“Any fool can spend money. But to earn it and save it and defer gratification – you learn to value it differently.” [Malcolm Gladwell]. This week has been all about Woke Banks, Bailouts, and Budgets!
ERRATA: I mentioned last week that it wasn’t worth voting in elections. An alert reader, Rick Larson pointed out my important omission: “voting is actually endorsing an imaginary system called ‘democracy’ when in fact it is a ‘kleptocracy’ at best.”
STOP PRESS: Credit Suisse Bailout – SNB rescues with $54 billion! We are crossing the threshold into an irredeemable catastrophe from which western civilisation might self-annihilate. “Woke Rule” has transformed every institution into a cabal of incompetent Woke cultists who have no clue what they are doing in government, finance, medicine, science, education, media, geopolitics and more. The evidence has now become visible in banking and finance.
NEWS FLASH: OMG! Here’s “Jeremy from Accounts?” As an accountant myself I am ever-conscious of bean-counters “knowing the cost of everything and the value of nothing.” This was a dull, dull Budget as Nigel Farage said: “Underwhelming“!
The Spring Budget was revealing, not for what he said, but for what he did not say; here’s a quick assessment: Energy Cap to remain at £2,500 until June with little else but austerity for the average Joe and cigarettes up to £1.75/pk. The OBR came out with their ‘uplifting’ annual 5-year forecast for the death of inflation at year-end after a no-growth period BUT this year’s living standards to drop by 6%!
I know the ONS hasn’t got anything right –ever – so it’s just optics for our pathetic politicians. And Hunt is battling to justify his pensions giveaway to the 1% after ‘The Institute for Fiscal Studies’ and the ‘Resolution Foundation’ both said it was doubtful the £1bn tax break would retain more senior doctors and will allow wealthy individuals to avoid tax liabilities.
LOCKDOWN FILES: Lord Sumption took aim at the Conservative Party on GB News this week, saying there hadn’t been such a talentless cabinet in nearly 100 years; thus confirming what the majority of Brits have known for a long time! Retired UK Supreme Court Justice Lord Jonathan Sumption said the Lockdown Files prove a “failure of government.” The highly respected Judge blasted the Tory cabinet and MPs who served former PM Boris Johnson as “utterly devoid of talent”. He described the present Cabinet as “a cabinet of mediocrity”.
HMG originally made the lockdown decision against the advice of SAGE then they moved into propaganda mode to frighten people and enforce compliance, after getting the message from WHO & WEF. Although Lord Sumption did say that Sunak and Gove, who took opposite views on the lockdowns, were talented individuals, the cabinet was chosen primarily for its unconditional loyalty to Boris Johnson.
Following on: Jeremy Hunt said the UK had “a lot to learn” from Sweden’s response to the Covid pandemic in an exclusive GB News interview: https://www.gbnews.com/news/jeremy-hunt-says-uk-has-lots-to-learn-from-sweden-covid-response-pandemic
FUN TIDBIT: GB News broadcasted ‘Alternative Match of the Day’ amid BBC Gary Lineker shambles fallout: https://www.gbnews.com/news/gb-news-hosts-alternative-match-of-the-day-after-bbc-gary-lineker-fallout Hilarious, and former BBC Executive claims chairman should resign following the impartiality row – ‘He can’t do his job!’ https://www.gbnews.com/news/bbc-chairman-quit-gary-lineker-impartiality-row-migrant
THOUGHT FOR THE WEEK: Were the actions this week actually NOT a ‘Bailout’ as claimed by the Fed? After a rollicking eight days of liquidity crisis in smaller banks; if it looks like a bailout, walks like a bailout, and talks like a bailout, so it’s probably a bailout.
Nobody wants to call the Fed’s actions a bailout because nobody wants to admit the term ‘bailout’ is toxic in daily usage these days and institutions want to distance themselves from this sort damaging language – damaging, that is, to the perception of ‘confidence and trust’ upon which the stability of the global financial system rests. But according to Investopedia it most certainly was a classic ‘bailout’.
