In her latest sciolistic letter to me, @SenWarren made it clear that she knows even less about foreign exchange markets than she does about banking. What is equally shocking, but not surprising: not a single member of the media mob has a rudimentary-enough level of financial market literacy to spot her remedial error. To reiterate: under @POTUS, the United States delivers for America’s trusted partners. For a fuller explanation, I recommend Senator Warren take any entry level course in international finance for her and her staff, or I can personally give her a tutorial on Foreign Exchange for Dummies. Although I am not holding my breath, I hope her next letter will demonstrate that she has learned the difference between a currency purchase and a swap or a loan.

RIP Jason Arday. I never met you, never knew you and what I read of your work I found unimpressive. And yet I feel a sadness and loss at your death. You never deserved for it to end this way. You were used and even abused by others for their own ends. I do not believe you were in any way a bad person. Indeed there are many reasons to believe you were a good person. You needed help. Yet when you needed help it never came. Despite the huge pile on, nobody seemed to be there for you. You were left to die on your own, which only adds to the sadness. RIP Jason Arday. You were failed by those who had a duty of care towards you.

RIP OFF Desenex. Black line is the level of powder inside.

Honest packaging would’ve been half the size.

The Rape Gang Inquiry - what happens next. I intend to use my parliamentary privilege to name perpetrators and their enablers in the chamber. This will be done incredibly carefully with our legal team involved every step of the way to ensure that no future prosecutions are jeopardised. We are cooperating with the authorities in order to help cases be opened and reopened, but my faith in the system to independently deliver justice is not high... That is why we are pursuing private prosecutions and civil litigation. A target list has been identified, and it continues to grow. This all has to be handled very carefully, for obvious reasons, but I am determined to act. We have had enough talk, now we need to act. Our aim is straightforward. Put people in prison. Deliver justice. Finally. We will act. Not talk.

I just supported Tommy and his work. Who's next? urbanscoop.news/support-us/

The sheer scale of a trillion dollars can be hard to comprehend. Let me put it in perspective. You would be able to buy 42 miles of high speed rail in California with that much money.

NOVEMBER 30, 2010: Four weeks after losing the election as AG of CA, Kamala Harris wins due to mail-in surge from LA Harris won by less than 1%

Now you know why the January 6 Committee refused to allow Steven Sund, the former Chief of Capitol Police who oversaw the entirety of January 6, to testify: Democrats staged January 6 five months before it even happened. @ChiefSund: “Ask yourself why the January 6 Committee never requested that I come in to publicly testify. Think about that—I am the Chief of Capitol Police.” Every single member of the Jan. 6 Committee who was unconstitutionally pardoned, no less, should be hunted down and placed on the FBI Most Wanted List to be tried for sedition against the United States government in a court of law.

$FNMA ‘We’re going to monetize the asset side of the US balance sheet’ - Scott Bessent Hmmm, what trillion dollar asset needs to be monetized?

Today my brother teacher @EnochBurke went before a disciplinary appeal panel. He was suspended from his job and jailed after refusing to accept transgenderism. What took place today was shocking. ➡️ By law the panel is to be an “informal hearing”. ➡️ When he arrived he was confronted by a top Employment Barrister as well as a Solicitor from a major Dublin law firm. ➡️The lawyers were acting for the school. ➡️ The presence of lawyers at such an appeal is contrary to law and to Department of Education procedures for dealing with appeals. ➡️ Enoch objected to the presence of these lawyers. ➡️ The Chair of the Disciplinary Appeals Panel, Claire Callanan said to Mr Burke: “We may be wrong and you may be right but we are going ahead nonetheless.” ➡️ When Enoch continued to object, he was removed by prison guards. ➡️ When members of his family who were present objected, they were removed by police. ➡️ Enoch Burke was taken back in a prison van to Castlerea prison. This is an utterly appalling and unbelievable travesty of justice.

🚨 President Trump just dropped this gem! Trump saved America $298 MILLION on the Lincoln Memorial Reflecting Pool: The historic pool, where MLK gave his “I Have a Dream” speech, was a leaking, filthy disaster. Government bureaucrats wanted $300 MILLION and 3+ years to rip it up. Trump said hell no. Called in real pool experts, scrubbed the original granite, sealed it, and topped it with American Flag Blue industrial coating. ✅ $1.5–2 MILLION ✅ Done in 2 weeks ✅ Will last 40–50 years and look better than 1922 This is how you run government like a business. Promises kept! Taxpayer dollars saved!

