AM Mid Day News: Buckle Up and Keep Calm
No, the sky is NOT falling, but watch out for the nuts out there.
Nothing happened . . . . right?
Something is always happening and the past few days were no different.
With some speakers-in-the-know, TrashDiscourse and Jen Lawrence filled everyone in on their Mid Day News space.
Let’s take a step back and get a refresher on the working parts:
United States banking cycle
h/t ᡕᠵ᠊ᡃ່࡚ࠢ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏 Pop Pop 𓅓 for tweeting out the following images:
Fractional-reserve banking is in which the banks don't really hold your money in the bank its scattered across the banking system and its not stored in one place at one given time. It's not like a traditional bank where they hold it in a vault. ~ᡕᠵ᠊ᡃ່࡚ࠢ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏 Pop Pop 𓅓
Then crypto came to Web 2.0 ‘Interwebs.’
Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units.
Big Government did not like the way that was going:
Decentralized?!
No Big Government Authority?!
No way to control it?!
“By George, we got ‘em,” Big Gov says! Enter Central Bank Digital Currency!
“This system will solve everything!”
“You’ll love it! Forget burdensome cash!”
Que Dick Dastardly because a Social Credit System (like CCP’s Social Credit System below) for the Global Strategic Alliance is the end goal.
CBDC will be the mechanism used by the government to track your purchases. Everything will be kept in a digital ledger. Taxing every aspect of your life is possible, making your right to privacy impossible. There will be no other types of crypto.
Larger image here of this graphic:
![Twitter avatar for @couldcareless12](https://substackcdn.com/image/twitter_name/w_96/couldcareless12.jpg)
![Image](https://substackcdn.com/video/upload/e_loop,vs_40/hk5fivn6t2q9uqso2epi.gif)
![Twitter avatar for @zerohedge](https://substackcdn.com/image/twitter_name/w_40/zerohedge.jpg)
But what presents a problem for the Government? The other cryptocurrencies!
The Big Governments ‘do have a bad rep…’
“Good thing the POTUS signed Executive Order 14067.”
CBDC will be the Reserve Currency - goodbye cash!
Executive Order on Ensuring Responsible Development of Digital Assets
![Twitter avatar for @liz_churchill8](https://substackcdn.com/image/twitter_name/w_96/liz_churchill8.jpg)
![Twitter avatar for @couldcareless12](https://substackcdn.com/image/twitter_name/w_96/couldcareless12.jpg)
Now you’re ready for the 10,000 foot overview of the past few days:
Silicon Valley Bank collapsed; nominal assets of $209 billion.
Customers included Etsy, Roblox and RedBox and a variety of tech start-ups.
New York based Signature Bank was ordered to close over the weekend.
Signature Bank was a big lender in the crypto industry. The bank was part of only a handful of financial institutions allowing customers to deposit crypto assets.
At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history, the Associated Press reported.
The bank is FDIC-insured and had assets of around $110.36 billion, with total deposits of about $88.59 billion as of Dec. 31, 2022, DFS said in a statement. Both figures were roughly half of what SVB had at the end of 2022, according to the FDIC.
Was the timing suspect?
What questions are arising?
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