And as Peter Schiff pointed out, by making everyone whole, especially very rich investors and corporations, this bailout effectively raised FDIC protection from $250,000 to infinity. They just set a precedent and haven’t codified it into law. The Fed created a new “Bank Term Funding Program” (BTFP) that will offer loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging US Treasuries, agency debt, mortgage-backed securities, and other qualifying assets as collateral. Banks will be able to borrow against their assets “at par” (face value) even if they are underwater in the market.
The new steps being taken by the Fed and the Treasury Department’s FDIC are indeed ultimately bailouts for billionaires and other wealthy depositors. Moreover, this new program will require at least a partial return to quantitative easing (Stealth QE). There’s no way to guarantee such huge sums of money without falling back into inflationary monetary policy yet again. I believe this means inflation will be higher for longer.
But the liquidity crisis is also in the sick-man of the ‘To-Big-to-Fail’ banks, like Credit Suisse, which rolls on despite SNB’s $54 billion bailout this week. Credit Suisse shares are fading and their CDS remain massively elevated. There’s more to come as the credit risk of the European banking sector soars on the back of the ECB 0.5% interest hike this week; ZeroHedge has this week’s charts.
The ECB is also rightly concerned, telling ministers: “Some EU Banks May Be Vulnerable – No Room for complacency” they cautioned, warning that a lack of confidence could trigger contagion.
BREAKING NEWS: THE POT IS BOILING -Bubble, Bubble – Toil and Trouble. There’s trouble everywhere as Britain’s struggles with multiple crises boiling over with more hidden under the rug in a redux of 2008. The good news is that the BoE have managed to ‘sell’ for £1 (or rather ‘give away’) what’s left of the SVB UK subsidiary to HSBC, thus guaranteeing the depositors and making all of them whole – insured and uninsured – in line with the Fed bailout policy in America.
The acute phase of this banking crisis seemed to be over when last Sunday the Fed revealed its Bank Term Funding Program – a facility designed to avoid banks that are facing deposit outflows from being forced to sell their bond holdings at a loss, and which as JPMorgan concluded, is a stealth form of QE which can be $2 trillion or more and will serve to backstop small bank impaired assets for the foreseeable future.
Even more ‘good news’ came on Thursday when the Big Banks’ “deposit consortium” plan was unveiled as part of a coordinated rescue of ‘First Republic Bank’, which envisions big banks like JPM, Citi, and BofA injecting tens of billions (newly received from SVB et al) deposits into the troubled banks and which are meant to replenish the lost deposits (which ended up fleeing to the same big banks which are now recycling them in the form of a bailout). Musical chairs come to mind.
This has created a blueprint of how to back-stop the liability side of small banks. Simply put, any deposit that JPM et al received from regional/small banks, will be promptly recycled as a new deposit back into regional/small banks to keep them liquid. I was taught that this is akin to ‘robbing Peter to pay Paul!
“GET WOKE – GO BROKE” has now become a truism which is killing long-standing business models and is especially visible in the recent banking crisis. Prof. David Rozado wrote: “The jury is still out in terms of whether the ‘Great Awokening’ is winding down.” Clearly this was lost on Silicon Valley Bank last week. The problem of course is Social Media, GloboCap, and Big Tech in general now being so far away from their intended purpose that their “Effective Altruism” is killing their business models per toxic ESG.
Venture Capitalists should have encouraged their portfolio companies to support the 40 year-old SVB, instead they did the opposite, encouraging the CEOs to pull all their assets out of the bank and causing an instantaneous bank-run! This doesn’t make sense to me, clearly there’s another agenda afoot, and so I followed the money.
When Silicon Valley Bank (SVB) went bust last week ZeroHedge tells us they were the poster-child for ‘Woke Makes Broke’. There’s not a white male to be found anywhere in SVB except for their senior leadership page, which is the kind of do-as-I-say-not-as-I-do hypocrisy rampant in fake modern American corporations these days.
