Bank failures and the coming Economic collapse

[Alejo]

This might be an unpopular opinion, but the system isn't inherently bad in itself. It's all about the rules. If the rules are byzantine or just stupid, there's a healthy layer of "grey area", as it is today. Digital currency eliminates that by strictly enforcing all the policies automatically (even the dumbest ones, like CO2 limits). In a more sane world, digital currency could be tied for example to a country's rare natural resource.

Well yes, in a more sane world, money would be tied to gold.. or silver, and bankers who made awful choices would go to jail, and there would be transparency and no country could simply print money into existence, in a more sane world we wouldn't need digital currency because... we'd already have money transferred digitally. But that isn't the world we live in today, unfortunately.

And the same is true for CBDC, it's a brilliant idea in theory, but it's the insane leaders who would control it that make it something to be wary of, IMO.

 

[BHelmet]

Yeah, the problem is not necessarily inherent in any system. It’s those who take advantage of loopholes, tweak the system rules to their own advantage, bribe the system administrators, disregard the system rules, install corrupt system overseers…..

Yadda yadda yadda

 

[KJS]

What do you think about what I think is the main worry, which is that the new rules are looking like full invasion of privacy and control of behaviour?

Sorry, I wasn't clear enough. My point is that Russia's participation in the system might thwart some plans because they are unable to implement global CBDC now. Haven't the Western World got a problem, when Russia wanted them to open an account in rubles to pay for their natural resources? In the case of multiple CBDCs cross-border payments, this could be the only option now. Possibly more control for them over their currency. Possibly.
In WEF-owned regions like Europe or Canada, it's granted that CBDC will enable another level of craziness. Taxes, limits, and everything that suits their neo-Malthusian goal. When I'm trying to imagine how the situation could look like in the coming years in the EU, I got that grim scenario in my mind:

1. The banking system collapse will lead to a total loss of faith in currencies, which will lead to Weimar-like inflation of prices. At that point, people will know that they got cheated by greedy banksters.
2. EU-wide CBDC will be introduced as a remedy for banks' evil deeds. Now banks need to have a "wallet" in Central Bank that strictly controls their actions. Central Bank is of course smart enough to never again allow the situation that led banksters to destroy the currency! If your employer jumped on the CBDC bandwagon, you can even buy some groceries in ALDI (owned by Ursula von der Leyen's family), but unfortunately, there's a shortage of poultry, so you can only buy "sustainable" products. But hey! Nobody is forcing you to do that! You can still buy bread, but for a bag of printed monies (today, two bags tomorrow).
3. Precious metals will be banned like it always was the case during crises. There will be a black market that will allow exchanging for an old currency, but it'll also be tempting to give away your stash to the Central Bank for their new tokens. Vax or no vacations seems like a funny dilemma from times of prosperity compared to that.
   
4. From time to time, rocks will be falling from the sky, adding to the hubris and causing payment system outages (network splits?), since nobody thought about implementing an offline paying scheme first, right?

 

[BHelmet]

KS you paint a good sketch about the types of absurd chaos to come. Much the same with the pictures of solar panels underwater in the green thread. Perhaps like Poland under communism only more stupid?!

One part that is off (to me) is the part about the wisdom of central banks versus other banksters. I’m thinking they are all banksters. I think they know exactly what they are doing and it is they (central banks) who are destroying fiat currency by endless money printing and debt creation.

There is going to be a “Wild West” aspect too, at least in the USA. People are resilient. Hopefully they rediscover their ability to work together outside of the new “system”.

 

[Alejo]

There is going to be a “Wild West” aspect too, at least in the USA. People are resilient. Hopefully they rediscover their ability to work together outside of the new “system”.

I think so, necessity really drives creativity and people will find creative ways to deal with scarcity, I think it would be easier to deal with it for those who may have experienced difficulties already, some in the US however.. it's going to be a nasty wake up call.