Desperate still to smear me & Reform, Sunday Times has again spent weeks pouring over my company accounts with Labour-supporting tax accountant All that effort has revealed overall HMRC received the correct amount of tax due Journo now effectively complaining I paid too much tax rather than company pay some tax on my behalf! All due to complex tax technicality around dividends to certain shareholder classes in REITs But S Times refuses to investigate serious accounting irregularities & possible multi million pound electoral law breaches by Labour Party Properties Ltd, that I exposed Meanwhile, I’ll get on with representing the people of Boston &Skegness & campaigning to kick out this dreadful government

Every measure you list involves spending wealth. You don’t list one measure that creates wealth. And if you don’t create wealth you will soon run out of it to spend, which is already happening (hence all your extra taxes and borrowing).

Bill - is FHFA working on revising Fannie/Freddie ECRF capital requirements as per Trump March 13th EO Sec 4 assigned ? Thank you ... @BillAckman @pulte

By publishing this explicitly false story, the @FT has officially become tabloid trash for market participants. Despite my direct, on-the-record denial of ever having advocated, explored, or espoused the idea that Chancellor-Bank of England statute serving as a prototype for a Treasury-Federal Reserve relationship, FT journalists manufactured a story with the headline, “Scott Bessent praised Bank of England as model for tighter oversight of the Federal Reserve.” These pathetic journalists have clearly fabricated a story to give the impression that both I and the Trump Administration are setting “about restructuring the relationship… at a time when President Donald Trump has launched an unprecedented assault on the world’s most important central bank.” Their mendacious assertion is based on vague statements from unnamed “financial industry executives familiar with the matter.” In short, FT has literally manufactured an entirely fake policy position for me and the Administration. Other than furthering a maliciously false narrative of dysfunction and divisiveness, it baffles the mind as to why they would shred their already diminished journalistic credibility. Over the past 10 years, I have written more than 20,000 words opining on the Federal Reserve decisions, personnel, structure, and modifications. Nowhere have I ever mentioned this ridiculous notion. The Governor’s letters to the Chancellor have proven to be a useless and perfunctory device. There is much to be said about the storied Bank of England, but any recreation of its operating framework on this side of the Atlantic has never been contemplated. The shameful journalists and editors at the FT are shocking in their meretriciousness, lack of standards, and general intellectual libertinism. It is the worst tradition of Fleet Street to manufacture news rather than report on it. They have brought irredeemable shame to their parent organization, Nikkei Inc., with whom I had previously held excellent relations. In 2025, I laid out a comprehensive 6,000+ word review of each and every policy reform that I believe should be adopted by the Federal Reserve. Read my actual, real thoughts on and proposals for Federal Reserve reform at the International Economy: international-economy.com/TI…