While SVB careened toward its spectacular collapse, the bank’s head of risk management for Europe, Africa and the Middle East devoted a chunk of her time to various LGBTQ+ programs. SVB was without a Chief Risk Officer (CRO) from April 2022 to January 2023 whilst the bank apparently allowed Jay Ersapah,( a self-described “queer person of colour from a working-class background”) spending little of her time on risk management but most of it on assorted woke programs before SVB finally appointed Kim Olson as their new risk manager but too late to repair the damage.
It only takes a moment on the SVB website to be swamped with a sea of stock photographs displaying every gender, race, height, weight, and hairstyle imaginable as the soon-to-be-bankrupt corporation declared its commitment to ‘living its values’. These include integrity, empathy, embracing diversity (of course), perspective, and “We take responsibility.” But there is next to nothing to read about actual BANKING! Their executive team spent millions of dollars to produce music videos & TV shows about themselves. Try not to cringe as you watch this!
Have I missed something? Should I take a refresher course in accountancy and banking? Is this new zeitgeist of financial management endemic in SVB a reflection of corporate culture in general? SVB is not alone it seems
However if these senior execs really believed their own Woke propaganda above why did they do this?
- Gregory Becker, CEO of SVB, sold $3.6 million (11%) shares on Feb 27
- Daniel Beck, the CFO, sold 32% (around $600,000) of his holdings.
- CMO Michelle Draper sold 28% of her holdings
Notice that none of them had sold anything of a size for a year or so before this most recent (pre-collapse) sale. And the Bank paid annual bonuses last Friday to ‘eligible’ U.S. executives (aka ‘hush money’), just hours before the bank was seized by FDIC! So there’s nothing to see here then? The backstory behind all this mayhem is hiding in plain sight at the World Economic Forum (WEF). I agree with Brandon Smith in his excellent analysis. Here’s my summary:
“Digging even deeper we then find that SVB’s leadership was highly involved in the WEF and their Stakeholder Capitalism Metrics (SCM), along with corporate governance. SVB was not only implementing all WEF policies they were also reporting back to the WEF on the results.
SVB’s capital exposure was heavily tied up in securities, but also venture capital for woke-tech start-ups, climate change-related projects and leftist activist groups which qualified for ‘Environmental, Social & Governance’ (ESG) loans; they included everything from BLM to Buzzfeed.
In other words, they were investing aggressively into money-pit projects that devoured cash and gave nothing back. The real question is: how many US corporations are involved in ESG and WEF operations at the same level as SVB? I guess thousands have taken up this crazy policy for disaster.
The Federal Reserve’s rate hikes have made ESG liquidity untenable. It is too expensive now for banks to lend (or borrow) to finance losing ventures such as woke-tech companies and climate change non-profits. It is acknowledged that all “too big to fail banks” are involved but have they sufficient capital and protection to stay afloat despite central bank support? Clearly, mid-tier banks like SVB are highly vulnerable.
This woke invasion within the Western business world is starting to die now anyway. You can already see the shift back to a search for profits and an abandonment of social justice virtue signalling. Peak woke happened over the course of the Covid lockdowns, and now it’s fading. It was never going to have staying power because it is far too unhinged and cultish to be widely accepted.
Beyond that, the WEF’s “Great Reset” concept will require a substantial economic crisis in order to be achieved. There’s no way they will ever get Americans to embrace ‘stakeholder capitalism’ or the “I own nothing and I’m happy” cohort in a sharing economy under normal economic conditions. So, they need a crisis event to create desperation within the populace.
In order for globalists to get the total corporate governance they want, they might be using woke ESG to destroy the existing system, thus they can replace it with an even more pervasive woke structure simultaneously blaming free market capitalism as the fall-guy.
