less than SVB paid for them.

If the tech firms wanted to withdraw their deposits—which they did, facing business losses themselves—SVB had to sell off the bonds at deep discounts. The cash they got wasn’t enough to cover the withdrawal slips; and the amounts involved were way over the FDIC insurance limits. [Crashing sound.]

So as I said: a failure of Risk Management. Just a gross failure of competence.

So who was in charge of SVB’s Risk Management?

Until a few weeks ago the answer was: nobody. SVB didn’t actually have a head of Risk Management for the last eight months of 2022 [Silicon Valley Bank had no official chief risk officer ahead of collapse but employed DEI executive, by Andrew Miller, Fox Business, March 17, 2023]. A lady named Laura Izurieta had held the title but she stepped down in April last year, I don’t know why. Then for eight months, through to January 4th … nobody.

At that point, SVB finally hired in a head of Risk Management, a lady name of Kim Olson, to work out of the New York office.

Kim Olson
Kim Olson

In the press release that announced her hiring, Ms. Olson declared that

SVB has an impressive track record of sound growth and remaining true to its strategy of serving the innovation economy. I am excited to lead SVB’s outstanding risk management team and continue to build SVB’s risk management framework and capabilities in this important next chapter of the firm’s trajectory. [SVB Hires Kim Olson as Chief Risk Officer, SVB Financial Group, January 4, 2023]

You don’t say?

But if SVB didn’t have a head of Risk Management for those eight months, they did of course have a Chief Diversity, Equity & Inclusion Officer, a lady named Angela Morris Lovelace. Some positions are too important to be left unstaffed.

Angela Morris Lovelace
Angela Morris Lovelace

And they did have lower-rank executives working on Risk Management. Here’s one of them: Jay Ersapah, Head of Financial Risk Management for the bank’s U.K. branch.

Jay Ersapah
Jay Ersapah

That forename “Jay” is a bit misleading; Jay Ersapah is in fact a female. Well, sort of. She tells us that she identifies as a queer woman of color and is passionate about promoting LGBTQ awareness.

As well as running Risk Management for SVB’s U.K. branch, Ms. Ersapah also served as the company’s European LGBTQIA+ Employee Resource Group co-chair.

As for the “woman of color” thing: I can’t locate the origin of the name “Ersapah,” but it sounds Indian, she looks Indian, and she was born in Birmingham, England, which is now populated mainly by Indians, although I think there may still be a few white English people hiding in odd corners of the city. So Indian’s the way to bet.

From the New York Post, March 14th:

Jay Ersapah, the boss of financial risk management at SVB’s U.K. branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.

[ While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs]

That’s nice; but wouldn’t Ms. Ersapah’s energies have been better employed in, you know, Risk Management?

SVB was, after all, at serious risk…as we now all know.

Are you forming some kind of a picture here? I’ve identified four SVB executives, three in Risk Management and one managing the bank’s Diversity, Equity & Inclusion Office. All four are women, two white and two nonwhite. One is sexually eccentric, two are married to men, and Ms. Izurieta’s orientation is not known, not to me at any rate.


All right: Women can of course be competent in Risk Management—I’ve known a couple. And sure: Four is not an impressive sample size. Still, are you getting a hint—a glimpse of a shadow of a hint—that Diversity, Equity, and Inclusion is driving out competence?

My employer for those fifteen years I was coding away for Credit and Risk Management became Credit Suisse. I say “became” because when I joined the firm in 1985 they were First Boston Corporation. They partnered with Credit Suisse in 1988 and became Credit Suisse First Boston; then, after I’d left, just Credit Suisse.

I’m telling you this because it keys to the theme of DEI taking over from competence in investment bank hiring. Poster boy here: Pips Bunce.

I have already microaggressed by saying “poster boy.” Pips Bunce is Head of Global Markets Technology Core Engineering Strategic Programs at Credit Suisse, and he’s gender fluid.

That apparently means that he is either male or female depending on how he feels when he wakes up in the morning. Some days he’s a guy, and dresses like a guy in suit and tie; other days he’s a gal, in a dress and a rather fetching blonde wig.

That’s gotten him into trouble with some identity purists. They say that’s not what “gender fluid” means, it’s just, to quote one of them “living out your deep fantasies and legitimizing them socially with a fancy title.”

I can’t rule on the precise point of theology here. This identitarian stuff makes my eyes glaze over. The banking industry at any rate takes Mr. Bunce’s gender fluidity seriously: the Bank of London has nominated him—her, whatever—as the “inspirational role model of the year.”

I am, however, going to join the ranks of people wondering on Twitter whether Credit Suisse having a senior executive who doesn’t know what sex he is may somehow be connected with the fact that Credit Suisse’s share price has dived off a cliff.

John Derbyshire [email him] writes an incredible amount on all sorts of subjects for all kinds of outlets. (This no longer includes National Review, whose editors had some kind of tantrum and fired him.) He is the author of We Are Doomed: Reclaiming Conservative Pessimism and several other books. He has had two books published by com: FROM THE DISSIDENT RIGHT (also available in Kindle) and FROM THE DISSIDENT RIGHT II: ESSAYS 2013.

(Republished from VDare by permission of author or representative)
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  1. Chebyshev says:

    One of the culprits in this bank collapse is the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. It lessened the requirements of banks for risk management. Without that legislation, SVB might have hired more serious people for its risk management division. I learned about this topic from Matt Yglesias, who is a great expert on economic and political issues.

    • LOL: Wade Hampton
    • Replies: @michael888
  2. nos3 says:

    SIVB fell because $50 billion of Israeli drug money was withdrawn and transferred over to Israel. Credit Suisse isn’t going to fall, there’s a concerted campaign against them and billions of dollars of drug and blood money had to run away to Israel I’m assuming. At any rate CreditSuisse isn’t going to fail.

    • Replies: @anonmous
  3. Thanks John Derbyshire–I appreciate what you encountered and split from this crew. I jumped all over KPMG but realize they can not do much since the real damage was bad managerial decisions but these CA firms make big coin–for what?

  4. I am, however, going to join the ranks of people wondering on Twitter whether Credit Suisse having a senior executive who doesn’t know what sex he is may somehow be connected with the fact that Credit Suisse’s share price has dived off a cliff.

    Arguably one of the best quotes I’ve read here lately. It would be funny if it wasn’t so damned true.

    • Replies: @CelestiaQuesta
  5. About the whisk(e)y fungus featured in Radio Derb this week, a fun fact: Lincoln County, Tennessee was aimed for General Benjamin Lincoln, a Massachusetts native who commanded the Southern department of the Continental Army.

    The Lincoln Counties in five states are named for him. If you drive a Honda Odyssey, it was likely built in another namesake, Lincoln, Alabama.

    • Replies: @Atlanta Man
  6. To borrow a sports truism, the second string is the second string for a reason: the first stringers are just plain better and always will be.

    • Agree: Rich
  7. Why do even people on the right use the DEI acronym like they’re told to.?? Use DIE.

    • Thanks: 36 ulster
    • Replies: @Farenheit
    , @WellRedMan
  8. @PhysicistDave made the same point over at Steve Sailer’s blog a few days ago (that diversity had a role in SVB’s demise) as Derb makes in the article regarding Credit Suisse and Sailer had some dismissive response to Dave (“Probably not.”). As if this DEI agenda is just for show but behind the scenes some white guys/Jews have it under control.

    Of course PhysicistDave is right and Sailer’s facile sizing up and assessing people and situations and confidently acting like he’s got real inside information and making facile axiomatic statements based on his assessments is so tiresome.

    • Agree: Vinnyvette
    • Replies: @Vinnyvette
    , @Rich
    , @Realist
  9. “Ersapah” sounds like an American country negro name, not Indian. And more likely to be a first name than a surname. I remember when Black-Scholes first became the “it” thing. Did the bank have even one CFA? They needed a Jessica Einhorn and no crazy transsexuals.

    • Replies: @DanFromCT
    , @CCG
  10. Alrenous says: • Website

    Fractional reserve and price-fixed interest rates are bringing down the banking system.

    Fractional reserve is in fact legalized counterfeiting. Turns out counterfeiting is bad. Recently 60% of the money supply was counterfeited, and for some reason this caused stress on the banking system.

    Basically what’s going on is artificially low interest rates cause recessions, because businesses can use loans to be “successful” even though they’re consuming wealth rather than creating it. Eventually so much wealth is burned at the altar of “GDP” that the difference between book wealth and real wealth can no longer be hidden. You are here.

    ZIRP, of course, is artificial zero interest rates, and thus the most intense recession-inducing rates.

    ZIRP does the loan=>wealth furnace transmutation, and then legalized counterfeiting makes it worse. Debasement => inflation => businesses pay back pre-inflation loans with post-inflation dollars, pocketing the difference. Stealing from everyone who has a positive dollar-denominated balance. Turns out theft is bad. Like it’s a crime or something, except this massive theft was not only legal, it was mandatory.

    Imagine this: business takes out a loan, $1000. It buys $1000 of goods and just sits on them for a year. Inflation is 20%, so it sells them for $1200, and pays back the loan. It pockets $200 for doing no actual production.
    In real-world examples it’s even worse. The bank takes a cut, say $80. Also for doing exactly nothing. Usually the business frantically consumes labour, and then barely makes $1100 post-inflation. They keep $20, but in addition to the bank stealing 80 and the business stealing 20, the economy lost $100 worth of real wealth.
    Add up enough [-$100]s of real wealth and you have a recession.

    This time the recession is taking the form of bank failures. The American economy is primarily a bunch of gulls frantically looking for someone to hold the bag. Today SVB was left holding the bag when the music stopped.

    The folk implemented legalized counterfeiting and price-controlled interest rates knew they were a bad idea, so they tried to mitigate the damage. You can only delay the inevitable, however. Turns out the delay is over, and (part of) the inevitable is here.

    P.S. Fun fact the counterfeiting==debasement is accelerating more due to the Fed printing money to bail out SVBs depositors.
    And they’re finding out why ZIRP was widely predicted to be permanent in 2008. Coerced low interest rates are exactly like a drug. They’re addictive. You can’t go off them without withdrawal. The more intense the drug you were taking, the more intense the withdrawal…

  11. Well Derb, if they would have only read your book ‘The Talk’, they wouldn’t be in the mess they’re now in.
    You really do need a revised and undated edition to be more inclusive with LGBTiQPWXYZ genders.

    Hurry, it’s getting late, said the Mad Hatter at Alice’s tea party.

