by @macroaggressions on Macroaggressions
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The pieces were put in place back in 2014 through the G20’s Bank Bail-In Law when it was decided that the money in your bank account is fair game for the taking when things go bad. Now that the Bank of International Settlements has unveiled its Universal Ledger, it will lay the foundation for the BIS to have absolute control of the rules and regulations, at least according to its Director General.
As the push for CBDCs intensifies, it becomes imperative to understand the mechanics of how they work, what they do, what they prevent you from doing, and how they might roll them out to the public. As Mark Carney lays out his vision for the three pillars of a multi-polar world which combine CBDCs, ESG, and a Digital ID, the general public should be aware of where things are heading, and figure out how to stop it before it is too late.
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Has Berwick seen this? Or anyone that knows anything about banking?
Every one of the opening assertions is either incorrect, misleading or not relevant, at least to depositors in US banks on US soil.
Is the banking industry in grave danger? Yes. Is it primarily due to fractional-reserve banking? Possibly. There are many ways that a bank can fail. "Running banks like casinos" is indeed accurate in that banks must absolutely rely on
repayment of their loans and most banks, due to the government, play fast and loose with their loan guidelines due to cronyism, lack of responsibilty and government interference.
Of course, the super-large banks, which many would agree are the lynchpin of the whole banking system, have a whole new "game" in the casino in that, due to the repeal of Glass-Steagall (which was enacted specifically to prevent another round of bank failures after the 1920's) during the Clinton admiinstration, investment houses and banks may not only be co-owned but also that money from one side may be used to fund activities on the other side. So now banks can fail due to bad investments by their connected investment houses, which is precisely what happened in 2008, just nine years after the repeal of Glass-Steagall.
The bank run and failure of the Bank of Cyprus has absolutely nothing to do with US banking. As a government skeptic myself, I note the timing of the failure, 2014, was during the Obama administration and that the deep state collaborator and noted Russia-hater, "Goldwater Girl" Hillary Clinton, had just left the office of Secretary of State, to be followed by John Kerry. Would it be that crazy to believe that the US may have had something to do with the failure of a bank known to be a haven for money laundering for Russian oligarchs? To make things even less relevant, Cyprus had no "FDIC" yet depositors with less than 100,000 euros, which is far more than most Americans have in their federally insured accounts, still got paid even without explicit government insurance. If anything, the bank run in Cyprus ended up being a huge success as average depositors were left unscathed and the mean old Russian oligarchs took by far the brunt of the fallout.
Furthermore, US Banks cannot just seize deposits for themselves. Deposits are carried as liabilities on the bank's balance sheet (as it is money owed to the depositors) and simply switching deposits to the asset side would make even an Enron accountant blush. Do banks use the deposits held, which are a liability of the bank, as collateral for other pursuits? Possibly. Banks that share ownership with investment houses almost indubitably "allow" the investment side to also hypothecate the "value of the bank" in creating investment products. If those investment houses fail, the assets of the connected bank may be taken as collateral by any counterparties of that investment house's failure, theoretically taking the depositor's money with it.
However, that's where the FDIC comes in. Do you honestly believe that even a dotard like The Biden Experience would tell the electorate "oops, sorry, you're all screwed"? The solution would be, as it always is, to enact the palliative and print up anotheer quadrillion or more in cash, distribute it to the clueless proletariat, and the restore oneself back to the pedestal of media fellatio and the adoration of that same proletariat.
BIS : Bank of International Satanists .