21 sats \ 1 reply \ @nkmg1c_ventures 30 Nov 2022 \ on: Bank of Canada Lost $522M in the Third Quarter of 2022 bitcoin
I read through their official BoC summary, and it's all Chomsky sentences that obscure the Keynesian fraud underlying it. They printed money, increasing their liabilities.
The BoC balance sheet is just like anything else, assets and liabilities. They printed 5x-6x the amount of money they had out of thin air, massively increasing their liabilities.
Hurr durr, I simply cannot believe that 5x-6x'ing the liabilities made you post paper "losses".
Deposits consists of Government of Canada deposits, deposits by members of Payments Canada and other deposits. While deposits are normally maintained at a lower level, they now represent the largest liability on the Bank’s balance sheet. This change stems from the purchase programs the Bank implemented in 2020 to support the Canadian economy and financial system. The balance declined by 17% to $288,878 million as at September 30, 2022, reflecting the tapering in previous quarters of the Bank’s extraordinary market operations as well as the start of quantitative tightening during the second quarter of 2022.
The way they write these garbage reports is to make it seem like some kind of investment was made and unforeseen market forces caused liabilities to exceed assets.
write
preview
0 sats \ 0 replies \ @nkmg1c_ventures 30 Nov 2022
Oh and the CAD money they printed is inflating away against USD and property and anything else worth spending money on... so in REAL terms, it's even worse.
https://i.kym-cdn.com/entries/icons/original/000/027/475/Screen_Shot_2018-10-25_at_11.02.15_AM.png
reply