You (yes, you) are currently (yes, right now!) the victim of one of the biggest financial scams in history! 😵💫💸
I feel like some people have a general awareness of how bad the fiat banking system is, but if you knew how bad it actually was, you'd be scrambling to get rid of your bank!
And this is just for the US. It's much worse in most other countries.
Let's break it down quickly. Please bookmark and read this carefully!
💀Your Money Can Be Made Worthless
By law, you have to use or at least accept US dollars. A single entity, completely unaccountable to the people, can change the supply on a whim, effectively stealing value from anyone who holds them.
If you made $50,000 per year in 2020, you'd have to make over $60,000, a $10,000 or 20% raise, just to still be earning the same today.
Going all the way back 110 years to 1914, that same $50,000 would be worth over $1.5 million today!
You're being robbed year after year. By law.
💀 You Need a Bank to Use Your Money
In order to spend your money, you need to use a bank for most things. It's extremely difficult to operate without one (in the fiat system at least).
People have been denied bank accounts, or had theirs arbitrarily closed, for any kind of reason. Legally, this can happen. You have no recourse. You can be debanked for whatever reason, without explanation!
It's scary to think that you can be made unable to pay your bills, for whatever reason, instantly, overnight, and you can't do anything about it. Yet we're forced to use this system!
💀 "Your" Money in the Bank Isn't Yours!
Here's where it gets scary. When you deposit money into a bank, that's not your money anymore. No, I'm not just talking about how you have to trust someone to hold it for you. It's their money now!
Deposits become bank assets, and your balance is actually debt they now owe to you. But institutions can go bankrupt, and therefore not have the money to pay you back. Remember: they're not holding your money for you. You're actually loaning them all your money!
In order to use your money, you have to lend it to a risky financial scheme. How risky? Well glad you asked...
💀 The Bank Doesn't Need to Have ANY Money!
You may have heard of "fractional reserve banking" where the bank only has a fraction of customers' money on-hand in liquid assets (which is bad enough).
Guess what that fraction is today? ZERO. None at all!
In 2020, banks don't have to have any reserves. This means that, when you give them your life's savings, instantly they could have none of it on-hand to give back to you.
Not only is it not legally your money (just a debt owed to you), but they don't even have any of it on-hand when you want it back.
And don't even get me started on privacy (that's for another post).
The fact that we're all forced to participate in this scam should be shocking to you. This is why I closed my bank 8 years ago and went all crypto: all my money is mine, no one can inflate it, it's all there, no one can confiscate it.
I hope this causes you to think, and start moving towards alternatives. If you need any help moving to living on crypto, let me know!
Posted Using InLeo Alpha
This is not true. The idea that deposits is inaccurate.
What do banks do with the deposits? They have 2 choices: buy a government approved asset or lend the money.
Double entry accounting shows how all deposits (liabilities) to the bank are backed by an asset.
Oooo I got receipts!
https://www.federalreserve.gov/monetarypolicy/reservereq.htm
You are claiming it is backed by nothing. That is untrue.
To start, understand reserves. They are not legal tender. They are simply bank instruments that have a specific use case. They are not broad economy money. They cannot be used for another but interbank settlement.
As stated, all deposits (liabilities on a commercial banks balance sheet) are backed with either government approved assets (US treasuries or MBS) or notes from loans.
I'm not claiming anything that the Federal Reserve itself is not claiming.
ZERO reserves since 2020.
Wow
All true
We are raised to be sheared by the banks like sheep
If you don't understand the profit model, you are the profit
Yep. Insane that people didn't pay attention that this was happening.
Congratulations @thedessertlinux! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 600 comments.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts: