FDIC chair resigns after warning Democrats launching 'hostile takeover'

[NewEngland Seeker]

FDIC chair resigns after warning Democrats launching 'hostile takeover'

FDIC Chairman Jelena McWilliams announced her resignation Friday in an open letter addressed to President Biden

www.foxnews.com

Her resignation will be effective Feb. 4.

My take:
It looks like the leftist US government is planning to takeover the banks in 2022. The leftist demand that all the largest financial firms on Wall Street be forced to break up into smaller pieces, and then become heavily run by the government.

None of us want to even comprehend a society where a small political elite are given the arbitrary power to set size limits on companies. The government has no dataset sufficient to qualify them for this task and has proven beyond any shadow of any doubt that they lack the technical skill to even take a stab at such an undertaking.

The bottom line is that the federal government needs more money and will confiscate personal property to keep on spending the mind blowing trillions on it fundamental transformation of our society.

 

[Laura]

Well, looks like the games are about to get very serious. Well, they are already serious, but pain is coming for a lot of people with this move.

 

[NewEngland Seeker]

Well, looks like the games are about to get very serious. Well, they are already serious, but pain is coming for a lot of people with this move.

That was my reaction but more like OH SHIKES! We as members will have to make some tough choices about our finances these next few months. I have started to search for articles on how other people handled bank takeovers in the past. So far I'm coming up with no practical strategies. Best of luck to us all.

 

[Natus Videre]

Q: (L) In short, be circumspect, I think. (KJN) What is the status of the money system in the United States? If you have money in the bank, can you leave it there, or should we be doing something more proactive?

A: If you store it with the fox, you will lose it at some point rather soon.

Q: (Odyssey) On the money issue, would it be a good idea to invest in silver or gold?

A: Partly, but what about "needful things"?

Q: (KJN) So we should spend it on things we need now, versus spending it on gold or putting in a bank or that kind of thing?

A: Mostly. Money will soon be worthless, ownership will survive awhile longer.

Inflation is very hungry these days. The system is set up in such a way to give us as few options as possible. Trying to predict all possible outcomes would burn precious energy. We are probably already passed the point of no return. It's nerve-wracking because tensions are rising on all fronts (money, food, wars, disease, climate, restrictions, etc) while there is no clear 'breaking' point. It's 'kaflooey' time!

(L) Ya know, are we gonna live to see this show end? Are we gonna see the final act?

A: Most likely. At a certain point a critical mass of energy build up will be reached and things will snowball, no irony intended!

Q: (Pierre) No irony intended, but it means that the final act will be closed or sealed by global cooling?

(L) Well, they've talked about that.

(Joe) It'll be one aspect.

(Andromeda) It'll start speeding up.

(L) In other words, events are likely to speed up and get crazier at a certain point?

A: Yes

Q: (L) And things won't drag out forever like they are now: this SLOOOOW, mind-obliterating insanity, it's just crazy.

(Pierre) It's not linear.

(L) I guess it's because it's nonlinear. Like an earthquake. You build up pressures, and you don't know when it's gonna break, but when it does... everything goes kaflooey.

A: Kaflooey is a good way to describe it.

If this is what it takes to complete the Grand Cycle, so be it.
Buckle up your cosmic seatbelts!

 

[NewEngland Seeker]

Good catch Natus Videre. Here is more proof of C's prediction about money becoming worthless. 2022 maybe the year of money demise.

Power grab? The Federal Reserve soon may be our only bank

Saule Omarova, Biden’s nominee for Comptroller of the Currency, desires private sector banking to be the purview of the Federal Reserve.

thehill.com

Some snippets from the article.

The Federal Reserve increasingly acts as a repository of the bad ideas of Washington. Bad housing debt? Have the Fed buy it back to shield big banks from responsibility. Need to prop up the economy? Buy bank bonds through quantitative easing. Pandemic threatens the status quo? Pump more than $4 trillion into the economy, sparking widespread inflation.

The immediate effects of Omarova’s confirmation could be dramatic. The Cornell Law School professor is sharply anti-Wall Street — in place of stricter oversight, she also desires private sector banking to be the purview of the Federal Reserve. Such a move would be not only catastrophic to the nation's economy but several major steps toward central planning and away from the free market.

Omarova’s nomination signals the Biden White House's increasing willingness to bow to the left wing of the Democratic Party

Imagine if the federal reserve has full power to enact economic policies without legislative restraints! Banks are small potatoes compared to the singular national institution in control of the people’s money.

