2023 was not a good year for the Federal Reserve. With an operating loss of 114.3 billion dollars, the world's most important central bank said goodbye to a complicated monetary policy year. There is a price to be paid for trying to persuade commercial banks to reduce private credit and park liquidity at the central bank with internal transfers and interest rate guarantees in order to slow down the rate of inflation of the money supply (credit) a little and for a short time. This blatant madness is part of the boom and bust cycle that central banks trigger in the Keynesian model to keep the cantillon effect alive (after the clown flue inflation everyone should know what it is). And before anyone says that a central bank can simply print the money that has the balance sheet gap: Fiat money dies when market confidence in the solvency of the growing mountain of debt denominated in the fiat currency in question (fiat is, by definition, rotting 'money') declines. It is always a central bank balance sheet crisis that precedes hyperinflation, i.e. the death of the respective fiat currency. So also pay attention to the balance sheets of the European national central banks, such as the Bundesbank, which are deeply in deficit. Soon someone will have to pay for the Eurocommie bullshit that climate apocalyptics and other sectarians are spewing into the world to disavow the last remnants of freedom and the free market economy as indigestible dog biscuits.