    Cheers and Happy St. Paddy’s day, a round of green Irish Stout for everyone on me.

    • Agree: TKK
    • Thanks: GomezAdddams
  12. Petermx says:

    Sometimes smiling is inappropriate. Many years ago I think bankers were more serious and maybe you wouldn’t often see a smiling banker. It looks bad to see smiling bankers of a big bank that has just collapsed and threatens the destruction of the US economy and its currency. For some jobs, smiling for a photo might not be appropriate. For instance, this photo juxtaposes the four smiling female defense ministers of Sweden, Norway, the Netherlands and Germany, whose militaries are a joke, against the serious expression on the Russian defense minister’s face.

    I believe those four smiling European female defense ministers represent best why Europe and the west’s long decline is now accelerating and could result in its complete collapse.

  13. Mark G. says:

    Under normal circumstances, these types of decisions would be bad decisions. However, there is a history of the government bailing out banks that get into trouble. This creates a moral hazard situation that actually encourages bad decisions, by shifting the cost from whoever made the decisions over to the general public. It becomes privatize the profits, socialize the losses. It becomes heads I win, tails you lose.

    In such an environment, the irrational becomes the rational and vice versa. Whether it’s a poor black woman dropping out of school and getting pregnant out of wedlock or a wealthy banker being lackadaisical about investments, people are doing stupid things because the government is encouraging it. Herbert Spencer once said, “the ultimate result of shielding men from the effects of folly, is to fill the world with fools”.

    • Agree: Achmed E. Newman, TKK
    • Thanks: HammerJack
    • Replies: @Vinnyvette
  14. If all such drowned in their own gender fluid,
    Complex would be greatly relieved.

  15. Thanks for this good read and John Derbyhsire shows how the system went awry –Risk Management non existent and earlier I was hard on the Auditors —suerly they must KNOW what risks a bank is running with interest rates at 0 and no need to have reserves –ALL lent out for what?? Zero Return?

  16. Isn’t there anybody out there who can hybridize the Austro-libertarian’s knowledge of the role that fractional reserve banking and credit expansion play in letting the 1% robbing us blind through inflation on the way up during the unsustainable boom (before robbing us blind through bail-outs/bail-ins on the way down when the inevitable bust hits) with the Dissidet Right’s race realism and knowledge of the role that the tiny hat cabal plays in orchestrating much of what makes our nation a tottering Babel-like tower of (credit) cards? It seems like the latter just ignore the Fed and its role in this mess and the former just assume that without it we could somehow magically hold together a nation of two dozen races who have in common only a desire to help their own at the expense of others and their hatred of whites. That way, we could get a complete picture of just how screwed we are without flipping from one internet session to another or cutting and pasting.

    • Agree: Mark G.
    • Replies: @Mark G.
    , @Vinnyvette
    , @Alrenous
  17. I, who I suspect makes woke young relations uncomfortable when I say that one needs just one rule (apart from no Y chromosomes in women’s sports) which is “no penises in females’ bathrooms”, actually did some useful things to get homosexuality decriminalised in my state many decades ago. But today there is madness being inflicted on sane and insane and I agree with you in wondering if DEI is conyltributing to the gross incompetence of bankers’ risk management. True, I got thrown from early this century by the long violation of my long held belief that the non inflationary c.2.75 % established from I694 to 1914 thanks to the BoE was a gilt edged interest rate to which modern industrial man would tend to return. But I promise you, your money and your bank’s would have been safe in my hands as a risk manager who simply couldn’t bring myself to believe in interest rates under 2%.

  18. eah says:

    Hot boomer take here.

  19. dearieme says:

    Risk and all that: in my last year as a schoolboy I ran a “book” on the school sports championship, an athletics event (= US ‘track and field’). Since my only contribution to the event was running in a sprint relay team there was no chance of my becoming champion so I was a neutral in the competition for athletic glory.

    What did I learn as a bookmaker? (i) Some people placing bets were so dim that they’d bet on a contender who couldn’t possibly become champion – he’d already lost in too many events. (ii) If someone wants to place an unusually large bet you can lay off the risk by finding a mug to bear some or all of it for you. And thus (iii) you can make money easily – it was like stealing candy from babies.

    I suppose this experience pretty much qualifies me to be a banker. On the other hand, twenty-five years later I attended a school reunion. One of my old classmates had become a banker. “How do you like it?” “I hate it.”

    With SVB I’d ask one question. Does the lack of care and competence among the executives rise to the level of being criminal?

  20. Most companies don’t actually do anything, so it’s OK if the leadership is incompetent. No one ever notices as the company slips slowly beneath the waves. But some industries (banking, airlines) generate a lot of interest when things go wrong. Which they inevitably will.

  21. AUSUK « freedom » and « enrichment «  around the globe. Thank the vile us empire

  22. Tom Welsh says:

    In the UK at least, it has been law for many decades that as soon as you deposit your money with a bank, it ceases to be your money. Instead, it is the bank’s money – all you have is an IOU.

    • Replies: @dearieme
    , @Gordo
  23. Great update on how DIE is working out with the banks and our financial future. Equally terrifying, is speculating on what DIE is going to mean for what used to be quite safe modern activities: like airline travel (more POC and ladies pilots), or driving over a bridge (more you know what civil engineers), or having minor surgery (more… you get the point). DIE we will, indeed.

  24. It’s stupid out-of-control and entitled cunts that are bringing down the banking system … and most everything else. Repeal the Nineteenth already, and get this stupid gash back in the kitchen where they fucking belong.

    • Agree: GomezAdddams
  25. J says: • Website

    That’s how capitalism (life?) works. Credit Suisse will collapse and and a more competent organization will take its place. It’s called progress. Cannot be stopped.

    • Replies: @Achmed E. Newman
  26. That money disappears as if by magic is a pure story, if it is tracked in the accounting books it appears in the accounts of those who stole it. For something it is said that the cryptocurrency system is safe because it copies the accounting system.

  27. The loss of competence American are seeing in ALL types of business is due to an evil combination. This DIE program is an amped up version of Affirmative Action. AA did have required quotas (otherwise, there’d have been no program at all) – see this Peak Stupidity post* about the hiring of a black guy in the 1970s! to DJ at a country music radio station. They were not always big numbers and not always held to. (The radio station manager didn’t feel FCC pressure to hire another black guy when the first one left.) However, it’s DIE that demands proportion-to-population numbers in any field… other than, of course, ones in which White Men are already below proportion.

    The 2nd factor is demography, as the country, therefore along with it the workplace, changes from large majority White (White men for the workplace) to more women in the workplace and not just all sorts of race/ethnicities but now new weird-ass BLT-G “people” such as Mr. Bunce up in there.

    This has resulted in what Peak Stupidity dubs, “Demographics to DIE for from”. You’re gonna keep seeing the American workplace decline in quality and services and products get shoddier. Don’t ask why. Some of us saw this coming.

    Oh, and as to Mr. Pippa Pig Bunce shown here, are you absolutely sure she was never CRO? I’d read on the Credit Suisse site that he is the Chief Risqué Officer.


    * This is Part 3 – an anecdotal interlude – in the series Harvesting the fruits of a half-century of Affirmative Action (though that AA should be updated to DIE in the title). See also Part 1 – – Part 2 – – Part 4, and Part 5.

    • Replies: @ziggurat
  28. @J

    No, J, this is absolutely NOT how capitalism works. The next Credit Suisse will be required by Government to hire an promote more of the same types of people. White men, who have the most competence will not be in the important positions. Now, why would the CEO do this, if he/she/xi were not forced to?

    None of those people would be in there, if competent White men were running the bank and let to hire whom they wanted.

    • Replies: @Notsofast
  29. SafeNow says:

    SVB didn’t actually have a head of Risk Management for the last eight months of 2022

    Ads on the radio say “we’ll find you qualified candidates in one day.” So that’s the tune in these days of high-tech job-advertising. So what went wrong that queered the pitch? (Uh oh, I guess no one uses that expression anymore.) I think it was the suicide aspect. Any competent job candidate, and even woke candidate, would realize, at the interview, that he would someday become a scapegoat. And quite possibly, a prisoner. It’s as if a hospital that buys its supplies from Congo MedSupplies LLC was hiring a chief procurement officer.

    • Replies: @bike-anarkist
  30. SafeNow says:

    Not only is Russia’s defense minister (your photo) a serious guy. He speaks nine languages, including Chinese and Japanese. And he goes fly fishing. The U,S. counterpart is serious, but I doubt he speaks nine languages. I don’t know what his hobbies are.

  31. In the video below, the great Brother Nathanael explained the deof the demolition of the ZUS economy by Jews.

    • Thanks: CelestiaQuesta
  32. CS risk management system was “optimised” well before the transgender idiot – by the Ivory Coast CEO “Tidjane Thiam” (2015-2020).

  33. dearieme says:
    @Tom Welsh

    Of course it’s not your money; you’ve lent it to the bank. If you want to retain your money lock it up in a safe or pop it under your mattress.

  34. Petermx-

    Complex Acknowledges Your Point That Smiling Is Not Always Appropriate, And Links To A Photo Of A Few Of The Smiling Sycophants Attendant To The Signing Of The Bill Repealing The Glass-Steagall Act.

  35. SFG says:

    I definitely think DIE is causing all kinds of problems by loading up companies with less qualified people (I’ve seen it myself–the gals can be quite competent though it’s rarer in math- or tech-heavy fields, the sun people rarely), I’m just not sure it was the key event here. From what I was reading they had a lot of tech industry clients and when the interest rates went up (which hurts the tech industry, which is dependent on estimates of future growth) they all pulled out their deposits at once. The bank also didn’t make a lot of loans to tech companies (which depend more on venture capital when starting out), so they didn’t have the other source of income a bank would.

    Interesting thing–as I think you yourself said, we’ve had crossdressing guys for a while. Weren’t there those clubs in England where the gentlemen would go and dress as ladies, not to mention pantomimes and, well, Monty Python? Now you’ve got some old white guy with no diversity points–unless he decides to embrace his hobby and claim it’s part of his identity. As for the serious ones, I suspect a lot of these guys would have been happy wearing heels and skirts once a week until we told them it was ‘who they really were’ and they should transition and have surgery and hormones. Happens even more with teenage girls.

    • Replies: @martin_2
  36. Notsofast says:

    gender fluid pips bunce, sounds like a lennon lyric, from the white album, semolina pilchards climbing up the eifel tower, kind of thing.

    it is rather genius though, all he has to do is blame it on the chick and say she doesn’t live here anymore.

