Biden, Powell and Yellen know that the system is flawed but are following a plan
50 sats \ 3 comments \ @ssaurel 5 May 2023 bitcoin
Joe Biden, Jerome Powell, Janet Yellen, ... They all try to reassure you that the banking system is sound and resilient.
And then, every week, a new regional bank collapses.
Either these people are totally stupid, or they have a plan.
That plan is to increase the concentration of the banking sector to a few "too big to fail" banks.
JPMorgan being allowed to buy up the assets of First Republic Bank at a discount is a perfect example, even though it is against the rules of American regulators.
The second part of the plan is then to point the finger at these bankers and make the people believe that a new financial system is needed to avoid these excesses, which the Fed has known about for months of course.
This new system will go through FedNow which the Fed will launch in the summer of 2023.
Nothing is done randomly, you can be sure.
The Fed wouldn't have raised rates by another 25 basis points two days ago if it weren't for the fact that Jerome Powell and his friends in high places know that this will mean more and more risk of regional bank collapses.
But that is part of the plan!
Don't fool yourself and open your eyes to understand what has been going on before your eyes for months.
Bitcoin is our only hope to escape this trap.
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50 sats \ 0 replies \ @siggy47 5 May 2023
I agree with a lot of things you say, and most importantly that
Bitcoin is our only hope to escape this trap.
I don't doubt their plans for FedNow leading to a CBDC either. I do think you're underestimating government stupidity, though. It would have made more sense to pause rate hikes, which would have stabilized the banks and improved what's left of trust in the system for the average Joe.
I think the level of suspicion the typical American has in the system may make this whole CBDC rollout a lot more difficult. It's not just us in our bitcoin echo chamber who have lost faith.
At least I hope I'm right.
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50 sats \ 0 replies \ @SwearyDoctor 5 May 2023
they're representatives of organizations. Rule number one is: representatives of organizations are basically algorithms. They're not giving sincere answers to sincere questions. They follow a PR, legal, and economic "presentation rule". Or, in other words, they have to say that. The reasons behind it are multiple. Some are because they'd give out evidence that can be used against them; some, that their job is to uphold that the "official facade" iof the system is what it really does; some, that other statements would rile the markets, and of course all global north countries are basically transnational corporations' system enforcement agencies.
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0 sats \ 0 replies \ @nerd2ninja 5 May 2023
FedNow is an interbank CBDC, not a commercial CBDC. So with FedNow, people will still need to use their bank. So how would pointing the finger at the banks enable FedNow?
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