It’s a similar idea to the globalist strategy of blaming “nationalism” for the very geopolitical crisis events that globalism is triggering. Given the sheer scale of woke saturation in our global economy, I wonder if the entire economy will be unable to survive the onslaught of ESG and WEF infiltration of corporate and government woke actors before a general collapse of many of our long-established institutions. https://www.zerohedge.com/political/home-depot-founder-tells-americans-wake-after-silicon-valley-bank-collapse
INFLATION WATCH: The trend is “Higher for Longer.” US investors expect the Fed to accept that inflation may continue higher than its target and far more entrenched in the economy making financial stability a concern. It’s Catch 22 for the trapped Fed; raising interest rates an QT to control inflation causes bond values to fall (yields rise) with the banks falling into reserve ratio problems especially the smaller ones. But lowering interest rates & QE causes bond prices to rise (yields fall) and inflation to rip through main street. We are returning to the realities of finance about which the global financial system has been in denial since 2008.
Silicon Valley Bank and its failure/takeover is a great example of what happens when there is a mismatch between your short and long interests; you go bust! To me, the Silvergate unwind, Silicon Valley Bank, and Signature Bank bailouts last week are a microcosm of what’s wrong with society; it could suffer a similar fate to these banks. There’s too much focus on the short term without any real thought as to the ramifications of decisions over the long run. The case of FTX is one we’ve seen many times over. In an instant communication world money moves fast. If managements’ interest is focused too much on the short term or unbalanced in the long term then they will be ‘caught short’ when sudden changes happen, QED.
FOLLOWING last weekend’s bank failures, and the first signs of financial instability in three years of non-stop crisis, Britain continues to slide quietly into oblivion. The error was putting Chancellor Hunt on TV to promise Brits that the banking system was sound and inflation will be 2.5% by year end!
Politicians believe they retain a degree of credibility but Covid changed all that in 2020. Your life may well depend on finding and knowing the truth – the social contract is broken.
SURVIVAL MONITOR: Last Sunday marked the third anniversary of the World Health Organization (WHO) declaring Covid-19 a ‘pandemic’ which came from bats! Yeah, right – we know different now that 60% of US adults think COVID likely came from a lab in China according to the latest survey carried out by ‘The Economist’ and ‘YouGov’.
Well, they got it part-way right because we know the true story of it coming from the US DoD, which Sasha Latypova so adroitly proved, confirming the exact origin of the ‘virus’ despite conflicting theories and the efforts to censor any thought other than the official line.
No doubt the US Intelligence cabal will continue to distract and focus on China which itself might have been implicated in some inscrutable way. BUT the Malaysian Prime Minister knew the truth in 2015! Part of personal survival is about being alert to, not only obvious dangers like the Vaxx, but hidden and subtle obfuscations at which governments and their corrupt institutions are past-masters. The key is DO NOT COMPLY.
THE NARRATIVE BATTLE: Lord Arthur Ponsonby (1871–1946) was a British diplomat and politician who pinpointed 10 rules of propaganda and is what we now recognise as ‘NewSpeak’ or what I call ‘Weasel Words’.
Politicians sparred over the meaning of the release of the Twitter Files. Democrats in particular seemed adamant that they would not even discuss the actual contents of the files or their implications; they attacked the messengers.
There might not have been many new revelations coming from the subcommittee, but what the public did learn was that the political left was extremely hostile to facts, evidence and the truth. If you didn’t already know that by now, the hearing with Matt Taibbi made it abundantly clear.
Leftist members of the committee proceeded into a tirade when Matt Taibbi and Michael Shellenberger were called to testify on their participation in the publishing of the files, attacking everything from their credentials to their intentions, and even demanding they reveal information on their private sources. This is the real information the Dems did not want to talk about:
A summary of the transcript makes for enlightened reading for those with an inquiring mind: https://consentfactory.org/2023/03/10/the-censorship-industrial-complex/
FINALLY On March 15 in 44 BCE, Roman emperor Julius Caesar was launching political and social reforms when he was assassinated on the Ides of March. The group of nobles responsible included Cassius and Brutus. A timely warning to you-know-who perhaps?