A number of press reports have characterized our and other shareholders’ efforts on behalf of Fannie and Freddie (F2) as seeking a ‘gift’ or ‘handout’ from the government. We, the shareholders of F2, seek no such thing. Hundreds of financial institutions were bailed out during the GFC by the U.S. Treasury. Nearly all of the financial institution bailouts during the GFC involved an injection of capital in the form of senior preferred stock by Treasury at an interest rate of 5%, plus warrants to acquire common stock in an amount equal to 15% of the face amount of the preferred with an exercise price at the then-current stock price of the rescued institution. For example, Treasury’s preferred stock investment in Goldman Sachs was in an amount of $10 billion and, in addition, Treasury received warrants on $1.5 billion of GS' common stock at its then market price. The bailout terms for F2 were materially more burdensome and expensive, with a higher interest rate and substantially more warrant coverage, than that of every other financial institution (other than those of AIG whose terms were similar). Despite the F2 bailouts’ massively more burdensome terms, shareholders are not complaining about the original terms. Treasury invested $193 billion in F2 in the form of senior preferred stock (SPS), including funding for $2 billion of commitment fees, with a 10% coupon (twice that of the banks). Treasury also received warrants on 79.9% of both companies’ outstanding shares. Fannie and Freddie have since repaid Treasury $301 billion, which includes interest on the SPS at a blended rate of 11.6%, an interest rate which is 160 basis points more per annum, and have returned the entire $193 billion of outstanding principal, $25 billion in excess of what was contractually owed. In summary, the F2 SPS has been fully repaid according to its original contractual terms plus an extra $25 billion. Despite the fact that the SPS has been more than repaid in full, Fannie and Freddie have not accounted for these payments on their respective balance sheets, and the $193 billion of SPS remains an outstanding liability as if no principal payments had ever been made. How can it be, you might ask, if indeed F2 have repaid $301 billion to Treasury when only $276 billion was due could there be any remaining balance of the SPS on the F2 balance sheets? The answer relates to something called the ‘Net Worth Sweep (NWS).’ During the second term of the Obama administration, on August 12, 2012, two quarters after F2 returned to profitability, Treasury announced that it was unilaterally amending the terms of the SPS stock to provide that Treasury would take 100% of the profits of F2 each quarter in lieu of the 10% annual dividend rate. This was not a negotiated resolution with F2. It was a unilateral amendment of the original terms of the SPS that was done in bad faith. The supposed rationale for the amended terms of the SPS was akin to the IRS garnishing the wages of someone who will never be able to pay the taxes that they owe. That is, the Treasury said F2 will never be able to pay the 10% coupon, let alone the SPS’ $193 billion principal balance, so it decided instead to ‘settle’ for 100% of F2’s profits forever. In discovery, shareholders learned that the stated justification for the amendment was false. In mid 2012, the Obama administration had come to learn that both companies would soon be reversing tens of billions of reserves on their balance sheets as housing values had increased and the reserves taken during the GFC had been excessive. The NWS was instituted by Obama to forestall F2 from forever being able to recapitalize and be released from conservatorship. The NWS was not a ‘settlement’ for a lesser amount of future payments. It was the outright theft of the forever profits of both companies. Never before or since has the government ‘swept’ 100% of the profits of any company, let alone a financial institution in conservatorship, a form of government intervention where the goal is rehabilitation of the institution, and where the hierarchy of corporate claims has always been respected. The accounting for the NWS payments while it was in effect (until Secretary Mnuchin terminated the NWS in Trump’s first term) was also unusual. The NWS was treated by F2 as a quarterly adjustment to the dividend rate on the SPS such that the dividend amount owed was made equal to the after-tax profits of F2 for that quarter with no limitation. In other words, regardless of the amount of profit F2 generated for the quarter – whether or not it was in excess of the original 10% annual dividend – the dividend payable under the NWS was made equal to the quarterly profit. The absurd terms of the NWS sweep therefore made it impossible for any partial or full repayment of the SPS to take place as every dollar paid to the Treasury on the amended terms of the SPS was considered a dividend payment, even if the amount was massively in excess of the original contractual SPS terms. The absurdity of the NWS was made clear just two quarters after the NWS went into effect. Fannie Mae generated a profit of $59 billion in the first quarter of 2013, and the SPS dividend rate for that quarter was set at $59 billion so the entire amount was swept to the government, more than 10 times the contractual dividend rate. I had the opportunity to discuss F2 and the NWS with Warren Buffett about a decade ago and he said that he “couldn’t believe what the government had done.” In short, the shareholders of F2 are simply asking the government to respect the original and highly burdensome terms of the SPS. There is no dispute that Treasury has received more than the original 10% coupon and full repayment of principal of the SPS, that is, an extra $25 billion. We and the millions of other shareholders of F2 are simply asking the administration to honor the original SPS terms and properly account for the $301 billion of payments, thereby eliminating the SPS liability from both companies’ balance sheets. Shareholders have not asked for the extra $25 billion to be returned to the two companies. Treasury can decide whether to keep those funds or return them to the companies. Accounting for the repayment of the SPS has other important implications. Namely, it is critically important that conservatorships respect the rule of law, in particular, the contractual terms of corporate instruments and the hierarchy of claims. Otherwise, no financial institution that gets into trouble will be able to raise rescue capital in the private markets. Notably, the treatment of F2 in conservatorship explains why Silicon Valley Bank and other recent large bank failures since the GFC were unable to raise private capital and avoid government intervention or a forced sale to J.P. Morgan. If the government with the stroke of a pen during conservatorship can at a whim wipe out common and preferred shareholders, no one is going to step in to try to save a financial institution that gets into trouble, and only the top few banks will be possible rescuers of big banks that fail. Furthermore, because of F2’s history, their reputation in the capital markets has been greatly damaged. F2 raised $22 billion of preferred stock in the year or so prior to conservatorship as the government pressed both companies to raise capital. Institutions were willing to invest billions of dollars of capital into both institutions before they failed because, based on all precedent conservatorships, the contractual terms of all financial instruments and the hierarchy of claims had been preserved. Unfortunately, in light of the precedent of the net worth sweep, no investor can be confident that they won’t be wiped out in a future conservatorship so none has been willing to take the risk. Some have proposed that Treasury simply convert the SPS into junior preferred and common stock and massively dilute shareholders. Putting aside the potential legal challenges to this approach, the result will be that Treasury will at best own something approaching 95% of both companies rather than 79.9%. While the government’s percentage ownership stake would be larger in the SPS conversion approach, the value of the government’s larger stake would be considerably lower as the companies would become un-investable. Who would invest in F2 alongside the government when they just wiped out the previous owners? In the SPS conversion scenario, the government’s stake, at best, if it could be sold, would trade at a massively discounted valuation, well below the value of the government's stake if Treasury retained only its contracted for 79.9% stake and respected the original terms of the SPS. In other words, a slightly smaller ownership stake of much more highly valued companies would equate to considerably more value for Treasury and taxpayers. In a public letter to Rand Paul after his first term in November of 2021, President Trump recognized that the net worth sweep was theft from the shareholders of Fannie and Freddie. He wrote: “Another Obama/Biden scam in legal trouble was when they allowed the Federal Housing Finance Agency (FHFA) to steal the retirement savings of hardworking Americans who had invested in Fannie Mae and Freddie Mac…The idea that the government can steal money from its citizens is socialism and is a travesty brought to you by the Obama/Biden administration. My Administration was denied the time it needed to fix this problem because of the unconstitutional restriction on firing Mel Watt. It has to come to an end and courts must protect our citizens.” I couldn’t have said it better than President Trump. Now that you have the time, Mr. President, let’s Stop the Steal!

