The Fed wants you to believe that neither its negative capital nor its giant losses matter because it is the Fed and can print money. But it does matter because the Fed’s losses will cost not only it, but also the Treasury and the taxpayers, over $100 billion this year.

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It's easy to see why many young people don't find military service especially enticing. The U.S. military lost in Iraq and Afghanistan, and the usual regime propaganda may not be working anymore. But we'll only know the full extent of the "problem" once unemployment starts to go up.

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