Bailouts Start: Union Pensions Get $36 BILLION as BIS Warns of Potential Catastrophic Financial Collapse in 2023

After betraying the U.S. Railroad Unions last week by forcing them into a labor agreement they did not want, the Biden Administration announced $36 BILLION bailout of pensions with 350,000 union members, including many truck drivers. I wonder how many union members will actually sleep soundly after this promise by President Biden? Will that money actually be there when they retire, and if so, what will its value be? The big financial news of the past week came out of Switzerland and the Bank for International Settlements (BIS) which reported that there are $80 trillion of hidden, off-balance sheet dollar debt in FX swaps (derivatives.) Shortly after this report was issued, analysts at BlackRock stated that we should "get ready for a recession unlike any other," and that Central Banks will not be able to bail out everyone.