$FNMA thesis is rather simple: • Already repaid bailout many times over. • Core guarantee biz: stable, high-margin engine backing most US mortgages. • 3-step conservatorship exit: 1.) Acknowledge full senior pref repayment 2.) Treasury exercises warrants for 80% ownership 3.) Quick NYSE re-list • Beats rushed IPO: protects affordability, taxpayers (mark-to-market), no market chaos. • Unlocks huge common shareholder value as fully private, well-capitalized powerhouse. • Intrinsic value today: massive upside unlocked; structured exit could re-rate shares to $35+ (5x+ current levels) once private & recapitalized.

Inflation is the tax that makes all of us poorer. It makes your food shop more expensive, clothes more expensive, fuel more expensive. Everything. It impoverishes the British people. This is not random. This is not accidental. This is not irreversible. It is the direct result of government choices. When the state grows too large, spends too much, borrows too much and taxes too much, the value of our money is steadily eroded. This is not complicated. Prices rise, and savings are punished. Wages fall behind, and the country becomes poorer. Ordinary British men and women feel worse off even if they are working harder than ever. With those on the lowest wages suffering the most. The economy is failing those who work hard and contribute, yet feel less and less reward. I detest it. For decades, politicians have tried to pretend there are complicated solutions to this problem. There aren’t. There are straightforward solutions. That doesn’t mean they’re painless, but they are straightforward. So far, no political party has had the courage to outline the way forward. We will. Restore Britain will. If you want to bring inflation down and keep it down, you must radically shrink the size of the state. This is non-negotiable. Government spending drives inflation, endless borrowing drives inflation, constant intervention in the economy drives inflation. And when the state grows larger and larger, it must fund itself through either taxation, borrowing or money creation. All three ultimately push prices higher. It makes your money worth less. It makes your food shop more expensive. It is that simple. If the state prints billions and billions (Quantitative Easing) , what happens to the existing money? It all becomes worth less. This is so painfully obvious. Yet what does the state do? Cheered on by gopher politicians? Print, print and print some more. A Restore Britain would do the five following things, brutally and rapidly. - Drastically cut Government spending. - Radically reduce tax. - Brutalise the size of the state. - Ensure that the country lives within its means. - Ban money printing (QE), without explicit parliamentary approval. Is this a painless process? No. It is not. I am not going to tell you otherwise. It will be painful, it will be difficult. There will be immense cuts. I am simply being honest with you all. But it is necessary. It is the only way. When you allow businesses to grow, allow people to keep more of their own money and remove the bureaucratic dead weight suffocating the economy, production increases. More goods are produced, more services are delivered, and prices stabilise. A smaller state means a stronger economy, and a stronger economy means stable prices. Inflation is kept under control. For too long Britain has gone in completely the opposite direction. Taxes are at record highs, the state is larger than ever, and inflation has punished every household in the country. Every single one. Nobody has been exempt. But it is the poorest who suffer the most, and that is simply unacceptable. Restore Britain will reverse that. You cannot tax, borrow and spend your way to stable prices. You cannot regulate your way for lower inflation. A small responsible state puts the people, not itself, first. What do we have? A state that now taxes, wastes and then misappropriates. The only real path to low inflation is a smaller state and a freer economy. That leads to a richer people. That leads to a cheaper food shop. A cheaper pint. A cheaper tank of fuel. That is Restore Britain’s aim. If you want the Government out of your lives, and more of your own money in your pocket, with that money worth more? There is a political party willing to take the painful steps to deliver that. Restore Britain.