Titanic?That's what's keeping them up tonight. I'm gonna find a movie.
Everything is going according to plan. Do not forget, CBDCs by July.
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Implementation begins in April, which means the system needs to be broken to the point where TBTP think CBDCs will be viable.
So far I'd say we're right on schedule.
FedNow is NOT CBDC. It’s just an Instant Payment System that moves your normal existing dollar digits from sender to recipient in seconds.I think I missed the memo on this one; what's the response for this look like? Will regular cash actually have value after all this hits, or is it a better play to leave cash in to address what comes after all this?
In 2008 I was young, extremely busy, and not fully awake. I didn't keep up with these things nearly as closely as I do now.
For those who were more awake at that time, did the situation then seem as dire as it does now?
I am glad to see that Glass-Steagall at least came up for discussion in Congress.Glass-Steagall was passed in 1933 as a response to the banking crisis caused by the Great Depression. It set up the Federal Deposit Insurance Corporation, which guarantees bank deposits up to $250,000 per bank per account. But Silicon Valley Bank depositors were guaranteed their money above the $250,000 limit in law once the bank was identified by regulators as important to the entire banking system.
Glass-Steagall is, however, mainly known for separating out commercial banking — checking accounts, CDs, personal and small business loans offered by Main Street banks — from investment banking, where well-known Wall Street bank companies trade stocks, bonds and other securities, underwrite corporate initial public offerings of stock and finance complex mergers and acquisitions.
In 1999, a Republican Congress and President Bill Clinton repealed the most important part of the law that had kept banks from offering securities or selling insurance in addition to banking. The change came after years of heavy lobbying by the financial services industry and in part as a reaction to marketplace changes and the march of technology, which was seen as making one-stop shopping for banking, securities and insurance easier.
2008 was a huge wake-up call for us. We were one of those small businesses here in the USA. Immediately cutoff by our bank and interest rates rose to 29%. We could not survive after having a healthy 17 year business. We finally bit the bullet in early 2010 closing our doors. By then we had spent every dime we could find to try and keep it open and pay payroll. All that did was suck us dry. We learned, however, and this go-round is very different. I’m thankful for 2008. It taught us the best lessons. We have our priorities in the right place this time and I think it is going to be far worse than 2008. Babylon is falling. Get out of her while you can.2008 was similar to the current period but took time to manifest fully. The first apparent signs were a stock market crash in Asia which some of us here on the forum sat up all night watching and playing the drinking game (I had tea). But other things were not so apparent until they happened overnight, which in the case of Ireland was a literal situation.
Even I was surprised when we woke up one morning, and the Irish government had been up pretty much all night. They had gotten a call about 3 AM telling them that they nationalized the banks or there would be a bank closer and bank "holiday" by 8 AM. The call was from some VIP bank regulator representing the EU.
So while it wasn't called "nationalization," by morning, the two leading banks in Ireland were essentially government-owned, and things started to go to pieces within hours. Within weeks, businesses that had exsited for 300 years went under for reasons described in some of the previous posts. Neither bank would provide the regular monthly "loans" that had been the primary business model for the last 100 years. Smaller enterprises and family businesses used those loans to make payroll and bills before their monthly profits came in. They were almost always paid back by the end of the month, so they were "bridge loans" to create a bridge between when the money was needed and when it was earned.
With no warning, that stopped immediately, so the smaller places fell apart nearly overnight, especially in the towns and villages. Even today, more than a decade later, many businesses are still boarded up with peeling paint and names like So and So and Sons 1785 painted above the door. The large corporations didn't want them, and they had the money to tie them over until things sorted again.
I did a blog during this period called "Who Stole Ireland's Christmas." Being broke, many, if not most, of the small towns and villages went dark after a hundred years of fantastical light displays to push back the deep darkness of midwinter. It was not a fun time even if my family was lucky and we didn't suffer as much as our neighbors did, and that was sad and terrible to watch. Many young people left the country, and most have never returned.
2008 was similar to the current period but took time to manifest fully. The first apparent signs were a stock market crash in Asia which some of us here on the forum sat up all night watching and playing the drinking game (I had tea). But other things were not so apparent until they happened overnight, which in the case of Ireland was a literal situation.