 

[Echo Blue]

I am not looking forward to the coming economic difficulties/collapse. But there is a part of me that is mentally and emotionally and hopefully spiritually prepared for some if it.

When I was much younger, there came a time in my life when LIFE itself was quite difficult. I was divorced with two children. Had a home but no job, no support from my ex. I can still today, at times, feel the stress and overwhelming difficulties of paying the mortgage. I was eventually lucky enough to have someone recommend me for a job in a medical office and things started to change - but change was slow.

There were times when I was at a loss as to what to do. But, after a while improvements in life started to appear and today I find myself feeling very happy for all that I went through. Not happy that I went through the changes and frustration of working towards how to make positive changes in my life, but there came a point when (and I was still struggling emotionally and financially as well as spiritually) when I was out in the garden. It was a beautiful day and I was picking weeds, cleaning the yard and I had this powerful thought come into my being. I remember stopped everything I was doing and pondering on the information that was in my head and it seemed in my whole being. This was about 35 years ago. I still can remember the feeling that came over me. It was something like this: THERE WILL COME A TIME WHEN YOU WILL APPRECIATE ALL THAT YOU HAVE BEEN THROUGH AND LEARNED. Not the exact words, but close enough. I still remember it clearly today.

So, I guess I am writing this to tell you all that no matter what difficulties present themselves to you or the challenges you have been through, (past or present) hopefully they things in your life were presented to you as a gift of sorts to remind you and help you realize that you/we are prepared for our individual futuresmore than we think.

 

[Antony]

This might be an unpopular opinion, but the system isn't inherently bad in itself. It's all about the rules. If the rules are byzantine or just stupid, there's a healthy layer of "grey area", as it is today. Digital currency eliminates that by strictly enforcing all the policies automatically (even the dumbest ones, like CO2 limits). In a more sane world, digital currency could be tied for example to a country's rare natural resource.
From what I've read about CBDC proof of concepts, and looking at how the Multipolar World is coming into realization, there will be no global currency, but local ones, implemented as a Distributed Ledger (because at that scale, we can only consider eventually-consistent systems). There are proposed models, of how banks will be settling cross-border payments, and how underlying currencies will be converted. Most probably, if you'd like to buy something from Russia, you'd need to have an account in a bank that has a "wallet" in Russia's Central Bank.
I guess it is critical for Russia to have its own local system developed, without relying on (even open-sourced) technologies developed by Anglo-Saxons. It's also an opportunity to inject some reasonable rules that ALL parties need to agree to participate.

Nothing new, but as a reminder.

#World The system of central banks and digital currency can repeat the path of social rating in China

More and more European countries are deciding to implement CBDC technologies. This paves the way for the formation of total surveillance of incomes and expenditures of the population, which is one of the elements of human enslavement.

Telegram

t.me

KS, Russia unfortunately is following western trend in all that recent NWO ‘innovations’, including CBDC. Duma (government), imo, is even synchronizing with US that implementation, postponing it from april to may (from recent news). Two more moments. If a sovereign country wants to sell its goods that are needed by the buyer - nobody would be able dictate her the paying scheme (electronic world now imposed system, it’s own currency, cash, barter, whatever). Another thing- our local CBDC would be analogue/ and based on Chinese now hardware and different soft-but it still has to be paired with global system. If initially a good part of countries refused its implementation, then the ‘system’ would not achieve its plan.

 

[BHelmet]

Antony, right on the Mark.

This is how the magician works; a lot of distracting action and motion in the foreground while the trick happens quietly in the background. A lot of bluster and conflict in the news while the conflicting sides are in the back room, off-camera, sipping brandy and playing cards together. Certainly every government and power structure can benefit from CBDC. So they work together in the background on implementation. Could there be double-crosses and mistrust? Of course, most likely will happen as it does in any den of thieves. But I don’t think it’s a surprise that Russia is working with both the West and China to coordinate roll-out of CBDCs.

