OT: Should you keep savings in a bank?

[2300 Nueces]

This guy sums up the utter insolvency of our banking system. I realize this is a lot of economic and accounting geekery but for my friends, nothing but the best.



There is only one path forward. They have to crash the economy and send interest rates negative. When they push the long term rates negative, the banks will become solvent on paper.

Some issues: We have a debt problem, captain. The ship is taking on water.... so what?

1. Increase rates and push the yield curve negative until the econ crashes. They will have to print MASSIVELY and push rates NEGATIVE.

2. They have to introduce a new currency system whereby the new currency is not tied to the old debt instruments. Enter the CBDC. A digital currency on a centralized blockchain. So Nueces, isn't the system already digital? Yes, but it's not on a digital ledger. Now we can transact in cash, etc... Not blockchain. They will inflate away the debt by printing the old fiat.

3. How will the CBDC be implemented? They will distribute the CBDC to the outlaws first. What? The outlaws are the unbanked... those typically receiving welfare payments. Next, the law abiding will be corralled with ease once they are forced to take CBDC as payments from the outlaws.

~~~Eventually, there will be a negative exchange rate from fiat to the blockchain.

Once the CBDC is implemented, everything will be monitored. You will be told what you can and cannot buy. All crime will be greatly reduced unless you're in the club of course. Get ready. How are you going to operate outside the system to maintain anonymity?

 

[2300 Nueces]

I am going to add this so that y'all can see that these "crises" are done purposely.

https://www.zerohedge.com/geopoliti...gests-crisis-events-are-useful-path-globalism

https://en.m.wikipedia.org/wiki/Fab...y is a,rather than by revolutionary overthrow.

 

[clob94]

Guns. Bullets. Proper aim.

This will solve the problem of globalists.

 

[speedstrength]

Blockchain is a disturbed ledger. Every time a coin changes hand that transaction is recorded. The electricity and computing power required to support the small amount of crypto is astronomical. There is no way we could support blockchain for every day used. I go to Starbucks and buy a coffee, +1 block. Then Starbucks uses some of that money to pay bills, +1 block, then that person uses that money to buy + 1 block. Add that to trillions of dollars in transactions and you could get to the point where it would take hours of high speed computers to solve the problem. You could be looking at spending 100s of dollars to handle a simple 3 dollar purchase. Its never going to happen. There is a reason countries are banning crypto mining. Its expensive, inefficient and putting strains on electrical grids.

 

[2300 Nueces]

Blockchain is a disturbed ledger. Every time a coin changes hand that transaction is recorded. The electricity and computing power required to support the small amount of crypto is astronomical. There is no way we could support blockchain for every day used. I go to Starbucks and buy a coffee, +1 block. Then Starbucks uses some of that money to pay bills, +1 block, then that person uses that money to buy + 1 block. Add that to trillions of dollars in transactions and you could get to the point where it would take hours of high speed computers to solve the problem. You could be looking at spending 100s of dollars to handle a simple 3 dollar purchase. Its never going to happen. There is a reason countries are banning crypto mining. Its expensive, inefficient and putting strains on electrical grids.

Dr., you would like to have a decentralized system, me too. One that allows for freedom and freedom of choice and you are correct, that system requires a lot of energy. However, Skynet needs much less energy. Skynet is HIGHLY centralized and not our friend. It's coming. It's the proof of work piece that requires excessive energy. Proof of work is part of the Bitcoin system. A centralized "permission" scenario takes less energy than our current system. Read lower in the article. The benefits to the State will be much more than energy savings..... think compliance to the system.

IMF

 

[speedstrength]

Blockchain by its nature is decentralized. That is what the chain means. You have a handshake private key and a public key and the block is validated using an equation. The higher the hash rate the more secure the transaction. If you store it on one centralized network that could take care of some of the node issues I suppose but it doesn't solve the hash rate issue. I would need to see someone do whiteboard math and show the minimum hash rate for a secure block validation. Then I would need to see the math on how that could be scalable for daily currency transactions. How long would it take a dollar to get 10,000 blocks? What would that do to hash rate.

Also if this is the future then why aren't countries like Venezuela using this. I mean they have massive debt and hyperinflation has caused them to reissue their currency several times. Its because block chain isn't scalable.

And why do we need a distributed ledger to see what you are buying. Blockchain would show every single transaction that has ever been conducted with that digital currency and wouldn't be tied to you. All the feds have to do now is look at what the big 4 cloud companies have on you and they will pretty much know what you have been doing and buying without the need for a massive investment in blockchain.

 

[2300 Nueces]

Blockchain by its nature is decentralized. That is what the chain means. You have a handshake private key and a public key and the block is validated using an equation. The higher the hash rate the more secure the transaction. If you store it on one centralized network that could take care of some of the node issues I suppose but it doesn't solve the hash rate issue. I would need to see someone do whiteboard math and show the minimum hash rate for a secure block validation. Then I would need to see the math on how that could be scalable for daily currency transactions. How long would it take a dollar to get 10,000 blocks? What would that do to hash rate.

Also if this is the future then why aren't countries like Venezuela using this. I mean they have massive debt and hyperinflation has caused them to reissue their currency several times. Its because block chain isn't scalable.