Prior to the financial crash, Washington forced banks into giving riskier and riskier loans to unqualified — subprime — borrowers. Imagine that process, turbocharged by woke rhetoric, far more money than a decade and a half ago, and all of the cash and cachet of the Federal Reserve. Too big to fail would meet national insolvency.

The increasing use of unilateral actions by the Federal Reserve and executive orders through the White House could, over the course of a decade or two, transform the role of the Fed from printing greenbacks to controlling whether you are locked out of your bank account for buying Bitcoin.

Or being a conservative or any other group that is hated by the leftist!

Think you hate the big banks now? Just wait until there’s only one of them.

Kristin Tate is a libertarian writer and an analyst for Young Americans for Liberty. She is an author whose latest book is “How Do I Tax Thee? A Field Guide to the Great American Rip-Off.” Follow her on Twitter @KristinBTate.

Who is Omarova.

'Radical’ Biden nominee faces backlash from banks

Saule Omarova is more than just a finance industry critic — she has proposed essentially ending the banking industry as we know it.

www.politico.com

Omarova is more than just a finance industry critic — she has proposed essentially ending the banking industry as we know it by letting the Federal Reserve take on the deposit accounts of all Americans.

As an academic, Omarova has argued that the financial system is dysfunctional and needs a fundamental reevaluation to make it "more inclusive, efficient and stable." Her solution — and the greatest source of angst among lenders because of what it reveals about her philosophy — is that the business of holding consumer deposits should be taken away from banks and run by the Federal Reserve.

She wants full control of our money, what could possibly go wrong!

"Banks, in other words, will not be 'special' anymore," Omarova wrote. "By separating their lending function from their monetary function, the proposed reform will effectively 'end banking,' as we know it."

Bankers are hoping that she will not be confirmed.

"I believe she may have some difficulty getting confirmed given her position on various policy issues," said Cam Fine, the former CEO of the Independent Community Bankers of America, which represents small banks. "At the very least it will be sometime next year before she would have a chance to get confirmed, which then runs her into the mid-terms. So we shall see how this plays out."

 

[luc]

I think the following article is essential to understand what's going on behind the scenes - the "takeover" of the FDIC should probably be seen in this context:

Seizing Everything: The Theft of the Global Commons - Part 2

In Part 1 we explored the ongoing process of defining of the global commons and the claim of the stakeholder capitalists they they should be the "trustees" both of the commons and society. We are now going to look at how systems have been...

www.sott.net

A short excerpt:

It doesn't matter if the numbers don't add up. The real environmental impact is totally irrelevant. All that matters is that a mechanism is created by which the upper echelons of the GPPP hierarchy can firstly rescue and then extend their authority and control. That is the primary objective and until the pet economists and media commentators grasp this, they will never see that which is staring them in the face.

Presumably they still believe it is just an incalculable coincidence that this transformation has occurred just in time to save the failed IMFS (international monetary and financial system.) The GPPP have simply struck lucky. Saving the planet just happens to require exactly the same economic and financial restructuring needed to cover up the complete collapse of their former system of control.

[...]

We can now see how the whole system will work.

Every business, every project they wish to embark upon, every initiative they plan and every policy they pursue must adhere to SDGs. Their compliance to the agreed agenda will be measured via their mandatory "sustainability report."

The Task Force on Climate-related Financial Disclosures (TCFD) will judge their performance. Their ESG subcommittees, such as the International Sustainability Standards Board, will approve the relevant ESG rating for that business.

The private investment ratings agencies like Deloitte, who are "members" of the IFRS and, by definition, the GPPP, will effectively control every business's investment strategy and thus their operations. Deep sea mining, cybersecurity, digital currency innovation, exploitation of the global commons and anything else ordained as "sustainable" will receive the corresponding ESG rating.

All of this is centrally controlled through the TCFD system, operated by the FSB. They will be able to select who prospers and who doesn't. The FSB secretariat is "hosted" and funded by the Bank for International Settlements (BIS) and is based at BIS headquarters in Basel, Switzerland.

Not only are the central banks, under the authority of the BIS, going direct and controling global fiscal policy, they are intent upon ordering all business, all commerce and all finances. They are seizing the global commons, financializing nature and moving beyond the old IMFS to establish true global governance.