Comments by "k98killer" (@k98killer) on "Styxhexenhammer666"
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In Florida, we have a law codified in our statutes explicitly authorizing sheriffs to deputize a posse comitatus of citizens to suppress riots. Maybe that historical role of galvanizing the community against hell raisers is why the left hates them.
Edit: it is 30.09(4)(e-f), granting exceptions to bond requirements for deputization in certain scenarios: "(4) EXCEPTIONS.--This section does not apply to the appointment of special deputy sheriffs appointed by the sheriff: ... (e) To aid in preserving law and order, or to give necessary assistance in the event of any threatened or actual hurricane, fire, flood, or other natural disaster, or in the event of any major tragedy such as an act of local terrorism or a national terrorism alert, an airplane crash, a train or automobile wreck, or a similar accident. (f)To raise the power of the county, by calling bystanders or others, to assist in quelling a riot or any breach of the peace, when ordered by the sheriff or an authorized general deputy."
A competent sheriff is a real community leader rather than simply someone who wields power. This is why the left hates the sheriffs: they believe in wielding power without any leadership responsibilities.
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Here's an outline of what has happened:
1. Fed and Treasury print up trillions of dollars of funny money. Fed drops reserve ratio requirement down from 10% to 0%.
2. Banks get flooded with deposits via Federal Reserve balances.
3. Deposit liabilities have costs due to regulations and FDIC insurance premiums, and reserve balances pay nothing, so the banks buy securities with 0% credit risk rating (bonds, TSYs, MBSes, and agency MBSes) to cover the costs of holding the customer deposits.
4. Fed says they will keep rates at 0% forever ("We're not even thinking about thinking about thinking about raising rates" - J-Pow, 2021), and money supply continues to expand, so bank treasurers don't hedge duration risk.
5. Inflation spikes, so Fed raises rates at fastest pace in history, tanking the market clearing prices of securities.
6. Banks move their securities into the held-to-maturity bucket to avoid recognizing unrealized losses.
7. Broad money begins to contract at fastest rate since the Great Depression. Banks now need to sell their securities and realize losses to settle deposit withdrawals.
8. Realized losses exhaust capital of some banks, causing them to go bankrupt.
[We are here.]
9. Federal Reserve goes bankrupt in late March/early April because their realized losses on their assets and net interest expense ($39.8B as of 2023-03-13) exceed their total capital ($42.5B). What is the value of a dollar when it is by definition worth less than a dollar?
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