- The Treasury General Account (TGA) is maintained by the US Treasury at the Federal Reserve Bank. Used to manage government cash flow and spending activities.
- It receives various deposits, including tax collections, and makes payments on federal expenditures, a key indicator of meeting its financial obligations.
- TGA is falling like a stone. He’s down $50 billion this week and $130 billion this month.
- Data on Fred is a weekly average and is now reported to have $109 billion left. However, daily statements report that there is only $87 billion left in the account.
- The new tax revenue has not outpaced the runoff created by Secretary Yellen and Congress to continue spending.
- What does this mean? The government will run out of funds in a matter of weeks.The FDIC will no longer be able to guarantee deposits and could face a government shutdown.
- Expect more discussion on raising the debt ceiling, including printing more money and further weakening the currency.
- Are Gold and Bitcoin sniffing out this potential short-term drop? Bitcoin is up 10% this week and gold continues to hit new highs.
Posts Rising Bitcoin and Gold Prices Presage More Drops? First Appeared on CryptoSlate.