And why do we need a distributed ledger to see what you are buying. Blockchain would show every single transaction that has ever been conducted with that digital currency and wouldn't be tied to you. All the feds have to do now is look at what the big 4 cloud companies have on you and they will pretty much know what you have been doing and buying without the need for a massive investment in blockchain.

You didn't read the blog from the International Monetary Fund?

"Other options that don’t feature distributed ledgers are also being considered, and some of these are seen as promising from an energy-consumption standpoint. That means CBDCs can potentially reduce the power needs for digital payments, and even be more energy efficient than the credit card networks now widely used."

~~Meaning that only those that need to know would be privy to the ledger and that CBDCs are not the same as Bitcoin. Bitcoin and all the other stupid coins are nothing more than a sheep pen to gather the sheep for shearing.... Ya, the sheep got sheared.

Venezuela does not provide the world's reserve currency. Those idiots don't amount to much on the global stage. If the World's "Reserve Currency" fails, there would be massive death. I think you are missing the point of the planned demolitions... the bubbles, credit crisis, fake diseases, etc are designed to push society back to a "Dark Age" of feudalistic slavery. You are missing the point that the next crisis will be something that causes a bail in or some sort of bank run and systemic failure which leads to a great lack of confidence in fiat currency and the debt based system it engenders. Enter the CBDC which will not be tied to the debt based system. It will be "stable" or "supposedly" tied to gold, etc... It will lead to what is known as a dual currency system. You will have fiat and CBDC. The CBDC will be in a wallet****, possibly stored at the FED but the commercial banks will be a place of transaction between the 2. The CBDC will be priced at a premium because it will not be used by commercial banks in their normal line of business levarage which will be seen as highly risky because of debt defaults, etc... Enter the concept of "Narrow Banking" where banks can't take depositors money and speculate in the derivatives market as they do now.

https://www.ledgerinsights.com/bank...d-for-negative-interest-rates-narrow-banking/

The question I was asking was, "How does one avoid the moral hazard of the current bankrupt FDIC and retain one's savings? The answer is not at the local bank on the street corner. The bank on the corner is the slaughterhouse.

**** The current commercial bank does not have segregated accounts. They have one large pool of money and a list of people with demand deposits on file. CBDC will be tied to your social security number and will not be accessible by a commercial bank for leverage operations.

 

[speedstrength]

https://arxiv.org/pdf/2203.17018.pdf

It appears that central banks have no plans to use any form blockchain or any form of alternate accounting methods when they are considering digital currency. It looks like a way to streamline and speed up transactions using common APIs for different finical vendors and POS software. Seems to me like the ones that should be worried are the credit card companies. There goes all of your fees and data on consumer spending.

 

[2300 Nueces]

API's -
Application Programming Interfaces (APIs) are sets of protocols, routines, and tools for building software applications. APIs provide developers with a way to access the functionality of an existing application or service, without having to write new code from scratch.
APIs allow different software systems to communicate with each other, exchanging data and functionality. They provide a standard way for applications to interact with each other, making it easier to integrate different software components and services. APIs are often used to build web and mobile applications, and they can be used for a wide variety of purposes, such as:

• Integrating with third-party services (such as social media platforms or payment gateways)
• Building custom features for existing applications
• Automating repetitive tasks
• Extracting and analyzing data from existing applications

APIs can be public or private, and they are often provided by software vendors or service providers. Public APIs are typically available for anyone to use, while private APIs are restricted to a specific set of users or applications.
Developers can use APIs in a variety of programming languages, including Python, Java, JavaScript, and more. Many popular web frameworks and libraries, such as Flask and React, provide built-in support for working with APIs.


This is not solving mathematical equations to unlock coins. The API is far different from the novelty of Bitcoin. There are no hash rates, blocks, or distributed ledgers in the API system. It sounds like another way to do the same thing we are doing now with less privacy. I see no value in creating a CBDC if it's the same fiat we have now with new enforcement bells and whistles. It appears the magician is going to crash the old system while trying to sell the new one as something safer. Pardon me if I don't believe them.

 

[Belldozer1]

This guy sums up the utter insolvency of our banking system. I realize this is a lot of economic and accounting geekery but for my friends, nothing but the best.

View embedded media

There is only one path forward. They have to crash the economy and send interest rates negative. When they push the long term rates negative, the banks will become solvent on paper.

Some issues: We have a debt problem, captain. The ship is taking on water.... so what?

1. Increase rates and push the yield curve negative until the econ crashes. They will have to print MASSIVELY and push rates NEGATIVE.

2. They have to introduce a new currency system whereby the new currency is not tied to the old debt instruments. Enter the CBDC. A digital currency on a centralized blockchain. So Nueces, isn't the system already digital? Yes, but it's not on a digital ledger. Now we can transact in cash, etc... Not blockchain. They will inflate away the debt by printing the old fiat.

3. How will the CBDC be implemented? They will distribute the CBDC to the outlaws first. What? The outlaws are the unbanked... those typically receiving welfare payments. Next, the law abiding will be corralled with ease once they are forced to take CBDC as payments from the outlaws.