Even I was surprised when we woke up one morning, and the Irish government had been up pretty much all night. They had gotten a call about 3 AM telling them that they nationalized the banks or there would be a bank closer and bank "holiday" by 8 AM. The call was from some VIP bank regulator representing the EU.
So while it wasn't called "nationalization," by morning, the two leading banks in Ireland were essentially government-owned, and things started to go to pieces within hours. Within weeks, businesses that had exsited for 300 years went under for reasons described in some of the previous posts. Neither bank would provide the regular monthly "loans" that had been the primary business model for the last 100 years. Smaller enterprises and family businesses used those loans to make payroll and bills before their monthly profits came in. They were almost always paid back by the end of the month, so they were "bridge loans" to create a bridge between when the money was needed and when it was earned.
With no warning, that stopped immediately, so the smaller places fell apart nearly overnight, especially in the towns and villages. Even today, more than a decade later, many businesses are still boarded up with peeling paint and names like So and So and Sons 1785 painted above the door. The large corporations didn't want them, and they had the money to tie them over until things sorted again.
I did a blog during this period called "Who Stole Ireland's Christmas." Being broke, many, if not most, of the small towns and villages went dark after a hundred years of fantastical light displays to push back the deep darkness of midwinter. It was not a fun time even if my family was lucky and we didn't suffer as much as our neighbors did, and that was sad and terrible to watch. Many young people left the country, and most have never returned.
It was different, and worse, in 08. I recall our bodies themselves told us the story, with clenched tummies and loose bowels, before our brains fully groked it.I remember people where I worked were choking, flabbergasted, that at least 30% of their portfolios simply disappeared.
Does that help?
The thing that I think about is that on 2008 there were about $250 trillion in credit default swops in a world economy of about $70 trillion. I saw somewhere that now there are quadrillions in credit default swops. I don't know how big the world economy is but I doubt that the growth is anything near compatible.2008 was similar to the current period but took time to manifest fully. The first apparent signs were a stock market crash in Asia which some of us here on the forum sat up all night watching and playing the drinking game (I had tea). But other things were not so apparent until they happened overnight, which in the case of Ireland was a literal situation.
Even I was surprised when we woke up one morning, and the Irish government had been up pretty much all night. They had gotten a call about 3 AM telling them that they nationalized the banks or there would be a bank closer and bank "holiday" by 8 AM. The call was from some VIP bank regulator representing the EU.
So while it wasn't called "nationalization," by morning, the two leading banks in Ireland were essentially government-owned, and things started to go to pieces within hours. Within weeks, businesses that had exsited for 300 years went under for reasons described in some of the previous posts. Neither bank would provide the regular monthly "loans" that had been the primary business model for the last 100 years. Smaller enterprises and family businesses used those loans to make payroll and bills before their monthly profits came in. They were almost always paid back by the end of the month, so they were "bridge loans" to create a bridge between when the money was needed and when it was earned.
With no warning, that stopped immediately, so the smaller places fell apart nearly overnight, especially in the towns and villages. Even today, more than a decade later, many businesses are still boarded up with peeling paint and names like So and So and Sons 1785 painted above the door. The large corporations didn't want them, and they had the money to tie them over until things sorted again.
I did a blog during this period called "Who Stole Ireland's Christmas." Being broke, many, if not most, of the small towns and villages went dark after a hundred years of fantastical light displays to push back the deep darkness of midwinter. It was not a fun time even if my family was lucky and we didn't suffer as much as our neighbors did, and that was sad and terrible to watch. Many young people left the country, and most have never returned.
Interesting. Really, interesting tweetJonathan Mesiano-Crookston ️#COVIDisAirborne
@jmcrookston
1m
Now, perhaps this is an isolated bank issue. Or perhaps the toxic chemicals are not that bad.
But my point: you're only going to hear one possible answer out of the untrained people in charge after any of these crises. And what they say may bear no resemblance to the truth
View: https://twitter.com/jmcrookston/status/1637790427691511810?s=20
I have an uncle who lost almost a smooth million in his 401k. It was an excruciatingly painful lesson. I tried talking to him prior, but his financial advisor insisted it couldn't possibly get that bad.I remember people where I worked were choking, flabbergasted, that at least 30% of their portfolios simply disappeared.
Does that help?
