The amount of "currency in circulation" - the paper dollars wadded up in people's pockets and purses, stuffed under mattresses, or packed into suitcases and safes overseas - jumped again in the week ended December 30 to a new record of $2.09 trillion, according to the Federal Reserve's balance sheet, where currency in circulation is a liability, not an asset.

By Greg Hunter's USAWatchdog.com (Early Sunday Release) Macroeconomic analyst Rob Kirby can sum up the massive Fed money printing it is doing each and every day. Kirby explains, "We are on a vertical curve where money has to be added to the system. . . .

Ever since the secured overnight repo rate (SOFR) spiked to 10% in September, there have been dire warnings that these exceptional movements show the financial system is fundamentally broken. The story goes that the post-crisis financial system is so dysfunctional that it is unable to operate without continual injections of money from central banks.