 

[Alejo]

Antony, right on the Mark.

This is how the magician works; a lot of distracting action and motion in the foreground while the trick happens quietly in the background. A lot of bluster and conflict in the news while the conflicting sides are in the back room, off-camera, sipping brandy and playing cards together. Certainly every government and power structure can benefit from CBDC. So they work together in the background on implementation. Could there be double-crosses and mistrust? Of course, most likely will happen as it does in any den of thieves. But I don’t think it’s a surprise that Russia is working with both the West and China to coordinate roll-out of CBDCs.

Well, it depends really... I think in some initiatives, Russia has their hands tied down, in some others they may be playing along with the goal to protect the population. I also don't think we should put Russia in an unrealistic pedestal of everything good, specially since those at the top there are probably more aware of what might be about to transpire than most of us are privy to.

In these instances, I like to not deify anyone, but also to wait and see before arriving at conclusions. Probably the best example, and there have been many, is the whole covid situation, they were strict.. but rushed to roll a vaccine that prevented Pfizer from turning Russia into a market for their mRNA products, yes they played along and yes they made people vaccinate.. but that play was the best way to prevent more nefarious things from happening.

I think heroic acts, do not always look like a full frontal assault. Another example is the countless occasions when in Syria or Ukraine even, an obvious provocation went unanswered and people felt disappointed that Putin hadn't capitalized on opportunities, they were obviously waiting for something to be set before making their move.

So, if it's inevitable for CBDCs to be rolled out, and not rolling them out would isolate Russia, then why not do that? but in a way that allows them to protect themselves by jumping ahead? think of the internet, it can be a source of disinformation and propaganda and attack, but that isn't a reason to not allow it into the country.

I realize I sound like I am defending Russia, but not really.. I just have come to realize that I am not as aware or intelligent as those making certain decisions in that country, so I usually reserve judgement until more information is available.

So, I am leaving it open for the time being.

 

[axj]

So, I guess I am writing this to tell you all that no matter what difficulties present themselves to you or the challenges you have been through, (past or present) hopefully they things in your life were presented to you as a gift of sorts to remind you and help you realize that you/we are prepared for our individual futuresmore than we think.

Exactly. And according to Gurdjieff and others, external shocks can be used to propel us on our path much faster. Plus, the bigger the crisis, the bigger the opportunities.

 

[Antony]

JPMorgan CEO: the collapse of Silicon Valley Bank increased the chances of a recession in the US
Storm clouds are "hanging over the American economy," the head of JPMorgan warned. Among the risks, he called the tightening of the US Federal Reserve policy, high and unstable inflation in the US, as well as Russia's special operation in Ukraine

The recent bankruptcy of major American banks Silicon Valley Bank and Signature Bank has further increased the chances of a recession in the United States, along with stagnant inflation, JPMorgan CEO Jamie Dimon said in an interview with CNN.

"We see people reducing lending a little, cutting it a little and retreating a little... This is close to signs of a recession, although [banking chaos] will not necessarily lead to a recession," he said.

Dimon warned that "thunderclouds" were hanging over the American economy. Among the biggest risks, he called the tightening of the policy of the Federal Reserve System (FRS), high, unstable inflation and Russia's special operation in Ukraine.

He also questioned whether the US economy has already survived the banking crisis. "I hope this will be resolved pretty soon," he said.
A daimon.

The head of JPMorgan said he did not know if other banks would go bankrupt this year, but stressed that the current situation "is not at all like the financial crisis of 2008." If in 2008 it was about the closure of hundreds of institutions around the world, now it is not, just as there are "no huge problems" in the mortgage markets.