UNTIL NEXT WEEK:
For more, read: “The Financial Jigsaw”: Scroll: https://www.researchgate.net/publication/358117070_THE_FINANCIAL_JIGSAW_-_PART_1_-_4th_Edition_2020 including regular updates. For a free PDF copy e-Books, Parts 1 & 2, email; [email protected]
AUSTRIAN’S NEWSLETTER ARCHIVE: https://www.theburningplatform.com/author/austrian-peter/
COVID & FINANCE LINKS: [I will not be commenting specifically on Covid in future because my colleague covers daily updates at his websites]: SPREAD THE WORD: YOUR DAILY COVID NEWS (cmnnews.org)
BOOM Finance & Economics (boomfinanceandeconomics.com)
BOOM Finance and Economics | Designed for Critical Thinkers — UPDATED WEEKLY (wordpress.com)
MAKE A DONATION: Itwill spread knowledge and understanding far and wide and empower humanity to keep the peace: https://www.gofundme.com/f/fnahvp-free-book
I wear my “President Tamer” hat when I whip Joe.
But I really want to be a chartered accountant.
_____________
Austrian Peter:
Congressional Investigations=Taxpayer subsidized campaigning?
The free name recognition a’la The 6 O’clock News should be counted as campaign donations in kind.
I do enjoy your articles and the fun of this comment section.
__________
Here’s a free wink:
It’s possible the animosity between countries is all staged for the benefit of the respective populations (we were attacked, we must fight to defend blah blah), and it also may be possible that all the world leaders are pretending to hate each other for fun and profit.
Same with the banks.
They ALWAYS act like they are surprised that the financial “troubles” they created to steal deposits actually stole the deposits.
“We must have a congressional investigation/campaign ad”
_________
Keep on keeping on !
Thanks EA for your kind words – and yes, I too enjoy the comments from which I learn so many new things.
One of the most disgusting things I’ve seen lately was Congressvermin Daniel Sachs Goldman (D, Manhattan) use his cheap lawyer tricks in a congressional hearing to assassinate the integrity of Matt Taibbi, a truth-teller whose integrity has long been established. Because Taibbi had written of Russiagate – a demonstrably false Deep State narrative – Goldman challenged him to “agree or disagree” with the Robert Mueller (sealed) indictment against low-level Russians for having supposedly interfered in the 2016 election. The most that Mueller could come up with – after a $40 mil investigation- was that some Russians spent ~$100,000 on some Facebook ads, half of which were shown after the election and some of which were pro-Hillary Clinton. It was the equivalent of the “crime” of driving 56 mph in a 55 zone.
Taibbi exposed the federal government burying stories and censoring content on social media – something denied by the Left, but obvious to anyone with an IQ above room temperature.
We can’t even have a honest discussion when the plain facts are in evidence. The US is the Empire of Lies.
Quite Iska, there’s no fixing corrupt-stupid. Maybe one day!
Greetings Peter! If we ever were suspect that Crypto/Crypto Banks were created to back-stop Rothschild bank collapse in the endgame…..Well, I guess we have our answer.
It’s too obvious now BL – no hiding place.
What Ho Peter! They are getting very serious about hemming Brits and Scots in 15 minute sectors with UN soldiers guarding the “Checkpoint Charlie” gates. What’s your view on this situation?
Crazy schemes BL – all part of the ‘New World Order’ to limit plebs from moving around like caged rats.
And we know what rats do when caged and cooped up – they display all sorts of malfunction and might even attack their handlers – expect sparks and fire in UK in the coming years.https://www.sciencehistory.org/distillations/mouse-heaven-or-mouse-hell
SNIPPETS- UNIVERSE 25
“In John B. Calhoun’s early crowding experiments, rats were supplied with everything they needed – except space. The result was a population boom, followed by such severe psychological disruption that the animals died off to extinction.”