    • LOL: Achmed E. Newman
    • Replies: @Notsofast
  37. Cking says:

    The revelations here appear to be evidence that the Global/International/Banking/Financier Power had no other objective but to crash the banking system here in the US and throughout the ‘West’, deepening the already in-progress Greatest Depression upon us for some time now; probably in the service of Radical Population Reduction.

  38. Mark G. says:
    @Prince Saradine

    Most libertarians aren’t race realists and most race realists aren’t libertarians. This is unfortunate because it is both true that a free-market economy works better than a socialist economy and there are racial differences that cause differences in economic success rates. A capitalist Zimbabwe might work better than a socialist Zimbabwe, but you are never going to turn Zimbabwe into Switzerland because of the racial differences.

    The Reason magazine/ Cato Institute libertarians with their open border immigration policy certainly aren’t race realists. Neither are the Ayn Randians. Some of the Mises Institute paleolibertarians are the most open to race realism and are the most likely political allies for race realists. An individual writer that shows you can be both a libertarian and a race realist is Charles Murray. His libertarian policy prescriptions often take into account the reality of racial differences.

    • Replies: @TheTrumanShow
  39. Notsofast says:
    @Achmed E. Newman

    credit suisse= rothschild, that ain’t gonna fail, they’ll just load up on government swiss cheese. purposeful incompetent is all part of the plan, makes for more cheese.

    • Replies: @Achmed E. Newman
  40. anonmous says:

    The following is my “quote ” taken from a third party comment, which comment asserted these words were published a few days ago in a publication called the Times of Israel.

    I have not seen the Times of Israel, so I cannot confirm authenticity or even if such words were published anywhere but the third party comment. I cannot attest to the quote or its accuracy, or even if such words were ever published anywhere except in the third party comment I make reference to.

    The only place I have seen this information comes from the third party comment, so its second hand.’ Nonetheless, the words [in quotes] caught my eye, so i kept them; expecting more information to appear from somewhere. Here it what i captured from the third party website comment which asserted these words came from the Times of Israel..

    Israel’s two largest banks, Bank Leumi and Bank Hapoalim, set up a situation room that has been operating around the clock to help firms transfer their money from SVB – before it was seized – to accounts in Israel. Over the past few days, teams at LeumiTech, the high-tech banking arm of Bank Leumi, have been able to help their Israeli clients transfer about $1 billion to Israel the bank said.

    Can the words between the quotes be confirmed as an accurate quote taken from a published article appearing, a few days ago, in the Times of Israel? If so, will someone please post the credentials of the published article so the proper authors and publishers can be adequately credited?

    • Agree: IronForge
  41. @Mark G.

    Under normal circumstances, these types of decisions would be bad decisions. However, there is a history of the government bailing out banks that get into trouble. This creates a moral hazard situation that actually encourages bad decisions, by shifting the cost from whoever made the decisions over to the general public.

    You are absolutely correct. But denial of human nature is exactly the point of the current society. It is a feature not a bug!

    Could you picture the robber barons of yore allowing a mentally deranged tranny anywhere near their money?
    Or a woman for that matter? You don’t think these guys knew their wives liked to spend it as fast as they made it?

  42. @Poncho’s Pilot

    Of course PhysicistDave is right and Sailer’s facile sizing up and assessing people and situations and confidently acting like he’s got real inside information and making facile axiomatic statements based on his assessments is so tiresome.

    I will at least give Steve Sailer credit for interacting with his commentariat, despite his condescension. I’ve been following “the Derb” for years, has he ever engaged with his audience? I’ve never seen it.

    • Replies: @Greta Handel
    , @Vinnyvette
  43. @Prince Saradine

    Guys like Ron Paul and Tom Luongo, are just two guys who have made their careers railing against the fed. Anyone of consequence listening?
    Ron Paul is a libertarian, who listens to those kooks?
    I cannot speak to Tom Luongo

  44. Nice picture. In another lifetime you would have made a great Sheriff of Nottingham.

  45. @Alrenous

    Basically the US economy is a sort of real-life version of “The Bottle Imp” by Robert Louis Stevenson. In the story, there is a magic bottle which contains a demon trapped inside; if you purchase the bottle, the demon will grant you any wishes you desire. But if you die while owning the bottle, you spend eternity in Hell. So the goal is to buy the bottle, get a few wishes granted while possible, then sell it to someone else while you’re still in good health and not at much risk of dying and going to Hell. But here’s the catch: you can only sell the bottle for less than you paid for it. Eventually the bottle is only worth a penny, and the desperate luckless chap left holding it has to find some chump who will buy it for half a penny, and so forth.

    • Agree: Alrenous
    • Replies: @Alrenous
  46. DanFromCT says:

    Speaking of Black-Scholes, do you remember when Myron Scholes and Robert Merton became board members of LTCM? The best math minds on the Street that money could buy would eliminate risk, right? Yet all the most sophisticated math then known couldn’t possibly make up for disastrous assumptions and bad judgment, turning supposed investing into little more than making bets.

    The Fed had to counterfeit $4.6 billion to keep the system from going under. Investopedia’s article on Black-Scholes has strident warning boxes every other paragraph, and for good reason. The thing about these Indians like Ersapah posing as experts in finance is that they have notoriously bad judgment. Having them run Black-Scholes and the like become analogous to putting a monkey behind the wheel of a Formula One car and expecting it to win the race for you.

  47. @Notsofast

    I’ll take your word, as that sounds plausible. However, it’s still the fact that what’s going on is not anything like Capitalism.

    • Replies: @Notsofast
  48. ‘Inspirational role model of the year’ is such an Idiocracy-sounding award. It’s like being the ‘first winner’ of the 100 metre sprint.

  49. Notsofast says:

    ooooppps….magical mystery tour, my bad.

  50. Rich says:
    @Poncho’s Pilot

    In the old days companies had to deal with the boss’s idiot nephew and the one black guy. It caused trouble, but we could get through it. Now corporations are riddled with these incompetents. The slow drift to bad service and bad quality products has been going on for a while. Now the collapse begins. Maybe. ‘There’s a lot of ruin in a nation’, said an old African tribesman according to modern history books.

  51. Petermx says:

    At least US Secretary of Defense Lloyd Austin is a General and has a military background, which is not the case for the European women, some of which have no military experience. Most Europeans are multi-lingual and many speak several languages. Few Americans speak languages other than English, unless they’re immigrants.

  52. Alrenous says: • Website
    @Prince Saradine

    “Nation” comes from the Latin natio, meaning birth. A nation with multiple races is a contradiction in terms. Anyway the English term is kingdom.

    America is not a kingdom, it is an Empire. Empires always do this sort of thing. Especially America, which was explicitly modelled after Rome and thus following Rome’s path almost exactly. But quicker. Because, just as individuals do, history gets faster with practice.
    E.g. Sulla = Robert E. Lee.
    Caesar = Lincoln. (Doesn’t look so pretty without history’s rose-coloured glasses, now does it?)
    Augustus = FDR.

    If you want an Empire to hold together, then don’t, it’s futile. Functionally it was never together, it was just a scared mob of unrelated victims herded around with a big ‘ol stick.

    • Thanks: 1jonny
  53. Alrenous says: • Website
    @The Germ Theory of Disease

    Imagine holing a boat for “clean” energy. You stick a turbine in the water gushing in from the sea, and sell the energy to charge smartphones or whatever. No “dirty” fossil fuels here.
    The trick is to sell as much of this “clean” energy as possible without missing the last lifeboat. Edgy. Get as close to the edge as possible without actually going down with the ship. Sadly, SVB went down with the ship. For some value of sad.

    Meanwhile someone is unbolting the watertight bulkheads to sell for scrap. Why is there even a scrapyard on the boat?

    Bigger question: unless you’re the one selling the “clean” energy, why do you stay on the boat at all? If I found out someone was holing my boat like this, I would skedaddle ASAP. If I found out it’s legal to sell hull sections for scrap, I would go even faster.
    Why is there anyone left to buy the “clean” energy?

  54. Miro23 says:

    That’s nice; but wouldn’t Ms. Ersapah’s energies have been better employed in, you know, Risk Management?

    The Spanish pólice mostly aren’t gender fluid but the concept is also seriously wasting their time.

    They’re being forced to arrest people for the most stupid reasons.

  55. anon[201] • Disclaimer says:

    It could be worse, at least it’s all just money, we could print more, such is the benefit of being the world’s reserve currency. These DEI hires could be operating on you, or build skyscrapers, or fly the plane you’re on. Or is that all coming, just a matter of time?

    • Replies: @TKK
  56. @Petermx

    Without complete disagreement I quibble that the smiling ladies give the appearance of thinking “this is ridiculous but we’ll smile to show that we are being agreeable (as politicians try to appear) and willing to indulge whoever had the bright idea of photographing us together”. The contrast with the uniformed Russian is specious – not really an attempt to compare likes with likes.

    • Replies: @Petermx
  57. HT says:

    While DIE is imprudent and costly, that isn’t what is bringing down the banking system. Government debt combined with FED loose money policy and over a decade of zero interest rates is destroying our financial system. Now the government is going to socialize and weaponize the banks with Whites as the target. The jewing of America just never stops.

  58. MGB says:

    Agreed. DEI, or DIE, or whatever, is garnish on the main course. These crises will continue to happen with or without woke. There were no (publicly) trans CFOs or other executives in 2008, and no diversity team compelled the approval of liars’ loans, just a bunch of pigs at the trough. Jamie Dimon in an orange suit at a supermax might start to have an impact. I forget who said it, but some bank exec expressed his surprise coming out of a meeting with Obama, expecting to get reamed. Nothing of the sort. No fundamental changes, just some scores settled amongst banksters and billions thrown at the problem.

    • Replies: @Alrenous
  59. A lady named Laura Izurieta had held the [SVB CRO] title but she stepped down in April last year, I don’t know why.

    The thoroughly signaled Fed rate hikes started March 16, 2022. Credible rumor says various risk adverse employees had been bringing all this to the attention of the firms executives, but they weren’t listening; this is in the CRO’s remit, but it’s so simple and fundamental to a bank direct responsibility goes straight up to the CEO and board. It’s also rumored and/or assumed the early in the game higher income from the guaranteed by the government bonds, 18/36 million dollars goosing SVB’s earning were a major factor.

