This is Fine

This is normal. Nothing to see here. Carry on.

Central Bank Liquidity Swap Operations
These swap facilities are designed to improve liquidity conditions in global money markets and to minimize the risk that strains abroad could spread to U.S. markets, by providing foreign central banks with the capacity to deliver U.S. dollar funding to institutions in their jurisdictions. The New York Fed undertakes certain small value transactions from time to time for the purpose of testing operational readiness. The results of the central bank liquidity swap operations and small value exercises of the central bank liquidity swap lines are published on a weekly basis when conducted.

Transfer to Swiss National Bank 10/05/2022 10/06/2022 10/13/2022 7 3.33 3,100,000,000

Now, why would the Federal Reserve be loaning $3.1 billion to the Swiss National Bank? Oh, yeah, I suppose that just might be why.

Credit Suisse Group AG may be facing a capital shortfall of up to 8 billion Swiss francs ($8 billion) in 2024, according to an analysis by Goldman Sachs Group Inc, underscoring the difficulties the troubled lender will face is it approaches what will likely be an extensive restructuring. Given the lender will need to restructure its investment banking operations during a period of “minimal” capital generation, it will face a shortfall of at least 4 billion francs, according to a team of analysts

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The Email

If you got the email, then you know exactly what I’m referring to. I’m going to be addressing this on tomorrow night’s Darkstream and providing significantly more detail than you’ve presently got, so please sit tight, keep your cool, and wait until you hear exactly what has happened, what the ramifications are, and what we’re planning to do about it.

Remember, the Ride Never Ends.

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Skin in the Game

The September-October Castalia Library book is SKIN IN THE GAME by Nassim Nicholas Taleb. It is an excellent work, second only to ANTIFRAGILE in my opinion. Subscribers will also be able to purchase the fourth book in the leather INCERTO collection, FOOLED BY RANDOMNESS, at the subscription price. All four books are being designed to work together as a set, in the mode of the three Aristotle books.

A few notes concerning Castalia Library.

  • A THRONE OF BONES I and II are currently scheduled to ship on 16 December from the bindery. We are attempting to get them moved up on the schedule; this is yet another reminder, as if any were needed, that we would really like to get these things under our control.
  • If you no longer subscribe to Castalia Library, you are not eligible for the discounted subscribers price. We would like to avoid issuing new discount codes for each book, but if the discounts continue to be used by ex-subscribers, we will have to do so.
  • The leather JUNIOR CLASSICS VOLS. 1-6 are complete. We’re going to confirm addresses next week, then get them out. We have 2-3 goatskin as well as an unknown number of cowhide sets remaining, and they will be made available to those who wish to buy them soon.
  • A dry washcloth will suffice to remove the extraneous gold foil speckling on ETHICS and will not harm the leather. We’re looking into what happened there.
  • There are 61 copies of ETHICS remaining.

EXCERPT: This book, while standalone, is a continuation of the Incerto collection, which is a combination of a) practical discussions, b) philosophical tales, and c) scientific and analytical commentary on the problems of randomness, and how to live, eat, sleep, argue, fight, befriend, work, have fun, and make decisions under uncertainty. While accessible to a broad group of readers, don’t be fooled: the Incerto is an essay, not a popularization of works done elsewhere in boring form (leaving aside the Incerto’s technical companion).

Skin in the Game is about four topics in one: a) uncertainty and the reliability of knowledge (both practical and scientific, assuming there is a difference), or in less polite words bull**t detection, b) symmetry in human aff airs, that is, fairness, justice, responsibility, and reciprocity, c) information sharing in transactions, and d) rationality in complex systems and in the real world. That these four cannot be disentangled is something that is obvious when one has . . . skin in the game. It is not just that skin in the game is necessary for fairness, commercial efficiency, and risk management: skin in the game is necessary to understand the world.

First, it is bull***t identification and filtering, that is, the difference between theory and practice, cosmetic and true expertise, and academia (in the bad sense of the word) and the real world. To emit a Yogiber-rism, in academia there is no difference between academia and the real world; in the real world, there is.

Second, it is about the distortions of symmetry and reciprocity in life: If you have the rewards, you must also get some of the risks, not let others pay the price of your mistakes. If you inflict risk on others, and they are harmed, you need to pay some price for it. Just as you should treat others in the way you’d like to be treated, you would like to share the responsibility for events without unfairness and inequity.
If you give an opinion, and someone follows it, you are morally obligated to be, yourself, exposed to its consequences. In case you are giving economic views:

Don’t tell me what you “think,” just tell me what’s in your portfolio.

