As usual, the news is not the news.
Everything everyone is talking about…..
…..is NOT what matters.
Allow Dreizin to clear something up for you.
Yes, with Treasury bond yields where they were ten days ago…..
With those yields…..
We now know…..
The entire U.S. banking system is SHOT.
No, not EVERY bank…..
But, you don’t know WHICH banks, right?
As I said, shot.
“Fortunately“, yields have since come down…..
With that out of the way…..
There is ZERO risk…..
…..of cascading, Great Depression-style, mass bank failures and depositor wipeouts in the USA.
With digital banking, digital money…..
…..and interventionist authorities…..
…..it’s NOT possible.
In the WORST case…..
With the benefit of historical awareness…..
“They” would quickly…..
…..(without waiting “too long”, as in the early 1930s)…..
…..order banks to cease handing out cash…..
…..for a while.
(Perhaps, in fact, close all physical branches for the first few days, to let the news sink in, avoid drama at the branches.)
They could also bar the “Too Big To Fail” banks (e.g., BofA)…..
…..from opening any new accounts…..
…..(or, accounts for new customers specifically.)
At that point, sure…..
You could still move your virtual money…..
…..from one troubled regional or local bank…..
But, what would be the point?
(You could also buy cryptos or precious metals by EFT or debit/credit card, but, with enough people doing that, the price of those assets would run up astronomically, turning most people off from the idea.)
Keep in mind…..
Even after Roosevelt’s “bank (withdrawals) holiday” of 1933…..
The economy still, somehow, functioned…..
Poorly, but functioned.
With today’s digital money…..
Do you think everything would stop?
Of course not!
And, who knows?
After a few weeks or months…..
They MIGHT just decide…..
…..to make “no cash withdrawals“… permanent.
Never let a crisis go to waste, right?
You know, a cashless society…..
…..is a reliably tax-paying society.
What they CAN’T control…..
Is, where does all that trapped money…..
…..(or ANY money)…..
That is, they can’t control “inflation.”
They only influence the money supply.
They don’t control supply and demand for real goods and services.
Especially when things get screwy…..
…..and we get into uncharted waters…..
They WON’T be able to control…..
And, as I wrote over a week ago…..
…..(I was the FIRST to say it, that I know of. Even ahead of ZeroHedge. Now, everyone is saying it. UPDATE: The Wall Street Journal editorial board finally said it today, Tuesday, 3/21. I’m waaaaay ahead of these jokers)…..
If they make it so that banks can’t fail…..
…..(whether through 100% coverage of all deposits up to any amount, or through the measures I’ve outlined above)…..
What do you think banks would start to do…..
…..with depositors’ money?
Maybe not all overnight, but…..
To the extent allowed by their boards and (as applicable) charters…..
They’d buy stocks, oil and wheat futures, real estate, fine wines, cigars, pet rocks, oceanic ports in Kansas, bitcoins, shitcoins…..
Also, their lending standards would suffer “just a bit.”
It would be crazier, than even 2005-2007.
It would drive up all prices in a hurry…..
Leaving you pining for the “relatively low” inflation…..
Individual deposit holders…..
…..would be more inclined to spend every cent…..
Because, what the hell…..
You can’t get it out…..
…..and, looks like it’s all coming down anyway.
I know *I* would.
That would also be HUGELY “inflationary.”
Again, there is ZERO threat of cascading, Great Depression-style, mass bank failures and depositor wipeouts in the USA.
Anyone pitching that fear…..
Perhaps the USA itself…..
…..will be broken and brought down…..
…..by something else:
Rape! Mass Graves! Keeping Kids Safe!
It’s funny, that after the hysterias…..
…..over Russian rape dungeons in the Kiev suburbs…..
…..and someone raped with a spoon…..
…..and Russia’s army dispensing Viagra to its soldiers….
…..and the graves of people who must’ve been, like, executed or something…..
…..and shooting civilians in the streets…..
…..that were investigated and never confirmed…..
…..by United Nations (UN) professionals on the ground…..
…..and almost certainly, by the U.S. Government as well…..
The ONLY thing…..
…..on which they could “get” Putin…..
…..(and his Children’s Rights Commissioner lady)
…..(going completely around the UN)…..
…..is an International Criminal Court warrant…..
…..for the crime of evacuating households with children…..
…..from Donetsk and Lugansk…..
…..to other parts of Russia…..
….so the kids could continue a normal schooling and social routine…..
…..and not grow up traumatized…..
…..from all the incoming shells and rockets.
(Not to mention, many of the towns and villages newly retaken from the Ukraine, are so bombed out, no functioning civil government, no utilities, half the houses don’t have a roof. You really want mothers with babies to live in there???)
I assume, Putin stands accused…..
…..of displacing populations…..
…..contrary to the 1949 Geneva Convention.
The same thing Israel used to get dunked for…..
…..when it seizes Arab land…..
…..for its own settlements.
(Remember Israel? It’s a country that used to be in the news. As evil as Russia! The Arab-Israeli conflict was “poisoning the world”! We MUST solve it immediately! LOL.)
Anyone who believed…..
…..any of the Russian “war crimes” bullshit…..
…..over the last year-plus…..
…..is a SUBHUMAN CRETIN…..
…..who should not be sharing my air…..
…..on this planet.
Find another planet, you goddamn idiots!!!
In the last 20, maybe 25 years…..
At least, outside of the Congo…..
The ONLY documented cases of war rape and rape-murder…..
…..(as well as sexual abuse of prisoners)…..
…..not involving a terrorist group…..
…..were those involving U.S. personnel…..
…..in the Iraq clusterfuck.
In this context…..
I’d like to remind readers…..
…..that Lieutenant Calley…..
Who ordered his men…..
…..to kill everyone at My Lai village…..
Racking up a body count of close to 500…..
…..of whom around 40% were under-18…..
Only spent something like SIX years in jail….
(UPDATE: I’ve since learned, it was much, much less than that. I’ll write more about this, next time.)
And was a HERO…..
…..to many, many millions of Americans.
At least he’s not Stalin!!! LOL.
If you enjoyed all this wonderful infotainment…..
Please give me some money.
Or at least…..
Follow and like all my Twittering.
Also, chances are…..
…..you missed my last, brief piece.
Tuesday mornings are awful for reaching anyone.
I will repeat this in every post…..
…..(except “headline only“, quickie posts)…..
…..until it’s no longer relevant…..
…..and/or we’re no longer here.
Assuming we make it to 2024…..
…..and have an election…..
The wonderful governor of Florida…..
If elected President of the USA…..
Won’t do much of shit…..
…..other than get us into a war…..
…..with our supplier of everything.
That is, China.
Because that’s the track we’re on.
Trump tried to take the rivalry in an exclusively economic direction…..
But he was removed.
And now… THE CAKE IS BAKED.
Yes, I’m waiting for another pann-de-mmick…..
But the only strictly “political” issue now that matters…..
…..is how hard the U.S. will fight…..
…..and risk everything…..
…..(including, me and my family)…..
….to hold on to its Hegemony.
And… the “public” has no say in that.
Will NEVER have a say.
I can’t remember the last time the “public” had a say…..
…..on anything that really mattered.
Because we don’t fucking matter.
Anyone who plans to keep voting…..
…..(above the local/state level)…..
…..and legitimize U.S. Federal politics…..
…..and the destruction of their own country…..
…..and perhaps the world…..
…..is a “battered wife“…..
…..or just a FUCKING IDIOT.
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