~~~Eventually, there will be a negative exchange rate from fiat to the blockchain.

Once the CBDC is implemented, everything will be monitored. You will be told what you can and cannot buy. All crime will be greatly reduced unless you're in the club of course. Get ready. How are you going to operate outside the system to maintain anonymity?

You can store your cash under my mobile home, I’ll watch it

 

[oldhorn2]

Bell....you will have to send me some info on how often you rotate the tires on your house. I don't want it collapsing on my last roll of Susan B Anthony's....

 

[2300 Nueces]

B4 I bury mine under there, I need to know where the bucket for the turds is located.

 

[westx]

CBDCs will be used and will use blockchain technology, no question. Let’s just hope it is backed by gold along with a “digital constitution of human rights or digital currency privacy bill of rights”.

 

[2300 Nueces]

CBDCs will be used and will use blockchain technology, no question. Let’s just hope it is backed by gold along with a “digital constitution of human rights or digital currency privacy bill of rights”.

View embedded media

If they say it is backed by gold, it will need to be convertible to gold or it's bs.

 

[2300 Nueces]

This is a bank.

 

[diadevic]

SVP down 62% in one day. Ouch!

 

[Drtxhorn]

Put your money in a safe place like behind Biden's Corvette.

 

[westx]

So, the the answer to the original question in the title of this post, “Should you keep savings in a bank”:

NO, “if” your employee’s mission is to play as a “woke do-gooder” instead of actually focusing on customer service and protecting depositor’s money. This tweet sums it all up nicely.

 

[Lampasas]

So, the the answer to the original question in the title of this post, “Should you keep savings in a bank”:

NO, “if” your employee’s mission is to play as a “woke do-gooder” instead of actually focusing on customer service and protecting depositor’s money. This tweet sums it all up nicely.

View embedded media

You are such a dinosaur. Back in the day, your statement would have been correct.
But today, being an incompetent, but Woke gender confused business ensures a bailout from FJB's administration.

 

[Drtxhorn]

So, the the answer to the original question in the title of this post, “Should you keep savings in a bank”:

NO, “if” your employee’s mission is to play as a “woke do-gooder” instead of actually focusing on customer service and protecting depositor’s money. This tweet sums it all up nicely.

View embedded media

I just read that over 90% of SVB’s deposit accounts were in excess of the $250k FDIC limit. When you have that many accounts like that, it’s not a bank. It’s basically a hedge fund masquerading as a bank. They all accepted the risk and bet big and they lost. They need to suck it up and learn from their stupid decisions. But FJB is here to bail them out so all is good. These banks are all politically connected with the Democratic Party so they get a bailout. I bet a million dollars that if this were Podunk Bank in East Palestine, Ohio or Buffalo Balls, Texas there’s no federal bailout.

 

[2300 Nueces]

Y'all think the FDIC has enough to cover 10% of the population? I still have accounts to ping cash to pay bills but to let it sit in what equates to a huge moral hazard is niave.

 

[houstonwolves]

This guy sums up the utter insolvency of our banking system. I realize this is a lot of economic and accounting geekery but for my friends, nothing but the best.

View embedded media

There is only one path forward. They have to crash the economy and send interest rates negative. When they push the long term rates negative, the banks will become solvent on paper.

Some issues: We have a debt problem, captain. The ship is taking on water.... so what?

1. Increase rates and push the yield curve negative until the econ crashes. They will have to print MASSIVELY and push rates NEGATIVE.

2. They have to introduce a new currency system whereby the new currency is not tied to the old debt instruments. Enter the CBDC. A digital currency on a centralized blockchain. So Nueces, isn't the system already digital? Yes, but it's not on a digital ledger. Now we can transact in cash, etc... Not blockchain. They will inflate away the debt by printing the old fiat.