This is our future: “Architects and civil engineers at the time were having vigorous debates about how to build better cities, and Calhoun imagined urban design might be studied in rodents first and then extrapolated to human beings.” “As early as 1968, journalist Tom Wolfe titled an essay about New York “O Rotten Gotham—Sliding Down into the Behavioral Sink.” “The message was stark: Curb population growth—or else.”
“Women are supposedly falling into Calhoun’s behavioral sink by learning “maladaptive behaviors,” such as choosing not to have children, which “destroy[s] their own genetic interests.” Other critics agonize over the supposed loss of traditional gender roles, leaving effete males and hyper-aggressive females, or they deplore the undermining of religions and their imperatives to “be fruitful and multiply.” In tandem, such changes will lead to the “decline of the West.”
The people in Oxford are already talking about removing the wooden barriers and set them on fire in protest and some have suggested attacking the town hall and throwing the errant councillors out (they implemented the scheme against massive public opinion).
WEF have infiltrated every nook and cranny in UK, it’s going to be a bloody fight no doubt. Perhaps the Covid experiment was just another Universe 25?
AP- I was taken most by the rats that were referred to as “The Beautiful Ones” who segregated and primped all day. That is where I see many women, primped to perfection with fake illusion of perfection that don’t fit in traditional female roles.
That said, I was really looking for you to report on the infrastructure for 15 minute cities going into place. Some Scots have reported gates installed, do you see that in your area? Could/would you report as you see this happening in the UK? TIA
Sorry BL, I got carried away and lost sight of the target. It happens often and drives my wife mad!
We are so far away from a city (nearest is Bath 20+miles) which we don’t near anyway, and the schemes are in their early stages. I understand Oxford is ahead and from their literature, this is how the ‘gates’ work:
“Six traffic filters are set to be tested for a minimum of six months around Oxford city from 2024. This means that 7 am – 7 pm, private cars will need a permit to get through. St Cross Road, Thames Street, Hythe Bridge Street and St Clements 7 days a week, Marston Ferry Road and Hollow Way (Mon-Sat)
Drivers using the filters who do not have a permit, or are not exempt, will face a penalty charge notice of £35, which will increase to £70 if not paid within two weeks.” https://www.highwaysmagazine.co.uk/Oxford-hit-by-wave-of-protests-over-15-minute-city-backlash/12130
In Bath, the council claim the gates are for ‘security’ reasons, but the reality is that in UK vehicle access in most cities and towns will seriously restricted by gates and bollards/5G monitoring etc. This picture gives and idea:
It’s early days but I guess you will get the drift.
Cheers, AP
Hi BL – TBP has Doug Casey on this today:
Banks are in effect being nationalized over the weekend. This will allow more latitude for the already failed and stupid to make everything worse.
Yes HR and it’s stealth QE now.
I mentioned last week that it wasn’t worth voting in elections. An alert reader, Rick Larson pointed out my important omission: “voting is actually endorsing an imaginary system called ‘democracy’ when in fact it is a ‘kleptocracy’ at best.”
Voting is a gateway to resistance. Even writing in “mickey rat” is better than not voting. I know that those who wont even vote, definitely wont lift a finger, let alone a rifle, later on.
But you do you and keep encouraging others to sit on the sideline. If they listen to you they didnt have it in them to resist anyway. The rest of us will plan accordingly.
Voting is acquiescence in the process of oppression.
That’s what I mean Arthur – there are other views though. Will it be kinetic resistance allowing Martial Law or NVA as above to ‘n’?
Arthur has my point below, ‘n’. You do have a position though, I agree. My option is as my good friend wrote a while back https://austrianpeter.substack.com/p/the-financial-jigsaw-part-2-special-36e?utm_source=substack&utm_medium=email
They are destroying the existing system, but the rest of the world seems to have other ideas as to it’s replacement….
