Anyone currently looking for arguments to convince their normie friends of the importance and function of bitcoin should have this little graphic at hand. With the New York Community Bank, another financial institution is collapsing. But, to paraphrase Peter Schiff: bitcoin is a solution that is still looking for a use case... intellectual wretchedness just doesn't pay off in life!
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My dad works there as a low-level employee. Basically, unhirable elsewhere due to his age (60+). He had their stock as part of retirement, which I made him sell 6 months ago.
I had a good talk with him over the last weekend how they may collapse in a week. It gave him some existential anxiety.
If it wasn’t for Bitcoin; I would be anxious as well. Thankfully, I can take care of him with no worries as the fiat shit complex continues to collapse.
Good call to sell his company stock. You saved his retirement fund from collapse
How did you know the bank was on the verge of collapse?
two things. firstly, a confidential source told me that they might be on the verge of getting a capital injection and secondly, looking at the catastrophe chart that was clear
I love confidential sources!
good to hear. be strong as a family and careful and see what comes next. good luck to you
I've got all sorts of thoughts on where this is going, but short and to the point:
Banking must be as centralized as possible before implementing a CBDC.
yes indeed, you could puke! but briefly on the cbdc in the US: the banking cartel, the Fed's ownership cartel, has no interest whatsoever in the Fed destroying their retail banking business, which yields multi-billions every year. I wouldn't be afraid of that in the United States, especially with the various state laws and the new president next year. the eurozone is a different story, but again, I think it will collapse before the commies in Brussels and Frankfurt are even able to implement it.
All of those people that you said don't want a CBDC want a CBDC, and independent banks, small time community credit unions, regional banks etc stand in the way of the implementation.
This isn't about destroying retail banking business, it's about consolidating as much banking influence and power as possible in a last ditch effort to maintain their control they've had over us for centuries. It's much easier to implement a CBDC with the help of 5 or 6 megacorp banks instead of thousands of independent banks.
They tricked banks into buying absolutely shit bonds, hiked rates up historically high, and introduced a shadow YCC program to kick the can down the road.
https://m.stacker.news/19216
Is it banking collapse season again already?? 🍿
or it is a refreshing intermezzo between the main games
Probably get bailed out if they do go belly up
Wonder how many grandmas had stock in this company getting dividends and now poof stock is nuked.
It's disgusting
All week MSM business articles were emphasizing that NYCB is a one off, special situation, which assures me it's not.
MSM is the weapon they have put on our chests and darkened our brains. a really bad development that will cost millions of people a lot of money in the coming years and destroy livelihoods
I'm curious about the size of New York Community Bank. Is it considered a small bank compared to others?
The balance sheet total of the New York Community Bancorp was approximately $116.3 billion at the end of 2023. In comparison, Goldman Sachs had a balance sheet total of around $1.9 trillion, while JP Morgan had a balance sheet total of about $3.7 trillion.
I found this table from November 2023, and NYCB is ranked 35th. It's not one of the giants, but it's not small either.
https://m.stacker.news/19168 https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/50-largest-us-banks-by-total-assets-q3-2023-79625289
Finally
Shouldn't be the last domino to fall...
who are their counter parties, whos next? 🤔
No idea. Let's see.
hahah, find out on nexts week episode 😂
Whether they get bailed out, or whether they fail - bitcoin will protect you both ways. Remember what Satoshi wrote on the Genesis Block, "Chancellor on the brink of second bailout for banks."
He knew this would happen throughout this century, but he created a lifeboat to help all of us.
Yep
Silicon Valley bank collapsed about 12 months ago
So it's season again.
Hyperinflation knocking on the door
But not for us
Yes good post 👍
https://m.stacker.news/19169
oh no! anyways...
Bitcoin is the only future