    For a while this gave SVB’s less captive depositors less incentive to park their money elsewhere. Qualification because there was a cabal of VCs etc. who invested money on the condition it was deposited in SVB where they had “levers” to see what was happening with it. Post-SarBox VC is a place for dumb financial people, the good ones earn a lot more on “Wall Street,” so I assume not enough noticed or cared about the systemic risk they were creating in their ecosystem.

    This Bad End started being predictable as soon as April 2021 as Bidenflation started hitting, or see October 2021 when it broke out of a months long plateau of 5-5.4% and went steadily up to until June 2022. Plus you’d expect people like SVB executives and financial types as well as the Fed to know the BLS Official inflation statistics are much more gimmicked than they were in the 1970s.

    BTW, the board and executives who failed to do the right thing soon enough did not get bailed out, FDIC seizure results in their all getting sacked. And their reputation in banking is mud; while things are shaky or worse no sane bank is going to want to countersignal by hiring any of those responsible.

    The VC ecosystem with hundreds of thousands of Democratic Party donors when you include the employees? There’s on the record claims the (((FDIC))) refused a purchase offer last weekend because those with over the FDIC $250K would have gotten a haircut as the standard punishment for being stupid (well, a startup generally can’t be picky about who’ll invest in them).

  60. Currahee says:

    A society ruled by clown insanity has got to be nearing a climactic flash point. Exactly what sort of “bang” will follow I don’t know.

    • Replies: @Alrenous
    , @Reg Cæsar
  61. MGB says:

    Leumi has always been involved in hinky shit. They were heavily fined about a decade ago for helping US (read dual citizens) clients commit tax fraud.

  62. Currahee says:

    Well, that’s cute; but Mr. Tough’s armed forces have proven to be uninformed, unready and unable to do the job.

    • Disagree: Petermx
    • Replies: @Dumbo
    , @gidoutahere
  63. @Miro23

    Just to translate literally, for fun, that’d be “… the sex not adjusting or not conforming…” Yep, neither conforming with, nor adjusting to, reality. ¡Si, claro!

  64. Corvinus says:

    “As A Former Credit Suisse Risk Management Shlub, I Ask: Is DEI Bringing Down the Banking System”


    Hat Tip —> Jack D

    Post hoc, ergo propter hoc” is a fallacy. Every woke organization (which means basically all large banks and corporations) are going to have a handful of trannies now, mostly in relatively meaningless positions such as director of DIEversity. If you go back and look at any failed bank, you are going to find these characters but that doesn’t mean that they (or even wokeness) CAUSED the bank failure. You can walk and chew gum at the same time and you can be a competent bank and still make meaningless gestures toward DIEversity that please your young staff and the Powers that Be.

    In some cases, these are really rather competent guys (who develop a mental illness late in life), such as Dick “Rachel” Levine. If Dick Levine wants to wear a dress from now on, it doesn’t really affect his underlying and proven high level of competence. He’s still highly respected scientist Dick Levine, just now in a dress.

    OTOH, in some cases (e.g. Sam Brinton), the trannie affectation is part of a much more pervasive mental illness. Such people can and should be dismissed if their bad behavior (e.g. stealing luggage at airports) extents beyond just wearing a dress and makeup.

  65. Alrenous says: • Website

    Bear Stearns and Lehman Brothers were allowed to fail and shut down because they thought the “voluntary” contribution to some Democrat initiative or another was, in fact, voluntary. Haha, lol.

    Same way Bill Gates forgot to donate the the Democratic party, so they reminded him with an antitrust lawsuit. He donated, and specifically not to Republicans, and lo and behold, the antitrust suit quietly fizzled out. What a coincidence.

    Allegedly the Fed has reserve requirements. I don’t know the exact details, but it’s often not printing money, it’s loaning it or something. Except they have blatant howlers like liabilities listed as assets which can back loans, and they casually back $100 with $1, as if that isn’t a rounding error. GAAP is only generally accepted because it doesn’t apply to places like the IRS or Fed.

    Then there’s “quantitative easing” where they outright print money to buy worthless securities. In other words the Fed is insolvent, the Fed knows its insolvent, everyone who has a modicum of logic knows the Fed is insolvent…but who cares, it can just print more money if necessary. It’s not technically legal to just print money and give it to itself, but that’s what Blackrock is for.

    Turns out when you shut down half the economy, including many genuinely productive parts, but intend to still pay folk their wages, you end up counterfeiting a lot of money.

    Naturally the assets that are “eased” are rich folk’s assets, who then get to benefit from the Cantillon effect. They spend post-inflation money at pre-inflation prices, since the market adjusts prices not by noticing the Fed is debasing the currency and using math, but by seeing new inflated bids from post-inflation money.

    NCOV QE more than doubled the Fed’s balance sheet, +$4.5 trillion (with a T, 10^12) brand spanking new Washingtons. That was an monetary increase of 30% since 2019 by itself, and then of course this cash gets into banks, who use it to back new loans. It’s hard to track the exact number of loans, but it’s probably about another 30%.
    Weird how banks tend to run out of money when they loan out 100% of their deposits, isn’t it?

    Luckily for regular Americans, they also still benefit from a lesser Cantillon effect, or real inflation wouldn’t be 17-20%, it would be more like 60%. Instead folk like Chinese T-bill holders get to eat the rest of it. There’s a “trade deficit’ if worthless paper flows off-shore and oil and steel I-beams flow on-shore in exchange.

    The ironic thing about QE is that the correct move for the Fed, at this point, would be to quantitatively ease -every- financial instrument. Arrogate all stock to itself, then close the stock market. All calls, all puts, all loans, all derivatives. All of it is broken, just buy out the house and close it down. And then stop price-fixing interest rates.
    Anything short of a move this drastic is merely prolonging the inevitable. Do you want a Great Depression now, or a Greater More Depressing later?
    This drastic intervention doesn’t even fully solve the problem. It merely buys time to carefully consider the next drastic move.

  66. Diversity, Equity, Inclusion

    Is WOKE code for hate heterosexual white males and females.

    It’s quite profound and destructive in every mathematical form possible.

    You don’t need to be a rocket scientist to figure that out.

    • Agree: Realist, Gordo
    • Replies: @24th Alabama
    , @Vinnyvette
  67. Farenheit says:
    @Hang All Text Drivers

    Why do even people on the right use the DEI acronym like they’re told to.?? Use DIE


    I agree. The fastidious adherence of the so called “alt right” to the hard leftist style guide is to me a dailey defeat that can be easily avoided. Controlled words lead to controlled thoughts.

  68. anon[366] • Disclaimer says:

    This is a problem at every level of the banking system. I recently tried to open a checking account at a bank that hired males and couldn’t find one.

    You do realize American options are priced using Cox-Ross-Rubinstein or a binomial model and not Black-Scholes, right? 😉

    On a separate note, the reason for so many Americans with unusual personal lives demands an explanation beyond “well they are all just pervs.” The principle of “one man, one wife” belongs in Europe. God wants us to be happy and plural marriage is the way to go for a country whose men are much more popular globally than the women. Note Utah, which recently decriminalized polygamy, is the US state with the highest proportion of English ancestry by a wide margin.

  69. Pablo says:

    I believe now is the proper time to have a Moment of Silence for the Savings and Loan scandal of the 1980’s………………This is because what is going on with the current SVB scandal has its roots in the S&L scandal. The script goes like this. Bankers create a serious crisis. Then act surprised that it happened. Then they tell their puppets in Congress to fork over taxpayers dollars to make things whole again. At least Chuckie Boy Keating did some time. This is a Big Bank takeover of the smaller banks. The smaller, regional banks are the current edition of Lehman Brothers.

  70. So who was in charge of SVB’s Risk Management?

    Until a few weeks ago the answer was: nobody. SVB didn’t actually have a head of Risk Management for the last eight months of 2022

    So SVB needed another overpaid vp to recognize the risk in making long term fixed rate loans (either to businesses or to the US treasury) with on demand variable rate deposits? Especially when the deposits are from startup tech firms who have no operating income and will need the deposits to pay operating expenses.

    The execs at SVB knew the risk, they just didn’t believe that rates could rise dramatically after forty years of steady decline. It was easy money, pay .001% interest on deposits, then purchase long term treasury bonds that pay 2%. A guaranteed 2% spread with no risk of default.

  71. OT, but some here might find it of interest…

    A while ago here in Derb’s corner, there was a brief discussion of different translations of Homer, and I mentioned the new Emily Wilson version of The Odyssey, which I hadn’t yet read.

    Well I just picked it up and read Books I-III for starters, and so far it’s terrific: direct, sharp, (or blunt, if you will), fast-moving, reads like a very well-written detective novel. Not as majestic as Fitzgerald, not as much sheer rock and roll as Fagles, but she’s aiming for accessibility, and readability. Comes with a long, very informative introduction by the translator herself. The kind of Homer you should give to a teen or a college student who is afraid of reading Homer.

    “This is exactly the sort of book you should give your sister if she’s a loud, dirty, boozy girl.”
    — Dylan Thomas on Flann O’Brien

  72. Notsofast says:
    @Achmed E. Newman

    no argument there achmed, just backing you on your statement. purposeful incompetence is what i had meant to say.

    • Replies: @Achmed E. Newman
  73. John

    You worked for Credit Suissie….did you know Mike Beier?

  74. Realist says:
    @Poncho’s Pilot

    Of course PhysicistDave is right and Sailer’s facile sizing up and assessing people and situations and confidently acting like he’s got real inside information and making facile axiomatic statements based on his assessments is so tiresome.

    Agree. Stevie is a vindictive little prick.

    Great pseudonym.

    • Disagree: MEH 0910
  75. That Indian one is hot. Cut her some slack!

    • Replies: @Achmed E. Newman
  76. anonymous[287] • Disclaimer says:

    It’s most likely a South Indian name, as opposed to, say, Poonjabi or Guzarati. Perhaps Tamil or Telugu.

    • Replies: @Mactoul
  77. @anonmous

    Your second hand quote is on line at:-

    Banl Leumi has an interesting track record. See e.g. – it starts thus:-
    Bankers and Robbers
    By Israel Shamir
    “SWISS Holocaust cash revealed to be myth”, announced the Times this Saturday (October 13), lowering the curtain on one of the bizarre and obnoxious dramas of extortion and robbery.

    That was back in 2001. Have they cleaned up their act? Do you even need to ask?
    Jews will rob each other. Jews will rob “Holocaust survivors”. Jews will rob anyone.

  78. @Marshall Dillon

    CQ is going to join the ranks of those censored, banned and cutoff from making a living for being “antisemitic” and wondering whether having all top SVB CEO’s and regulatory bodies being Jews and a US arm for two Israeli banks funding 500 Israeli startups and who gave themselves big bonuses, as Jews pulled out a few billion days before the fall?

