Even if they don't go to a full fledged CBDC, if there are only a few banks left standing, it will be extremely easy to track everything we do which is their ultimate goal. 4000 banks makes it much harder to track what we are doing especially when using cash. Just a few remaining banks means the end of any privacy and freedom as we know it.
Crazy how fast it's all happening, but not surprising because the era of free money funded a lot of ventures that should have remained on the cutting room floor. But government won't let those places go broke and will instead make the entire situation worse.
Good one. I favor tangible assets, real property, gold silver etc over digital money or Bitcoin which have a problem if the grid goes down. That said most governments have total control over their citizens and their property. If need be, they will pass laws and send in the police and military to "take care of" their people. Then your last refuge is, with or without the second amendment, to be well-armed, and ready to stand up for your basic human rights against the state, because your rights, freedom or property are really the last thing of interest to defend by the state.
I think there is a fundamental misunderstanding here in how critical the right decision is made.
Number one: if all deposits are not covered, the Great Depression would be considered a mild recession. Seventy percent of the economy is small business. They depend on banks for parking large sums of cash for payroll and other bills. They put cash in banks to securely hold the money and make the payments. They are NOT placing cash in a hedge fund where risk is part of the equation. These businesses did nothing wrong, using banks to run their business and pay employees; they expect the cash always to be available.
Suppose a decision to pay some deposits and not others would destroy the economy to a level never seen in any country. Millions of workers would be out of cash, and payments to debtors would stop; it would be a large-scale collapse. Most workers live paycheck to paycheck.
Now Bitcoin. Governments do not care if we live or die. Will they be willing to lose their hegemony on money? No way. They will require a swap from Bitcoin to a government coin, just as they will confiscate cash in exchange for their digital money. By the way, the IMF has already announced the creation of a digital currency to act as universal money. You will lose your digital coins; they can't be hidden or hoarded like real cash. They depend on electricity, and they are incredibly fragile. Forget Bitcoin as a store of money; it's the worst.
The only instruments that will survive the coming insanity and sovereign defaults will be hard assets. They will also try confiscating those, so choosing wisely is critical. Gold coins instead of bars. Why? Because people still recognize coins. Real estate, land, stock certificates, corporate debt, metals, food, specific artworks, and many things we haven't yet thought through; think barter systems. Things of value that can be swapped.
Intentional incompetence - the hybrid between idiocy and evil genius. Banking is a broken industry, and the Feds broke it. Just like the airlines, they can’t run without bailouts. Healthcare is the same, except the subsidy is continuous, so it’s not called a bailout. The public schools and universities, same deal. The only thing they don’t regulate and tinker with to death is their own criminality. Everything these guys touch turns to dreck.
3 of the 4 biggest bank failures in US history in 2 months. First Republic went down with assets over $250 b.
Not only did JPMC grab the assets on the cheap, the FDIC gave it a $50b loan with an interest rate that has been kept secret from the public.
With First Republic in its bag, JPMC now controls 16% of all US deposits. Never mind the fact that there are laws prohibiting banks accumulating more than 10% of US deposits.
Here’s what Jamie ‘asswipe’ Dimon had to say:
“We need large, successful banks in the largest and most prosperous economy in the world. We have capability to help our clients who happen to be cities, schools, states, hospitals, governments. We bank countries, we bank the IMF, we bank the World Bank. You need large, successful banks, and anyone who thinks it would be good for the United States of America not to have that should call me directly.”
Do you hear that in the background? It’s the CBDC…
The top 15 banks now control 65% of all US deposits.
This is an excellent piece. I could tell you some stories from the small and medium sized companies in the manufacturing sector. In short, it seems like the gap between what the small guys can get raw materials for and what the huge guys can get them for is widening. Certainly there has always been a gap. With the resultant smaller profit margins, we have to rely on loans for maintenance growth and modernization. Those loans are getting impossible to find. Meanwhile, the big players literally just get money handed to the by the government ( usually through the big banks). The public/ private partnership is a nice sounding euphemism for a restructuring that “strangely” resembles exactly what the WEF has prescribed for the future “health “ of the planet and society. Unfortunately, what the WEF prescribes is a recipe for the new feudalism.
Even if they don't go to a full fledged CBDC, if there are only a few banks left standing, it will be extremely easy to track everything we do which is their ultimate goal. 4000 banks makes it much harder to track what we are doing especially when using cash. Just a few remaining banks means the end of any privacy and freedom as we know it.
Crazy how fast it's all happening, but not surprising because the era of free money funded a lot of ventures that should have remained on the cutting room floor. But government won't let those places go broke and will instead make the entire situation worse.
