Donald Trump’s nominee for secretary of the Treasury, Scott Bessent, who lives in Charleston, South Carolina with his husband and family, could become first Senate-approved LGBTQ+ member in a Republican cabinet.
Trump Treasury pick Scott Bessent could become highest-ranking openly LGBTQ+ person in US history
Economist Gabriel Zucman’s analysis reveals that for the first time, U.S. billionaires have a lower effective tax rate than working-class Americans, sparking a renewed debate on wealth tax.
New era of inequality: Billionaires pay less in taxes than the working class
Pyongyang, December 2 (KCNA) — Kang Jin Song, an international affairs analyst of the DPRK, released the following article “Deployment of U.S. strategic nuclear assets is malignant cause of vicious cycle of escalating tensions on Korean peninsula” on Saturday:
Deployment of U.S. Nuclear Strategic Assets Is Root Cause of Ever-escalating Tensions on Korean Peninsula: Int’l Affairs Analyst of DPRK
H/T: Der Friedensstifter
In this next of a series of reviews of some important books published this year, I look at Branco Milanovic’s Visions of Inequality.
Visions of inequality
The Department of Justice is shelling out more than $6 billion to private companies to manage its asset forfeiture investigations, raising alarm from one nonprofit law firm that accuses police of “treating ordinary Americans like ATMs” and seizing their cash.
DOJ eyeing Americans ‘like ATMs,’ spending over $6 billion to aid civil asset forfeitures, watchdog says
H/T: Steve Lehto
(Bloomberg) — When federal regulators stepped in to backstop all of Silicon Valley Bank’s deposits, they saved thousands of small tech startups and prevented what could have been a catastrophic blow to a sector that relied heavily on the lender.
Big VC, Tech Got Backstop for Billions in Uninsured SVB Deposits (archived)
The systemic threats to the U.S. financial system were not remedied when Congress passed the watered-down Dodd-Frank financial reform legislation in 2010. While that has been evident with each Federal Reserve bailout of the mega banks and their derivative counterparties, the threat has now gained increased urgency for Congress to confront as a result of a new academic study. A team of four highly-credentialed academics at four separate universities present compelling evidence that one of the four largest U.S. banks, with “assets above $1 trillion,” could be at risk of a bank run.
Academic Study Finds that One of the Four Largest U.S. Banks Could Be at Risk of a Bank Run
The twin crashes in US commercial real estate and the US bond market have collided with $9 trillion uninsured deposits in the American banking system. Such deposits can vanish in an afternoon in the cyber age.
Half of America’s banks are potentially insolvent – this is how a credit crunch begins
Declassified documents of the US Central Intelligence Agency (CIA) have revealed that former President of Mexico, José López Portillo, who led the country during 1976-1982, was a CIA asset. The revelation comes as part of a new batch of declassified documents published by the US National Archives.
Former President of Mexico Revealed as CIA Asset
Ms. Cat’s Chronicles 
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