    But nothing to see here, instead arrest Putin and Trump for bogus bs and any white patriots who express their constitutional right to address grievances.

  79. @Reg Cæsar

    Thanks! I recently attended a lecture given by a phd. in history from the University of Georgia. He said naming a county “Lincoln” was proof that part of Georgia was pro-union. We were all polite and said nothing but Lincoln County voted 162 for Immediate Secession and 54 for Co-Operative Secession (the South seceding as a combined unit). No Unionist ran. Lincoln County Georgia was establish 13 years before the ape from Illinois was born. So much for today’s universities. The Tennessee county was also named for Benjamin Lincoln.

    • Replies: @Reg Cæsar
    , @Reg Cæsar
  80. @anon

    On a separate note, the reason for so many Americans with unusual personal lives demands an explanation beyond “well they are all just pervs.” The principle of “one man, one wife” belongs in Europe. God wants us to be happy and plural marriage is the way to go for a country whose men are much more popular globally than the women. Note Utah, which recently decriminalized polygamy, is the US state with the highest proportion of English ancestry by a wide margin.

    Yes, let’s emulate that most polygamous, and most successful, region of the world, black Africa.

    Seriously, we already have de facto polygamy in this country and it’s one of the reasons our society is on the verge of collapse.

    I wish someone would take all of you autistic, pro-polygamy dorks who are constantly trying to insert yourselves into the dissident right and tar and feather you.

  81. @irish Savant

    Odds are, she’s got a pot belly. She ain’t gettin’ any of my gender fluid.

    • LOL: irish Savant
  82. Gordo says:
    @Tom Welsh

    Bank deposits in UK are guaranteed by the UK government to £85,000.

    If you have more spread it about but make sure the banks are separately guaranteed, some are the same bank under different names.

    • Replies: @TheTrumanShow
  83. G. Poulin says:

    Angela should get a real job and do something useful, like Linda did.

  84. Alrenous says: • Website

    I worked it out to see if it could get it straight in my head, I might as well write it down.

    Basically the Fed buys loans from anyone who cares to sell and re-sells the loans to the US Government, who pays the Fed interest out of tax receipts.

    The Fed is not supposed to print money and just give it to USG, so they found lots of creative ways to achieve that effect legally. As long as nobody looks too closely. (And you’ll get Epsteined if you do look, by the way.)

    When the Fed creates ledger-entry money instead of physical bills, it creates a debt to itself. As with all debt-backed instruments, when the debt is paid back the principal poofs out of existence again. The Fed is supposed to hold collateral it can sell to pay back this debt if necessary, which is why QE took the form of giving money to someone else.

    Think that’s pretty straight. No 100% guarantee on this one.


    If USG ever intended to pay the Fed loans back, this would be basically fine, but they don’t. Instead the Fed consistently rolls over the loan and indeed they ‘raise the debt ceiling’ because why wouldn’t the Fed want infinite interest payments for passing along a loan? It’s not like it’s their money. As such this is simply a voluntary* excise tax. USG extracts money from the economy as a whole, spends it on destructive State ends, and then it’s gone. If you’re lucky each dollar they spend only destroys 30c of real wealth. Often it’s like $10.
    (Then they extract more money from the economy and give it to the Fed for the privilege of letting them extract money.)
    If USG ever fails to make interest payments what will actually happen is the Fed will sell more T-bills and then loan USG the money to pay the interest payments. If this sounds incestuous, that’s fine, I’m sure they’ll do -2% interest rates or something.

    *(Never buy T-bills unless someone is strong-arming you to. They’re not supposed to be good investments, they’re supposed to be bribes. China probably bought a bunch of T-bills for trade concessions. Dumbasses. They own 1 trillion or so – you don’t matter anyway.)

    The lower the interest payments, the more money USG can afford to borrow. Hence ZIRP. Which USG will then spend on Fed-connected individuals, i.e. kickbacks. But, like, complicated so it’s legal.
    See also: risk homeostasis. The Fed lowers the interest rate so USG can keep interest payments constant but extract more money from the rest of the economy. (And give it to Jerome Powell. Inefficiently.)

    In theory USG could default on these payments, so the Fed needs to hold assets as collateral to pay the final holder of the T-bills in case of emergency. It probably charges USG an interest premium on T-bills, and uses this skim-off-the-top to buy these assets. Or maybe it engages in insider trading, I dunno.
    Problem 1: fractional reserve. Total US debt is at least 30T, and Fed nominal assets are less than 9T.
    Problem 2: creative accounting. Actually Fed net assets are around 0. At most. Haha, oops. Enron didn’t think up anything on their own.

    Problem 3: actually the Fed does just print money through various ways and give it to USG.
    Methods such as quantitative easing. Print money, buy assets at massively overinflated prices, and it just so happens these firms make generous political contributions, or fund extremely governmental NGOs, or….
    Of course, or else. If they don’t ‘voluntarily’ contribute, they will be found guilty of breaking serious regulations. Even if those regs have to be written on the spot and applied retroactively.

    Or it’s like Pfizer. Pays lots of extra taxes in “fines” for breaking every rule in the book. If they started following the law they would find FDA approval was suddenly impossible to obtain…
    Fed prints money, buys worthless assets from hospitals. Hospitals buy Pfizer shots. Pfizer pays “fines” to justice department, which goes into general revenues. Extremely inefficient, but boy howdy is that responsibility laundered. Nobody can call this a bribe. All extremely legal.

    If hospitals don’t buy Pfizer shots, all of a sudden they find their MBS don’t qualify for QE. What a coincidence. Just how the procedure happens to fall, I guess. Oh that guy re-writing the rules to not apply to you mid-meeting? Yeah that’s just another coincidence. You’re not some coincidence theorist, are you? Because, like, he’s not done writing yet. Don’t make me text him.

    Maybe all this QE is reported as capital gains and triggers capital gains taxes. Of course such taxes are not very high, so to get a decent absolute return you have to print a whole armada of money.
    What would the Fed care? It’s not its money.

    When the Fed buys assets with QE, it’s supposed to eventually sell the assets and poof the money out of existence again. Maybe give some to T-bill holders first.

    Problem 1: it cannot sell these assets because they’re being used as collateral for T-bills.
    Problem 2: it cannot sell these assets because they’re wildly overvalued on the books and the Fed would post an epic loss. It would have a ton of debt (to itself?) which it is supposed to pay back by collecting real money. It can’t print more money because it forms another debt to itself in the process.

    In theory it could sell the assets and then buy other, more stable assets for collateral, but again problem 2. It could only sell to another central bank, and central bankers are not drooling morons; they won’t buy.

    Result: the Fed won’t ever sell them. The money is in the wild permanently.

    The other way the Fed creates money is by letting regular banks sell loans.

    Banks have an account with the Fed bank just like you have an account at the bank. It even pays interest. Presumably this is supposed to come from USD debt payments out of taxes. However, it’s actual physical bills. No ledger-only stuff.

    The Official reserve is like 10%. To lend out $1000, the bank needs to have $100 in their Fed account. The market, therefore, sees $900 extra dollars.
    However, banks are allowed to use ledger-entry deposits to make loans too. Not all of them, only like 90% of them or something, but that means the maximum amount of dollars in circulation relative to physical bills deposited at the Fed is about 100:1. Bank A makes a loan, which is spent and ends up as deposit in Bank B. Bank B can’t tell whether it’s a loan or not, they just see more reserve, so it loans it out again. The depositor isn’t informed, meaning the depositor and the new debtor can both spend the money. They’re deposited in Bank C. Which means two more depositors and two more loans…

    Lowering interest rates lets more customers buy loans, meaning it creates more money, and therefore debasement, and therefore inflation. Raising interest rates restrict inflation, as long as they don’t cause too many defaults.

    Because the bank is loaning money it doesn’t have, it electronically poofs ledger money into existence and lends you that. This is what ‘debt-backed’ means; the money is supposed to have value because you owe it to the bank. If you pay back the principal it poofs out of existence again. Your debt to the bank is mirrored by the bank’s debt to itself. (Supposedly this satisfies double-entry bookkeeping.) However, the bank keeps the interest. It doesn’t charge itself interest on its debt to itself. For some reason.

    Steve Keen is largely a Communist but he’s right about this: if everyone paid their debts the banks would end up with all the money. They poof $100 into existence but you owe them $105. Where does the extra $5 come from? It can’t be another debt. If you counterfeit more then you only owe the bank even more extra dollars. It has to be real money.

    This is another major reason for strain on the financial system. As folk pay interest on their debts, money (except at banks) becomes more and more scarce. The interest is harder and harder to pay.* Eventually someone defaults.
    When someone defaults, the bank still keeps the interest and they forgive the debt to themselves. This means any leftover principal becomes real-ish money. It’s still a ledger entry, but it’s not debt-backed. The money has escaped into the wild. This causes inflation.

    *(This can either cash out as the Bank buying stuff and thus keeping the money constant but non-bank wealth decreasing, causing inflation, or as the banks using the interest as new reserve for loans, increasing the money supply, causing inflation. Alt: if everyone has a loan, they only have $95 dollars to buy things that still cost $100, because they have to save $5 for the bank.)
    (Every time someone defaults, that basically means they stole from the bank. But the bank poofed the money into existence; it wasn’t their money. It was yours. Banks win either way, they merely win less if you make fewer interest payments.)

    The Fed exploits the lag in this system to make it seem like it’s not just stealing from everyone. “I totally managed the economy,” said post hoc ergo propter hoc.

    There’s a nice demand shock from a burst of new loans, which will encourage new production, but nobody can afford the extra production long-term, so, gluts. The bust happens because the boom was fake and/or sodomy. Malinvestment, waste, wealth destruction. This destruction is allocated unevenly based on local microeconomic conditions, which causes further price derangement, thus further malinvestment and destruction. All because SVB wanna get paid and are allowed to spend money they don’t own (or even existed before) to do it.

    Most likely I’m missing one or two other serious shenanigans. These ones are quite enough, though.

    But e.g. the Fed can just print physical bills and buy things with them. They normally don’t (officially, at least) but they can.

    • Replies: @MGB
  85. Dumbo says:

    Better than those dumb NATO bitches though. Gnome saying.

    • Replies: @36 ulster
  86. @SafeNow

    “Not only is Russia’s defense minister (your photo) a serious guy. He speaks nine languages, including Chinese and Japanese. And he goes fly fishing. The U,S. counterpart is serious, but I doubt he speaks nine languages.”