Nevertheless, Dimon believes it's OK to let some banks collapse. "Failure is normal. It's just that no one wants a domino effect," he concluded.

more on rbc:

Глава JPMorgan назвал крах Silicon Valley Bank шагом к рецессии в США

Над американской экономикой «нависли грозовые тучи», предупредил глава JPMorgan. Среди рисков он назвал ужесточение политики ФРС США, высокую и неустойчивую инфляцию в США, а также спецоперацию России на Украине

www.rbc.ru

Interesting how PTB defines when the time for ‘final’ domino ‘reset’ has come (they always plan well beforehand and don’t let anything major by chance). It could well be ‘traditional’ kabbalstic numerology ‘trick’ but coinciding with ‘earthly or/and space’ circumstances...

 

[BHelmet]

Why wasn’t SVB allowed to fail then? And why did the fed bail out depositors who had billions way over the 250k limit? 13 billion of the bailout money went to about 10 “investors” in that bailout. The us taxpayer was made to support billionaires. Crooks. The whole monetary system is corrupt. Not to mention that SVB mucky mucks sold millions in stock a couple weeks prior to the collapse, gave out bonuses to employees and made loans to themselves knowing full well they were going down.

 

[axj]

I think they want to let most banks in the US to fail and get bought up by just a handful of the biggest banks. The reason is that there is a lot of resistance among many of the banks against the CBDC and they still have quite a lot of lobbying power.

The FedNow digital payment system at the Federal Reserve will be launched already in July and is a kind of precursor to the actual CBDC in the US.

The European Central Bank will decide in October whether to launch the “e-euro“ CBDC (of course they will). In a recent prank call with the ECB head Lagarde, she admitted that this will give them more control and she justified it with “fighting terrorism financing“.

 

[Antony]

Interesting ‘them’. The situation is better that in 2008, but wait that something will go boom


The head of the IMF warned that the world economy will soon "make a boom"

IMF Chief Georgieva warned of an imminent "boom" due to the vulnerability of the global economy
Now the banking system is "much cleaner" and there is no need to fear a repeat of the 2008 crisis, Georgieva said. At the same time, she saw serious risks due to the conflict in Ukraine, contradictions between the United States and China, as well as rising inflation.

The vulnerability of the global economy is growing against the background of attempts by central banks of the world to contain high inflation, the fragility of this system threatens financial instability and slowing economic growth, IMF Managing Director Kristalina Georgieva said. A recording of her conversation with a journalist on the eve of the annual spring meetings of the IMF and the World Bank was published by the fund on YouTube.

"It just can't be that interest rates have risen so much after being low for so long and there wouldn't be any vulnerabilities. Something has to make a boom," Georgieva warned.

The head of the IMF assured that the world economy is not moving towards a repeat of the global financial crisis of 2008, despite the problems in the banking sector in the United States and Switzerland. Then the crisis occurred due to the fact that many financial institutions held assets on the balance sheet that turned out to be too overvalued, she recalled, noting that now the situation is different: "The financial system, both banking and non-banking, is much cleaner."


Georgieva also warned of potential negative consequences due to the conflict in Ukraine and the growing distrust between the United States and China. She said it was important for the West to defend its values, but cooling relations with other global players could lead to trade losses of $200 billion to $7 trillion, equivalent to 0.2–7% of global GDP. "It makes sense to strive to be at the lower end of this spectrum of costs," the head of the IMF advised.

Глава МВФ предупредила, что мировая экономика скоро «сделает бум»

Сейчас банковская система «намного чище» и повторения кризиса 2008 года опасаться не стоит, сказала Георгиева. При этом она увидела серьезные риски из-за конфликта на Украине, противоречий США и Китая, а также роста инфляции

www.rbc.ru

 

[Ryan]

The head of the IMF assured that the world economy is not moving towards a repeat of the global financial crisis of 2008, despite the problems in the banking sector in the United States and Switzerland. Then the crisis occurred due to the fact that many financial institutions held assets on the balance sheet that turned out to be too overvalued, she recalled, noting that now the situation is different: "The financial system, both banking and non-banking, is much cleaner."

Very difficult to believe that this isn't a flat out lie. People in such positions must know that the data is pointing in completely the opposite direction.