Very interesting - thanks2008 was similar to the current period but took time to manifest fully. The first apparent signs were a stock market crash in Asia which some of us here on the forum sat up all night watching and playing the drinking game (I had tea). But other things were not so apparent until they happened overnight, which in the case of Ireland was a literal situation.
Even I was surprised when we woke up one morning, and the Irish government had been up pretty much all night. They had gotten a call about 3 AM telling them that they nationalized the banks or there would be a bank closer and bank "holiday" by 8 AM. The call was from some VIP bank regulator representing the EU.
So while it wasn't called "nationalization," by morning, the two leading banks in Ireland were essentially government-owned, and things started to go to pieces within hours. Within weeks, businesses that had exsited for 300 years went under for reasons described in some of the previous posts. Neither bank would provide the regular monthly "loans" that had been the primary business model for the last 100 years. Smaller enterprises and family businesses used those loans to make payroll and bills before their monthly profits came in. They were almost always paid back by the end of the month, so they were "bridge loans" to create a bridge between when the money was needed and when it was earned.
With no warning, that stopped immediately, so the smaller places fell apart nearly overnight, especially in the towns and villages. Even today, more than a decade later, many businesses are still boarded up with peeling paint and names like So and So and Sons 1785 painted above the door. The large corporations didn't want them, and they had the money to tie them over until things sorted again.
I did a blog during this period called "Who Stole Ireland's Christmas." Being broke, many, if not most, of the small towns and villages went dark after a hundred years of fantastical light displays to push back the deep darkness of midwinter. It was not a fun time even if my family was lucky and we didn't suffer as much as our neighbors did, and that was sad and terrible to watch. Many young people left the country, and most have never returned.
Same here. I tried to get my sister to move hers. It went from over 400,000 to 20,000.I have an uncle who lost almost a smooth million in his 401k. It was an excruciatingly painful lesson. I tried talking to him prior, but his financial advisor insisted it couldn't possibly get that bad.
We are far above average, thank you very much!Wait...what??!!
Gotta watch those emissions! Can’t they jet pool?Buffett sold 91% of his stake in USB in Q4. Won't be a terrible trade to rebuy 30% lower.
View: https://twitter.com/zerohedge/status/1637228253260701698?t=kR3qRX75CbGIdTNlA-rJEw&s=19
*SENIOR BIDEN OFFICIALS IN TOUCH WITH BUFFETT ON BANKS
View: https://twitter.com/zerohedge/status/1637218321140416513?t=uEX8WJPuUJjoOewQgFsbyw&s=19
BREAKING: Warren Buffet Brought in to Solve Banking Crisis – OVER 20 PRIVATE JETS LAND IN OMAHA ON SATURDAY
View: https://twitter.com/gatewaypundit/status/1637531718960787458?t=C5CFbPJFxM4g5Z1OFmv4JQ&s=19
I remember reading something here concerning the Royal Bank of Scotland and six months. I moved my 401k to cash. It wasn’t huge, but I saved it.Same here. I tried to get my sister to move hers. It went from over 400,000 to 20,000.
What we have witnessed so far is the canary in the coal mine effect...the real pain is yet to come and when it dies it will be a nightmare.
They're desperately trying to put on the best happy face they can. Reading between the lines, the people who know what's going on are terrified.Yes, I feel like this is just the tip of the beginning and it will get much worse.
westernalliancebancorporation.comDoes anyone know what Western Alliance is? It's on the screen next to SVB.
They look to be down lower than SVB. This was from a photo someone posted a page or two back.
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I can not argue.Boy you called that one right! it happened less than 2 hours ago. That bank from some quickie research is over 163 years old. 16th largest bank in the WORLD and one of the cornerstones of the Swiss financial system. Credit Suisse, Nestle, SGS-icons of Swiss industry and finance for generations. And credit Suisse fails. Wow. i'm wondering how many Swiss bankers will be jumping out of high rise apartment windows in Basel tonight.
Every national bank and governmental finance administration in the world right now is quaking in their boots. 2008 was a bump in the road compared to how this current situation could go.
Yep these are still the easy fixes.... the hard ones are still in the futureWhat we have witnessed so far is the canary in the coal mine effect...the real pain is yet to come and when it dies it will be a nightmare.