    United States Secretary of Defense, lets give him a name.

    Lloyd James Austin III

    born August 8, 1953

    Griggs versus Duke Power 1971

    • Agree: Bubba
    • Thanks: Rich
  87. @Atlanta Man

    Abraham was 12% Yankee, Benjamin 100%.

    • Replies: @Wade Hampton
  88. 36 ulster says:

    Even some of the self-styled savants here at Unz believe that the seeming stalemate is indicative of Russian weakness. I believe that Russia has occupied most of Russophone Ukraine and thus far is content to let the Ukies channel Sir Douglas Haig (apologies to the old Field Marshal) and dash themselves on the rocks of the solidly Russian Donbass. Putin, Lavrov and Shoigu know that the Ukrainians are also nationalistic, and occupying Ukrainian areas would be foolish; they don’t have the forces to do so. Russian conscripts are supposedly forbidden from offensive actions unless a formal declaration of war is issued. Such an initiative might escalate things, thus the “special military operation” and the “proxy war” we have today. Sooner or later, the Ukrainian “government” will have to settle for peace–hopefully before Zelensky and his globalist handlers have expended the last able-bodied Ukrainian. The Russian forces and their overlooked Novorossiya militiamen are well dug in and positioned, and they’re backed up with massive and accurate artillery. (neither side seems to have used tactical airpower very effectively). The Narrative(tm) hasn’t been leakproof; the essays and interviews of Doug MacGregor, Larry Johnson, and retired Swiss Colonel Jacques Baud have seeped through, regardless of the inevitable attacks on their motives. Peace. Now!

  89. @Currahee

    A society ruled by clown insanity has got to be nearing a climactic flash point. Exactly what sort of “bang” will follow I don’t know.

    Nah, a long, drawn-out whimper. Greece has been in decline for 25 centuries now. Mesopotamia and the Italian peninsula occasionally rebound, but they are exceptions, and it doesn’t last.

    • Agree: Alrenous
  90. @SafeNow

    The U,S. counterpart is serious,

    Thanks for the laugh. I do enjoy well done satire.

    • LOL: acementhead
  91. ziggurat says:
    @Achmed E. Newman

    The People Of Competence are the most marginalized minority.
    And we’d all benefit if they received extra representation in all positions in the West.

    Maybe we can do a judo throw on the DIE attackers by promoting victimhood status for the new acronym POC (people of competence).

    • Replies: @MGB
  92. MGB says:

    I’ll have read through this again, but it seems a bit ‘bank heavy’. What about of the influence of asset management companies like Blackrock. According to Wikidata, it went from billions to trillions of assets under management in about 3 years ( 2018-2021 ). Right now it is circling Credit Suisse, says the FT.

    • Replies: @Alrenous
  93. @Atlanta Man

    He said naming a county “Lincoln” was proof that part of Georgia was pro-union.

    Lincoln County, Tennessee is about five counties west of East Tennessee counties such as Blount that did vote against secession. But they weren’t “pro-Union” either. They just hated the planters even more– because the planters liked their blacks, and the hillbillies decidedly did not.

    People get everything about this period backwards. I’m an ACS guy, and everyone else looks like a race traitor to us.

    BTW, I learned about these Lincolns by researching our old Honda van. It was one of the last US-marketed models not built in Alabama, but in Japan. (And “aimed” in my comment was supposed to be “named”, but got autocorrected.)

  94. martin_2 says:

    Weren’t there those clubs in England where the gentlemen would go and dress as ladies

    Were there? I have never heard of this.

    , not to mention pantomimes and, well, Monty Python?

    And Benny Hill. Just humour and the men looked ridiculous and nothing like real women.

  95. MGB says:

    The People Of Competence are the most marginalized minority.

    I stopped following iSteve’s ‘Master and Commander’ thread at some point, so I don’t if it was mentioned, but that is surely part of the appeal of M&C, the nostalgia for male competence, just like another of my favorite movies, ‘A River Runs through It’. In that movie it was the mastery of the art of fly fishing and language, and more generally the art of self discipline.

  96. DanFromCT says:

    . . . blatant howlers like liabilities listed as assets which can back loans, and they casually back $100 with $1 . . .

    Oops, you’ve lifted the fig leaf by pointing out that the supposed 10% reserves are in actuality largely made up of liabilities. If I’m not mistaken, there often isn’t even $1 backing up $100 in loans and instead nothing but other financial institutions’ liabilities used ad infinitum as reserves. The big wobble could be right around the corner, given that the US government is now an enemy within.

    • Replies: @Alrenous
  97. @Hang All Text Drivers

    Due to the destructive nature of this ideology, it might well be termed “IED”.

    • LOL: Alrenous
  98. RVIDXR says:

    As someone who wants to see the current kosher nostra run system collapse I can say without a hint of irony that diversity is our strength.

    • LOL: Alrenous
  99. TKK says:

    It is already happening- even at the Mayo Clinic.

  100. Agent76 says:

    June 9, 2015 Iceland put bankers in jail rather than bailing them out — and it worked

    How did Iceland pull it off? Let the banks go bust! We For starters, rather than scrambling to mobilize public resources to make sure banks didn’t default on their various obligations, Iceland let the banks go bust. Executives of the country’s most important bank were prosecuted as criminals.

    Reject austerity!

    May 21, 2013 Why the whole banking system is a scam

    Godfrey Bloom MEP • European Parliament, Strasbourg, 21 May 2013 • Speaker: Godfrey Bloom MEP, UKIP (Yorkshire & Lincolnshire)

  101. @Petermx

    Ursula Von der Leyen or will it be Chrystia Freeland–the box who replaces the Big Boss Man at NATO-Jens Stoltenberg ( gave direction and inside support to Nord Stream 2 –explosions).

  102. Alrenous says: • Website

    Did you know Harvard just kinda doesn’t pay taxes? Again it does fancy accounting to make this seem less egregious, but basically all your stock market returns are less taxes and theirs aren’t. They break even at dramatically lower returns than you do. It’s very possible for all 401(k)s currently paying out to lose money, for example, while Harvard rakes in cash.

    Harvard is allowed to pass this onto entities it ‘invests’ in. In other words if you’re all DIE and thus Harvard likes you, you can get tax-preferred status while your so-called competitors, doing the same work in the same field, don’t. E.g. what if Harvard invests in induction stoves but not in gas stoves? “Oh gee I guess the free market chose induction stoves. They’re cheaper!”

    Did you further know that monopolies often lose money? The ability to charge monopoly rents seems to attract incompetent managers and it turns out they need the monopoly rents to avoid instantly imploding. Blah blah waste and graft etc.
    Likewise these Harvard investments are amusingly low-yield. Instead of sharp operators raking it in by essentially arrogating taxes to themselves, they use the additional money to…fail anyway because their efficiency and product suck that much. Like SVB. But they almost didn’t fail, you see. Certainly someone makes money in the short term, just not you.

    I’m fairly sure Blackrock is the Fed’s personal money-launderer. Merely one of the ways they print money and give it to themselves quote-unquote legally. That or Vanguard.

    Maybe it’s complicated, or maybe it’s simple: the Fed uses QE on Blackrock assets. Blackrock then agrees to swap the dead QE assets for, you know, real assets such as apartment complexes or something like that. Result: Blackrock execs cash out some options using QE money, and then Blackrock the institution eats a hit anyway, while the Fed now owns American land it’s not supposed to be able to just sell to itself.
    Normally this swap would interest the SEC, but the SEC knows not to piss off Jerome Powell by doing anything silly like enforcing the law in his direction.
    Blackrock is totally fine with this knowing if it ever makes a genuinely risky play and fucks up, the Fed will bail it out. Very much a “not my money” situation. It pays the jizya.

    Warren Buffet’s secret sauce is clearly insider trading. Maybe he’s “encouraged” to invest in Blackrock to keep the illegal information flowing. Blackrock can then use Buffet’s money to hold assets on behalf of Powell or however it works exactly.

    Maybe Harvard invests in Blackrock so they have better returns because it’s tax-free, which attracts money away from boring old ‘fair’ investments.

    Shenanigans are guaranteed.

    You mentioned assets. Asset prices suck due to legalized counterfeiting and sodomized Communist interest rates.

    Because of the counterfeiting, you don’t want to hold dollars. Paper money is constantly trying to return to its natural just price of 0. You want to hold debt instead, as per the wealth furnace I mentioned above.

    Result: most asset demand is in fact monetary demand. They don’t value the assets, they just wanted to park some cash. And it’s all on leverage. As much leverage as they can legally manage.

    Result: when interest rates approach the market interest rate, even slightly, all these sharp operators have to de-leverage. Causing an asset price crash. 401(k)s are generally not leveraged, so they get left holding the bag. This means regular folk feel poor and stop buying things, which means factories have to close down. Meaning, due to all this leverage, due to all the ‘cheap money’ i.e. stochastic Communist inflation-theft, interest rates are linked to whether factories can go on making stuff and thus real wealth.

    In this case the theft is also all concentrated around rate hikes and other corrections, meaning it always produces the sharpest economic shock they can muster. Shocks derange the price system and cause further illegitimate factory closures.

    In short money is outlawed and you’re only allowed to buy toilet paper one way or another. Folk are literally buying warehouses full of toilet paper equivalents and making sanitary textile factories equivalents see all this anomalous demand. Then they want to sell all the warehouses of toilet paper, and the factories, with new production, can’t compete with firms based on selling stockpiled inventory. So the factories go out of business. When the inventories run out, more money has to be wasted re-building the loo roll factories. All this so the politically-connected can use the stock market to steal money from folk trying to save for retirement. (It would be literally literally toilet paper but warehouses cost money, so if you’re doing futures you do something with better density.)

    Which is why Americans are constantly exhorted to save more, and constantly are like, “Ummm, but why tho?” They don’t really get it intellectually – 401(k)s are not zero – but they sufficiently sense that saving money is nothing but a way to get jacked by inflation and the system generally. Instead they max out their credit cards…which actually charge free-market interest rates. Sort of the right idea, but…

  103. Alrenous says: • Website

    Recently the Fed decided that if expenses ever exceed revenue, it will print money to pay for itself backed with imaginary securities.
    The Orwellianism is [deferred asset]. “Well, we intended to buy an asset, and we will list this intent as a real asset.”

