Guest Article: Federal Reserve’s “Net Worth” Collapses 33% in Two Weeks, by Simon Black (Sovereignman)
In case it weren’t completely obvious how completely screwed up the financial system is, please allow me to introduce Exhibit A: the Federal Reserve’s own balance sheet. First, we need a quick accounting background, and stay with me, because this is important. Think about your own finances. You, me, everyone… we all have assets and liabilities. Your assets might be things like cash, your house, car, baseball card collection, et cetera. And your liabilities are loans, credit card debt, et cetera. The difference between the two can be thought of as your “net worth”. Hopefully, it’s positive, i.e. your assets …