Third, the book is about how much information one should practically share with others, what a used car salesman should— or shouldn’t— tell you about the vehicle on which you are about to spend a large segment of your savings.

Fourth, it is about rationality and the test of time. Rationality in the real world isn’t about what makes sense to your New Yorker journalist or some psychologist using naive first-order models, but something vastly deeper and statistical, linked to your own survival.

JUNIOR CLASSICS LEATHER EDITIONS 1-6

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French Government Isn’t Vaccinated

Isn’t that just a tremendous surprise…

« Je me suis fait vacciner car je ne voulais laisser le sentiment que je n’accomplissais mon travail en tant que député. Je ne savais pas qu’Emmanuel Macron n’était pas vacciné ainsi que la plupart des membres du gouvernement. Et je ne savais pas qu’un nombre important de mes collègues ne l’était pas non plus. Et lorsque j’ai dis que j’étais malade après la vaccination lors de la campagne électorale, personne ne m’a écouté et on a voulu me faire taire. »

La bombe de Jean Lassalle, 10 October 2022

Translation:

“I got vaccinated because I didn’t want to leave the feeling that I was not doing my job as a deputy. I didn’t know that Emmanuel Macron was not vaccinated and neither were most members of the government. And I did not know that a significant number of my colleagues were not vaccinated either. And when I said that I was sick after the vaccination during the election campaign, nobody listened to me and they wanted to silence me.”

Somehow, I doubt it’s only the French government officials who weren’t vaccinated.

UPDATE: In COVID hearing, #Pfizer director admits: #vaccine was never tested on preventing transmission. “Get vaccinated for others” was always a lie.

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What Comes Next

Pepe Escobar observes that the British Intelligence service IM6 appears to have some idea what is being decided in Moscow:

The Brits had warned Ukrainian President Volodymyr Zelensky and the General Staff that the Russians would be launching a “warning strike” this Monday.

What happened was no “warning strike,” but a massive offensive of over 100 cruise missiles launched “from the air, sea and land,” as Putin noted, against Ukrainian “energy, military command and communications facilities.”

MI6 also noted “the next step” will be the complete destruction of Ukraine’s energy infrastructure. That’s not a “next step:” it’s already happening. Power supply is completely gone in five regions, including Lviv and Kharkov, and there are serious interruptions in other five, including Kiev.

Over 60 percent of Ukrainian power grids are already knocked out. Over 75 percent of internet traffic is gone. Elon Musk’s Starlink netcentric warfare has been “disconnected” by the Ministry of Defense.

Shock’n Awe will likely progress in three stages.

First: Overload of the Ukrainian air defense system (already on).

Second: Plunging Ukraine into the Dark Ages (already in progress).

Third: Destruction of all major military installations (the next wave).

We shall wait and see how events proceed before placing any confidence in the predictions. But they were certainly correct about the “warning strike” on Monday. And we now know that the air defenses in Ukraine are completely unable to offer a significant defense against Russian air strikes, even when warned they are coming.

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A Malevolent Presence

The British authorities are prosecuting a nurse for murdering infants:

A nurse accused of murdering seven premature babies – and trying to kill ten more – took up to three attempts to poison infants by injecting insulin, milk or even air into their tiny bodies, a court heard today. Lucy Letby, 32, is alleged to have gone on a year-long killing spree while working at the Countess of Chester Hospital – including one child who died less than 90 minutes after being handed into her care.

Today the specially trained ICU nurse was described as a ‘constant malevolent presence’ on the Cheshire children’s unit where she allegedly killed and injured many vulnerable children – including twins. She is accused of using night shifts to launch many attacks because she knew parents were off the neonatal ward.

Several babies were allegedly poisoned with insulin and one child – known as Baby E – was murdered when Letby allegedly injected him with air, Manchester Crown Court has heard. It caused what doctors call an air embolus, which leads to strokes or heart attacks. Letby is also accused of pumping dangerous levels of milk into the premature children via feeding tubes or veins.

Once justice is served, let’s hope they proceed with the Covid and vaccine nurses. This case proves, beyond any shadow of a doubt, that members of the medical community are entirely capable of intentional murder despite their training.

“But what doctor or nurse would ever be complicit in actually harming people?”

A year-long killing spree is a fairly reasonable description of the recent wave of mass vaccinations.

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