    Imagine selling DanFromCT coupons. “Yeah, they’re backed by DanFromCT.” “What, like your assets?” “No, by me personally. Sheer force of personality.” Then you issue them to yourself. “By the way, let me borrow real money against these Dan assets I’m holding on my own books.” “Sure Mr. CT, be our guest.”

    Of course the only reason they ever needed to sell assets was to make up for operating losses. I guess the idea it to confuse folk with financial bafflegab, and apparently everyone is fine with this. You’re supposed to run out of mental RAM trying to trace the trail and forget critical details before you get to the end.

    If the Fed needs to sell a [deferred asset] to pay expenses, it will make a [deferred asset] to print money against, then buy a real asset, sell it again, and use that “real” money to pay the expense. Net result is the balance sheet will have even more deferred assets, due to what used to be known as the [burying the corpse] problem.

    (You can make book gains by buying a substantial fraction of a market cap, thus driving up the price due to your own demand. Which the Fed certainly has the inertia to accomplish. However, you always lose money selling it again, due to bid-ask spreads and the broker fees. Luckily the Fed never intends to sell any substantial fraction of its assets, due to knowing in advance it’s not priced correctly on its books. Jerome Powell doesn’t have anything to worry about. If he really fucks up he can retire, like Fauci.)

  104. Mactoul says:

    It is no kind of Indian name.

  105. @SafeNow

    Lloyd Austin puts on a face mask, a face shield and does Darth Vaxx impressions while reviewing troops.
    The bottom of the face shield splayed outwards giving a very good Darth Vader impression.
    Twice at least I believe, somebody didn’t bother to tell him he looked ridiculous wearing that faceshield.

  106. Petermx says:
    @Wizard of Oz

    I kind of agree with you, in that those women are not the only incompetents, the European Union is overrun with incompetents. But, I can also see any one of those smiling women having arranged a similar stupid photo op to show that a glass ceiling has been broken and women can now be a country’s defense minister. They don’t object to that. I can’t speak for all of them, but I would guess most or all of them have little or no experience in the army whatsoever. I just looked at von der Leyen’s bio and I see no mention of her ever being in the army or attending the German military academy, or having any training or qualifications whatsoever to be the country’s defense minister. I expect it’s the same for the others too. But, in Germany’s case, her former enemies think von der Leyen is the right woman for the job. Germany will never rise to be a dominant power again with people like Scholz and von der Leyen in charge, and at the same time Americans can complain that Germany isn’t pulling its weight. This is what they wanted.

    And they do share blame. I can easily see any one of those women hiring incompetents too, to have the first female, Muslim or whatever “ceiling” is to be broken next. Also, if you have zero experience in something, it would be very admirable to point out to the idiot hiring you, that you might do a better job in another position.

    • Agree: irish Savant
    • Replies: @Alrenous
  107. @GomezAdddams

    Activity looks like profitability. same for an office or a factory as a bank.
    Many people have worked in factories where bosses descended from but one step removed from the original founders, nothing changes due to fear of failure, a lack of talent for planning, barely anything gets updated or changed, just a long slow atrophy until catastrophe and receivership.

  108. Go woke go broke.

    • Replies: @Ron West
  109. @Petermx

    Sometimes a picture is worth ten thousand words.

  110. Luke 13:4-5
    4 Or those eighteen on whom the tower in Siloam fell and killed them, do you think that they were worse sinners than all other men who dwelt in Jerusalem? 5 I tell you, no; but unless you repent you will all likewise perish.”

    • Replies: @Alrenous
  111. @CelestiaQuesta

    Fair enough CQ,but Derb seems to be punching down on the low viscosity folks.
    It might be hard to prove that gender fluidity is the cause of poor financial skills.Obviously they were hired because it was the woke thing to do;to hell with the company shareholders.

    We should be compassionate toward those who are gender-confused.How would you like to wake up each morning and ask:
    Panties or boxers?
    Jock itch or yeast infection?
    Powder nose or shave?
    Boots or high heels?

    Life should not be so complicated.

    • LOL: Achmed E. Newman
    • Replies: @bike-anarkist
  112. @Reg Cæsar

    Abraham was 1oo% traitor (Article III, Section 3 — “Treason against the United States, shall consist only in levying War against them…). Benjamin was 100% patriot and secessionist (from Great Britain).

  113. @Gordo

    Assuming a U.K. bank account holding population of ~35,000,000, a national bank failure/run would need ~£3,000,000,000 to make those ~35,000,000 depositors whole. How likely is that?

    • Replies: @Gordo
  114. @Mark G.

    His (Charles Murray’s) libertarian policy prescriptions often take into account the reality of racial differences.”

    How could it not? How could there be different races, if there were no racial differences?

  115. @Vinnyvette

    I’ve been following “the Derb” for years, has he ever engaged with his audience? I’ve never seen it.

    I’m not a very devoted reader and certainly no fan, but neither have I. (Yet he has occasionally posted comments under other TUR articles.) I do remember Mr. Derbyshire writing at least one column that was derided by several commenters, failing to reply, and then using a subsequent column to counter a distorted version of the criticism he’d received.

    Relatedly, someone named MEH 0910 routinely spams in TUR threads Mr. Derbyshire’s material published at VDare but will never engage, either.

  116. Alrenous says: • Website
    @anno nimus

    Those who repent will die anyway, of course, in the same bodily way that happens as when a tower falls on you.

    Likewise those who don’t need to repent will die anyway.

    Tricky. Sophisticated.

    To repeat but this time explicitly, note the implication that all need to repent. Egalitarianism: one person is a sinner, therefore, everyone is a sinner. God is apparently so great that by ‘all are equal before me’ he means he’s just too dumb and blind and literally can’t tell the difference. Indistinguishable, like one electron from another, from where he’s standing.

    Denying that God is blind or stupid is, apparently, blasphemy.

    Does it seem mysterious that that towers fall on those who believe in this sort of thing?

    • Replies: @24th Alabama
  117. CCG says:

    “Ersapah” is a surname found among Hindus in Mauritius, so it’s probably the misspelling of an Indian surname.

  118. Gordo says:

    That would run the NHS for six days.

  119. @Chebyshev

    This has been coming since (pick your year). Creation of the FED in 1913, going off Gold Standard (and onto Petrodollar) in 1971 (after a trial in 1933), the abolition of Glass Steagall allowing mixing of deposits and casino investments in 1999, the pumping of $29 TRILLION into Wall Street between 2008 and 2012 ( ) and continuing tax breaks for the Rich with almost every President (recently temporary with W Bush, made permanent by Obama, and the Trump bipartisan “regulatory relief” act of 2018, which the state media wants to claim as the main cause. BAD TRUMP.) Like military funding, and despite their jockeying and dissembling, all money in America goes eventually to the banksters, either directly or more often, indirectly, no matter what Congress creatures or the State Media stenographers say. The system works as intended.
    Sheila Bair, former Chair of the FDIC, has noted the massive Regulatory Capture (exemplified by Tim Geithner during the 2008 to 2012 bailouts) at the top of the American banking system. Much as with America’s justice system there are those Above the Law, and the rest of us, the hoi polloi who must be constantly beaten.

  120. @CelestiaQuesta

    Is WOKE code for hate heterosexual white males and females.

    You almost had it right. The entire woke phenomena is driven almost exclusively by white college grad “ I won’t say educated,” women!

    • Replies: @CelestiaQuesta
  121. @Vinnyvette

    I did not use the correct word to describe Sailers often trite, dismissive replies.
    Condescension is a little too harsh.
    He is also extremely reluctant to admit when he’s wrong; I.E., the hammering he took over his position on the Covid fiasco. Where even a lot of his staunch supporters locked horns with him.
    I had been watching for years, and began commenting there at that time, and just had to walk away. I’ve recently returned.

    • Replies: @OilcanFloyd
  122. @Notsofast

    I didn’t assume any argument – I was just putting that in for the record. Thanks.

    • Replies: @Notsofast
  123. @Currahee

    Putin isn’t running around in olive sweats sayin: “Gimme, gimme, gimme some more.”

  124. Ron West says:

    Go woke go broke, get rescued by the government.

  125. I ask my Chinaman neighbor what he thought of “Diversity, Inclusion, & Equity”, and this is what he said, “Yoo Soo Phuc….Yoo goo die…Yoo noo hav bang bang froom wang wang”.

  126. @Vinnyvette

    White WOKE women sadly and unfortunately have been indoctrinated into believing blacks/LGBTiQP+/Jews/women/ are victims of white supremacy who therefore must be sacrificed for the better good of the great reset/NWO ruled by Deepstate Jewish Oligarchy.

    While observing Hollywood/media/tech giants/CIA control over venerable minds, there’s still a light on the horizon, and that’s the millions of new patriots globally knowing any real pushback (((insurrection?))) coming will be fought until the end and they win back what the framers fought to defend.

    In short I see a global uprising to defend sovereignty, culture and safety of citizens around the world. The globalist parasites who have forced mass immigration into their homelands will be slaughtered and impaled at their individual capitals as a warning to NATO/US/EU/UK/Israel MIC to stand down or face annihilation by the people.

  127. @Alrenous

    God is unknown to you and yet you speak of Him?

    • Thanks: Alrenous
    • Replies: @Alrenous
    , @bike-anarkist
  128. @Vinnyvette

    I did not use the correct word to describe Sailers often trite, dismissive replies.

    I’d like to see the posts that are trashed by moderation. I’m sure that many are just fine, and that the conversation would be quite different and not worse without the moderation.

    • Agree: HammerJack
  129. Alrenous says: • Website
    @24th Alabama

    I said:

    Denying that God is blind or stupid is, apparently, blasphemy.

    Alabama here kindly makes himself an example, for demonstration. Christians demean the divine and try to bully you into silence if you find this questionable.

    I find standing too close to them is hazardous. The consequences of their behaviour isn’t always well-contained.

    • Replies: @Alrenous
    , @24th Alabama
  130. @CelestiaQuesta

    You, my friend, should join the John Birch Society, if you are not already a member. I agree with your comment, especially that last paragraph. That’s pretty much what their magazine, The New American, is all about. I am a member, but I should have joined up at the beginning, ‘cept I wasn’t born yet.

    The magazine is on-line too, of course.