Good one. I favor tangible assets, real property, gold silver etc over digital money or Bitcoin which have a problem if the grid goes down. That said most governments have total control over their citizens and their property. If need be, they will pass laws and send in the police and military to "take care of" their people. Then your last refuge is, with or without the second amendment, to be well-armed, and ready to stand up for your basic human rights against the state, because your rights, freedom or property are really the last thing of interest to defend by the state.
seems like there is nothing we can do to stop CBDC
#Bitcoin or bust. Decentralization is the way.
I think there is a fundamental misunderstanding here in how critical the right decision is made.
Number one: if all deposits are not covered, the Great Depression would be considered a mild recession. Seventy percent of the economy is small business. They depend on banks for parking large sums of cash for payroll and other bills. They put cash in banks to securely hold the money and make the payments. They are NOT placing cash in a hedge fund where risk is part of the equation. These businesses did nothing wrong, using banks to run their business and pay employees; they expect the cash always to be available.
Suppose a decision to pay some deposits and not others would destroy the economy to a level never seen in any country. Millions of workers would be out of cash, and payments to debtors would stop; it would be a large-scale collapse. Most workers live paycheck to paycheck.
Now Bitcoin. Governments do not care if we live or die. Will they be willing to lose their hegemony on money? No way. They will require a swap from Bitcoin to a government coin, just as they will confiscate cash in exchange for their digital money. By the way, the IMF has already announced the creation of a digital currency to act as universal money. You will lose your digital coins; they can't be hidden or hoarded like real cash. They depend on electricity, and they are incredibly fragile. Forget Bitcoin as a store of money; it's the worst.
The only instruments that will survive the coming insanity and sovereign defaults will be hard assets. They will also try confiscating those, so choosing wisely is critical. Gold coins instead of bars. Why? Because people still recognize coins. Real estate, land, stock certificates, corporate debt, metals, food, specific artworks, and many things we haven't yet thought through; think barter systems. Things of value that can be swapped.
You might consider flipping your title 180 degrees.
It's the era of the nation-state being taken over by the financial sector.
The government is now and has always been the managing committee of the ruling class.
Intentional incompetence - the hybrid between idiocy and evil genius. Banking is a broken industry, and the Feds broke it. Just like the airlines, they can’t run without bailouts. Healthcare is the same, except the subsidy is continuous, so it’s not called a bailout. The public schools and universities, same deal. The only thing they don’t regulate and tinker with to death is their own criminality. Everything these guys touch turns to dreck.
How easy is it to take down a bank? Lessee...
(1) they were legally able to leverage themselves out and "print money" off of deposits that came out and lend that money out to other banks.
(2) start a rumor about a bank going under.
(3) resulting in a run on the deposits, and inability to call in the loans that they're leveraged on.
(4) Big bank scooping up their assets to secure their own portfolio and avoiding a bank run on themselves.
(5) Herd the masses into moving their money into your (to big to fail) bank.
(6) Profit!
(7) Partner with the government to mandate CBDC's through your institution for all customers. (see "Herd the masses" above.)
Moloch will be fed. 👹
The war on Ukraine and the American Empire cannot be questioned.
At the same time, the working class must be brought to heel.
Something will have to give, and that's the stratum of banks that don't have enough pull.
3 of the 4 biggest bank failures in US history in 2 months. First Republic went down with assets over $250 b.
Not only did JPMC grab the assets on the cheap, the FDIC gave it a $50b loan with an interest rate that has been kept secret from the public.
With First Republic in its bag, JPMC now controls 16% of all US deposits. Never mind the fact that there are laws prohibiting banks accumulating more than 10% of US deposits.
Here’s what Jamie ‘asswipe’ Dimon had to say:
“We need large, successful banks in the largest and most prosperous economy in the world. We have capability to help our clients who happen to be cities, schools, states, hospitals, governments. We bank countries, we bank the IMF, we bank the World Bank. You need large, successful banks, and anyone who thinks it would be good for the United States of America not to have that should call me directly.”
Do you hear that in the background? It’s the CBDC…
The top 15 banks now control 65% of all US deposits.
It’s coming.
At least we can rest easy knowing that literally the dumbest people on the planet are supervising.
Buy a large walk in safe, a big gun and pounds of junk silver.
This is an excellent piece. I could tell you some stories from the small and medium sized companies in the manufacturing sector. In short, it seems like the gap between what the small guys can get raw materials for and what the huge guys can get them for is widening. Certainly there has always been a gap. With the resultant smaller profit margins, we have to rely on loans for maintenance growth and modernization. Those loans are getting impossible to find. Meanwhile, the big players literally just get money handed to the by the government ( usually through the big banks). The public/ private partnership is a nice sounding euphemism for a restructuring that “strangely” resembles exactly what the WEF has prescribed for the future “health “ of the planet and society. Unfortunately, what the WEF prescribes is a recipe for the new feudalism.
How convenient for CBDC proponents that these bank consolidations are moving at the speed of $cience!