Posted on 03/15/2023 6:14:25 PM PDT by C210N
Assuming this will NOT be PM-backed, it will fail. Quickly, IMHO.
Tandem to this, a few days ago, the FDIC said it was insuring the SVB deposits, not to $250,000, but to infinity. Doesn't matter what your deposit was, it will be insured - only way this can POSSIBLY be done is by printing more fiat, given that the FDIC's capitalization is a mere fraction of 1% of the $250,000-based deposits.
Except privacy.
We’ll see if it works better than the Obama-Care rollout.
One more piece of the puzzle on the path to the new currency.
Fed Now is only the settlement system.
Viewing this from a slightly different angle - the bank failures, now “fully insured”, are designed to corral us depositors, pawns/hoi-polloi, into a Chinese-style woke-scored financial system. More failures, more clamor to do something, that something being FedNOW (CBDC).
Welcome our new overlords!
The Fed already announced (Sunday or Monday) that they will be doing a “mini” QE. That will last for a bank failure or two and the computers will be generating billion and billions each day. All that when the Fed is upside down on its balance sheet by a trillion.
These people are not serious. We need some adults running things.
A digital wallet that will track every penny going in and out of the account.
If you give your children 50 dollars to mow the lawn, the feds will know about it and expect the child to pay taxes on it. It’s coming.
Make sure your kid doesn't sweat when he/she mows. Any drops of sweat that hits the ground, the EPA will come down on you for the 'navigable' waterway on your property.
I suggest putting as much cash aside as possible now. We’ve been saving hubby’s cash tips for several yrs now. We only put it in the bank when it’s absolutely necessary. I plan on keeping a minimum reserve of $10k at all times so when the social credit scoring crap comes along, we’ll be immune for a while at least.
Ping to CBDC Digital Currency...
Can you spell out CBDC for me? Thanks. And shame on the article writer for not doing it in the first paragraph.
Since 2008, some facility residences have been taking it to the mattresses. Worried that their paper will be worthless with this CBDC
“CBDC” = “Central Bank Digital Currency”, and the new “FedNow” is so far just a new settlement system like the existing “ACH” bank transfer/settlement system. CBDC comes later on when everyone gets an account at the Fed and government payments (tax refunds, Social Security pymts., etc.) go into that account...last step is CBDC and the elimination of cash.
CBDC = central bank digital currency
ping to you
A good way to sidestep CBDC is to have possession of physical metals, like gold and silver.
Go thru your family heirlooms, in search of sterling. Kids these days have zero interest in family furniture, china, furniture.... get rid of what you must, but absolutely RETAIN your sterling, silver/gold jewelry - this stuff will be highly prized, and a source of real wealth, come CBDC iron-fisted control.
And, while you still can, consider *trading* your worthless fiat for gold, and silver especially.
Time to leave
How do you spend it?
Only another year or so until SloJo starts paying off my T-Bills in CBDC.
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