China Moves to Bring Latin America Into Its New World Order
The Chinese sphere of global influence continues to grow, including into the United States’ backyard in Latin America.
China is cementing ties with what has up until now served as its beachhead into the region: Venezuela.
During an online meeting held by the Chinese Communist Party on Wednesday, Venezuelan dictator Nicolás Maduro said he will work with Beijing toward the creation of an “alternative to capitalism.”
https://thenewamerican.com/china-moves-to-bring-latin-america-into-its-new-world-order/?pk_campaign=feed&pk_kwd=china-moves-to-bring-latin-america-into-its-new-world-order
Many thanks B_MC, as usual some really interesting info on China’s ambitions. This sounds ominous: “the creation of an “alternative to capitalism.” – it doesn’t say exactly what the vision is. Of course we know we don’t have capitalism or democracy, it’s more like a kleptocracy in the West but changing to an oligarchy doesn’t sound like much progress. And, “…to exercise full sovereignty over the Malvinas [Falkland] Islands.” sounds more like imposing to-down centralised control.
I think what we have here is welcome to the new boss, same as the old boss, but with bells on. I will go with no central government, but sortition within a network smaller communities like counties. In Somerset we have just created a unitary government for the county and I hope that this will become all pervasive and similar in SA where I hope to rest my head in my twilight years.
2000
WEF PoS1: “I’ll bet you one dollar we can make the citizens from lowest to highest tear down their own system”
WEF PoS2 “I’ll take that bet.”
2023
WEF PoS2 (handing over a dollar) “I never would have believed it.”
I don’t think anyone would have believed it before 2020.
Our natives are restless and it won’t stop here. Marcon may well be booted out and in UK the Tories are toast. The new ‘Reform Party’ is making progress but because of our illegitimate voting system there’s a long way to go.
https://yougov.co.uk/topics/politics/trackers/trust-in-the-british-electoral-system-to-be-safe-from-corruption-or-fraud basically it’s fixed:
“First past the post is most often criticised for its failure to reflect the popular vote in the number of parliamentary/legislative seats awarded to competing parties. Critics argue that a fundamental requirement of an election system is to accurately represent the views of voters, but FPTP often fails in this respect.”
Have you checked “Swiss National Bank 13F” recently?
The SNB’s holdings of US stocks were $139.27B at the end of 2022.
The current market cap of Credit Suisse is $7.43B according to Google Finance…
Yes,’m’ I had followed the SNB interest in US equities which I think is part of a backroom deal with other CBs. The risks according to BOOM are mainly:
1. CPI Inflation that gets out of control
2. Currency Collapse — due to lack of trust in the Government
3. Asset Price Inflation that gets out of control (often not talked about (!)
BOOM’s editorial tomorrow might help clarify matters.
If TPTB wanted to crash the banks and the Schlock Market , to achieve Chaos to bring in the NWO, the AA Finance Clowns handed it to them on a silver platter last week; but instead, the Fed printed $2T to save the Economy again. Evidently TPTB want to smooth in CBDCs and get everybody using them before they implement Social Credits and deploy the money trap no-one can escape. The Central Bank is not our friend. Immediately write your state representatives and tell them to pass a State Bill that outlaws the CBDCs, that legalized US Mint silver and gold coins, that creates State Banks independent of the Rothschild Bank System; that outlaws the criminalization of US and State paper currencies, cryptos, and barter. Tell them that the Rothschild Bankers have vague stealth Bills in all 50 states that would legalize CBDCs in their state, generally claiming to strengthen the dollar and make banking more equable, that they must vote against or they will become Traitors.
Very comprehensive rhs jr, thank you for this and it surely is one way to pushback. I agree that only state legislators can offer a defence against CBDCs but even then it won’t be easy for CBs to action in practice anyway according to prof Werner: