Yesterday, Citigroup issued 6.5 billion new shares. That brings the total shares outstanding to around 29.4 billion.
Citigroup's total shares outstanding at the end of last year? 5.45 billion. That's right: Citigroup printed more shares yesterday alone than there were in the entire company at the end of last year. And every share you held last year now represents less than 1/5 as much ownership now as it did then.
Zimbabwe Ben could take a lesson. He's only tripled the Fed's balance sheet.
Meanwhile, Timmy the Tax Cheat canceled plans to sell the government stake in Citigroup because he didn't want to face headlines about losing money for the taxpayers, even with fraudulent numbers that omit the $38 billion gift given to Citi by Treasury/IRS without the authorization of Congress.
So like a loser down more than he can afford to lose at the blackjack tables, Timmy is going to let it ride and hope his luck changes instead of cutting his losses and walking away. Only it's not his money; it's ours.
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I talk a lot about inflation. But today was the first time in my life I actually used a dollar bill as toilet paper.