3. How will the CBDC be implemented? They will distribute the CBDC to the outlaws first. What? The outlaws are the unbanked... those typically receiving welfare payments. Next, the law abiding will be corralled with ease once they are forced to take CBDC as payments from the outlaws.

~~~Eventually, there will be a negative exchange rate from fiat to the blockchain.

Once the CBDC is implemented, everything will be monitored. You will be told what you can and cannot buy. All crime will be greatly reduced unless you're in the club of course. Get ready. How are you going to operate outside the system to maintain anonymity?

My email inbox is chock full of apocalyptic end of financial times offers to subscribe to newsletters who can help me 'prep' for the end. Thanks for summarizing.

 

[2300 Nueces]

My email inbox is chock full of apocalyptic end of financial times offers to subscribe to newsletters who can help me 'prep' for the end. Thanks for summarizing.

Accounting isn't your friend. I posted this almost a month ago and since then 3 banks have failed and more to come. One, SVB is the 3rd largest bank in history to fail.

Why last night before the Asian markets opened did pedo joe have to announce an 85 billion dollar bailout for the banking system? SSSSHHHHhhhhhh....... 🤫 It won't be enough. How much does that add to each individual's portion of the 32 trillion dollar debt that is rolling over continually in short term paper at 5-6% and soon to go higher?

The dreaded vote of confidence.

 

[2300 Nueces]

https://finance.yahoo.com/news/firs...ars-of-regional-bank-contagion-131701546.html

My email inbox is chock full of apocalyptic end of financial times offers to subscribe to newsletters who can help me 'prep' for the end. Thanks for summarizing.

 

[TX1972]

I just read that over 90% of SVB’s deposit accounts were in excess of the $250k FDIC limit. When you have that many accounts like that, it’s not a bank. It’s basically a hedge fund masquerading as a bank. They all accepted the risk and bet big and they lost. They need to suck it up and learn from their stupid decisions. But FJB is here to bail them out so all is good. These banks are all politically connected with the Democratic Party so they get a bailout. I bet a million dollars that if this were Podunk Bank in East Palestine, Ohio or Buffalo Balls, Texas there’s no federal bailout.

The depositers were apparently mostly vc and techies. Probably mostly Democrats. So, of course all deposits guaranteed.

 

[Drtxhorn]

The depositers were apparently mostly vc and techies. Probably mostly Democrats. So, of course all deposits guaranteed.

True. And many of them were also Chinese VC firms and start ups. China has FJB by the short hairs. What a fvckin disgrace!

 

[2300 Nueces]

Excellent analysis.

 

[westx]

 

[clob94]

View embedded media

We've been getting a free pass for decades while continuing to print dolla bills. What's kept us afloat?

Brace yourself--

As the global fiat currency, people all over the world hoard up our printed money. Gresham's law. (The currency with the highest value gets hoarded up and stored under the mattress)
Look around the world over the last 40 years (when we REALLY started printing money).
Who had it in cash?

Saddam had a billion or so.... in cash.
Pablo Escobar had billions- in cash.
El Chapo, there's still billions in cash we can't find.
Gaddafi had billions.
The Saudi Royal family hoards it.
Jose Eduardo Dos Santos, former Oresident of Angola, had 22 billion in US dollars floating around Angola at one point.
Noriega was a small fish who'd been paid in cash by the cartels and our CIA to the tune of 300 million.
The annual drug trade is over 1.5 trillion--an estimated 1 trillion of that is funded with US dollar bills.
Viktor Bout- the Merchant of Death- allegedly had 6 billion in US cash stashed away when he was arrested.

In conclusion- the US is in no hurry to take drug trafficking, human trafficking, gun running, or dictators out of play because, well, they keep our currency valuable by taking it out of circulation.

 

[westx]

A little off topic, but apparently Capitol One, Ally and Wells Fargo have removed dealer floorplan financing and has quit the subprime car lending. There is more detail, but these two tweets skim over the basics. Is this a sign of the banks prepping for rough times ahead? This guy is pretty interesting and I like the information he puts out.






Btw, what you are about to read is not an angry rant-it is just a fun philosophical rant. Gimme hell if you want. I am interested in rebuttals. Regarding the subprime lending, this system puts people in cars that they have no business owning, I have some personal pet peeves. Maybe it is me being a little envious or old fashioned (I still haven't owned my hotrod to this day, but that day will come after kids out of college). But, some of these young dudes driving brand new expensive camaros/corvettes/mustangs/bmw or whatever either have wealthy parents or live at mommy and daddies working for the car payment, but not helping parents with rent, utilities or food bills. I know some of you may give older dudes a hard time by labeling them as "mid-life crisis" if you see them in a shiny new corvette, but don't you think that theoretically, older dudes should be the ones driving the toys. I mean, we all had dreams when we were young about these cool sports car, but couldn't afford it for obvious reasons. Most of us are busy paying a mortgage, college, etc.., and don't really have the cash to have that extra vehicle. We have to settle for a family car to make sure there is plenty of room for all of the family. Anyway, you put that dream on hold until you can properly afford it when the mortgage comes down, kid's college is paid and some of life's expenses that are lowered when you no longer having kids in the house.