    • Thanks: CelestiaQuesta
  131. @CelestiaQuesta

    The Sailer gang, for as much as HBD and the black problem is discussed ad nauseum over there, will not acknowledge that college grad white women are the driving force, not only for the denial of race realism, but for the entire woke agenda. The worship of blacks, the LBGTQ hysteria, cancel culture, the attacks on free speech, are add on extensions of third wave, radical feminism. Since feminism has accomplished everything it set out to do and more, we now live in a “fem centric” society, academia, the MSM, and govt, need to continually add new classes of victims to; justify their jobs, vilify white men, keep the culture war “hot,” to destabilize the country, and completely demolish white, European, Christian civilization.
    They’ll call out for ridicule individual white women, but do nothing but white knight for women as a group.
    Blacks and white leftist men have zero power to push an agenda without the political clout of white women.
    Black advocates of blacks, white male advocates of trans men would not have a platform to complain without the megaphone of white women.
    Sailer and the gang may be race realists, but are completely blue pill regarding female academics inventing “woke” from whole cloth.

  132. shale boi says:

    What are the odds they were a McKinsey client?

    I say this as a former member of The Firm.

  133. anon[378] • Disclaimer says:

    RE: Is DEI Bringing Down the Banking System?
    Yes (absolutely), especially given ’dei’ is just an cancerous outgrown of ‘affirmative action’, which has been metastasizing for decades (since 60s):
    – infecting SCOTUS with the likes of ‘kbj’ who can’t even define what a woman is, but is deemed fit to be a supreme court justice
    – secular canonization of ‘saint-george-floyd’ who OD’d while resisting arrest, for which a good cop was sentenced to life imprisonment
    – ‘blm’ burning down city after city in ‘mostly peaceful protests’
    …and on & on & on, so it’s just a matter of time before this satanic-insanity takes the ENTIRE country down too.

  134. aandrews says:

    Timestamp 15:38, “This bank [Credit Suisse!] is out of money.”

  135. P.T. says:

    Notice all the near collisions of airliners lately. This was predicted when more diversity was pushed for in the hiring of air traffic controllers.

  136. @Vinnyvette

    Men have forgotten that the same year congress voted to grant these crazy feminazi’s bwitches the right to vote (1920), was the same year these despicable hags imposed prohibition on men for thirteen years, taking away our right to have a well deserved drink of alcohol at the end of a hard working day.

    Now these same white feminazi bwitches want to impose every form of punishment on heterosexual white male and females to prove to the scum of humanity they’re WOKE by allowing anarchy and a mass invasion of third world criminal trash into our towns and cities to rape and torture our young boys and girls with impunity.

    This will not end well.

    • Replies: @Gvaltar
  137. @Vinnyvette

    Feminism is the root cause of every social pathology in Western civilization, from obesity to drug abuse to public debt to freakish sexual identities. Violate the natural order of things and chaos follows.

    The irony is thick. It is women, White women, that will suffer the most when the West falls, but they are doing everything possible to encourage it.

    I’m long past having any sympathy. They will get what they deserve.

    • Agree: Vinnyvette
  138. anon[488] • Disclaimer says:

    Always scroll 2 the end or articles on (((Unz))) 4 the punch lines =)) . . .
    “The head of global markets at Credit Suisse is a mentally ill “gender fluid” man who sometimes believes he wakes up as a woman.”
    = It will B funny when ads all over joo toob ‘promote’ every (((Brand))) via gay pedophile sex scenes & beastiality & necrophelia ~ or maybe all 3 in 1 ad, + the ‘interracial’ (always with blackies) couple thing = like ‘buy our razors because this black guy is ramming his weenie in the butt of some white boy he just murdered’ or ‘buy this car (goy) because the white girl is getting fuk’d by her dog (in the video, extra ‘enrichingly’ graphic =)) U all know it’s coming! All over your face! =;-o That’s joo ‘magik’ = just sprinkle jooz on any ‘civilization’ & eventually U get not just gay ‘marriage’ & ‘gender fluid’ nonsense, but every other form of ((($atanism))) U can possibly imagine. Thatz jozt wat jooz DO, by their own admission ~>
    Is necrophelic bestiality even illegal? Jooz R certainly trying 2 legalize pedophelia & stuff ~ not 2 imply 13 or whatever ‘biologically adult’ age is ‘gross’, but ‘pre-pubescent’ is certainly ‘deviant’. Note in most of Mexico (just 4 example) the ‘legal age’ is around 13. That’s when humans R adults. The rest is fake (((Programming))) 2 artificially restrict the birth rate of ‘the goy’ (whites, etc.), so America can B flooded with Mexicans 2 crush them (so jooz can rob everybody easier). It’s all a ((($kam))) =P Whatever the case, don’t break laws. If U don’t like the laws, try 2 change them through the legal process, like ‘outlawing jooz’ would B a GR8 1 =D Imagine how many problems that would fix = about half of them, world wide at least! =;-o

    • Replies: @Alrenous
  139. Alrenous says: • Website

    Important, note that the glass ceiling is not broken. Women are allowed to play at defence minister if and only if defence minister has become irrelevant.

  140. Alrenous says: • Website

    Empirically, standing near the Amish doesn’t appear to be that hazardous. They don’t catch divine wrath, or at least not seemingly every other week.

    Are the Amish not Christian? 🤔

    Or do we have to say Yeshua of Nazareth wasn’t Christian? 🤔

  141. Alrenous says: • Website

    Oh oops I accidentally deleted ‘anon’ from my ignore list.

    That was dumb. Oh well, it’s back now.

  142. @Gvaltar

    Let me help with its meaning.

    im·​pose im-ˈpōz
    imposed; imposing
    Synonyms of impose
    transitive verb
    : to establish or apply by authority
    impose a tax
    impose new restrictions
    impose penalties
    : to establish or bring about as if by force
    those limits imposed by our own inadequacies
    —C. H. Plimpton
    : to force into the company or on the attention of another
    impose oneself on others
    : PLACE, SET
    : to arrange (type, pages, etc.) in the proper order for printing
    : PASS OFF
    impose fake antiques on the public
    intransitive verb
    : to take unwarranted advantage of something
    imposed on his good nature

    • Replies: @Gvaltar
  143. Gvaltar says:

    Women imposed something, men didn’t go along willingly?

    • Replies: @Vinnyvette
  144. @Gvaltar

    Women imposed something, men didn’t go along willingly?

    Unfortunately, weak men failed the worlds biggest shit test.

    • LOL: bike-anarkist
  145. @Alrenous

    Thanks for your reply.

    Few people make it through life without tragedy or heartbreak.The “towers”can fall on anyone without regard to their virtue or repentance.Christians believe that God wants us to act in an ethical way but God himself is a mystery to all men.Judging God is the ultimate hubris,so no believer would ever”demean the divine,”in your words.

    Of course,I agree with those who say that the existence of God cannot be empirically proven but I find other explanations of existence to be less credible.

    • Replies: @Alrenous
  146. Alrenous says: • Website
    @24th Alabama

    Christians believe that God wants us to act in an ethical way

    Such as using spaces after periods and commas, at least in English.

    Judging God is the ultimate hubris

    So Christians should stop doing it. That is, unless they’re trying to be vicious on purpose.
    Have to edit the Bible tho, so have fun with that.

    so no believer would ever”demean the divine,”in your words.

    Thus we see Alabama does not believe Alabama is a believer. Um…okay? Nor anno nimis.

    I agree with those who say that the existence of God cannot be empirically proven

    I don’t. Sounds like atheist talk to me. Ref, above: not a believer.
    Demeans the fake god they don’t believe in. Consistent.

    • Replies: @24th Alabama
  147. No, capitalism is simply a failure and doesn’t work. It would still be a failure and not work even if white losers like the Derp were wage slaving at the bank managing their risk.

    • Troll: Achmed E. Newman
    • Replies: @anonymous
  148. anonymous[377] • Disclaimer says:

    Are you sure it’s capitalism ?

    • Replies: @Hulkamania
  149. @24th Alabama

    At least not wake up and ruminate:
    “Front hole or rear hole?”

  150. @24th Alabama

    You don’t know god either!
    You have only hallucinated on mental thought processes.
    To know God is to not say.

    Notice the two spellings of God/god…

  151. @SafeNow

    Keep using it.
    Also, keep using the word “niggardly”.
    Anybody offended?
    Tell them go and “Fornicate Under Consent of the King” themselves.

  152. @Alrenous

    Thanks for pointing out my type-spacing problem. I shall strive to improve.
    Now let us turn to the sad part, your serious personality disorder. You are damaged goods, consumed by anger which leads you to be hypercritical of others and distorts your ability to reason.

    Only God can help you but you must be humble enough to ask.
    I wish you well and hope you realize that I am sincere.

    • Replies: @Alrenous
  153. Notsofast says:
    @Achmed E. Newman

    here’s an update, note that the bondholders get burned but the shareholders are made whole at public expense.

    • Replies: @That Would Be Telling
  154. anonymous[377] • Disclaimer says:

    What is capitalism?

  155. @Notsofast

    Never heard the Credit Suisse stockholders were “made whole” and your source doesn’t say that, just says they got some UBS stock in return for their stock. As I recall one share for something in the high twenties of Credit Suisse shares.

    From what I’ve been reading, including claims of specific language, your source is unaware of the fine print of the (or some??? See the waterfall diagram at the link) AT1 bonds for Credit Suisse and UBS, they explicitly are junior to stockholders. Which is very much not the norm, and per this and other sources AT1 bonds are now generally being viewed as much more risky than before.

  156. Alrenous says: • Website
    @24th Alabama

    I am damaged goods, consumed by anger

    I’m sorry to hear that. That does sound very unpleasant.

    which leads me to be hypercritical of others and distorts my ability to reason.

    Oh I see. That does explain it.

    Since you know exactly what the problem is, doesn’t that mean you know exactly what you need to do about it? What are you so angry about?

    Only God can help me but I’m not humble enough to ask.

    Oh. Ouch. Oof. Bit of a bind there.

    Well, I repeat: I’m sorry to hear that.
    Or are you one of those pro-suffering types? Christianity is known for being a slave morality. Should I be congratulating you?
    Uhhh…you’re welcome?

    I wish you well

    Then stop lying to me?

    and hope you realize that I am sincere.

    What are you so angry about?

    Note that you call also just ask me. I can’t help, but I will in fact tell you what I’m thinking. You don’t have to make assumptions.

    • Replies: @24th Alabama
  157. @Alrenous

    Let’s try that again, but first I want you to put down the crack pipe, organize your thoughts and avoid being incoherent. Even your disjointed gibberish must be presented in logical and intelligible sequence, with
    zero tolerance for syntax drift.

    This will be a novel adventure for you but try to steer clear of blather and inanities.You have already shown the gift to be simple, so being concise should come easy for you.

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