Bank Run Watch 2023 after Silicon Valley Bank shutdown - Over 97% of SVB's assets were not FDIC insured

[CuzinEd]

The digital currency shit is so fucking stupid and doomed to fail that it's hilarious if that's their plan. What the fuck would it even be backed by? How would you get people to use it over a dollar? You can't even get people to change their license plate every 2 years. How would you get other nations to play ball when they are already ditching the dollar.

The last thing the Feds would want is to ruin the dollar since it's the US #1 export. The US performs coups and starts wars to force other nations to use it.

The truth is the Feds have no grand plan, they are just running away from their own incompetence because they thought they could print money forever. The Irs barely fucking functions as is and infact severely under collected in taxes this year.

No one is ditching the dollar. If they do what are they going to use? The Ruble or Yuan? Russia's economy is in free fall because of the sanctions. An economy that isn't doing that well anyway. Then you have the Chinese economy and their currency is heavily manipulated and they print more of it than the US has with the dollar. There is no where else to go. No other option exists except the dollar.

2023 isn't 2007. the iphone was released in 2007. broadband internet just a few years earlier. now everyone is running around with a pocket sized computer and is at least online once a day, if not always. most have a social media account. digital currencies are a thing, even if crypto is a scam. and arguably the collapse from 2008 was never really settled and what we see now is just the after-effect trying to stem that collapse instead of letting it take it's course, let the market correct itself and get over it.
there also wasn't a fuckload of money printed and an economy driven against a wall because of some flu to get rid of trump.

will there be a digital dollar? probably, depends how fast tho. but the groundwork is there and doing it has never been easier. and with all the concentrated propaganda people will be persuaded to adopt it out of convenience or simple fear.

All of that doesn't really matter much. Technology improves over time and it always has. Gold and Silver has always existed and it's about as much of a pump and dumb scam as crypto. Gold and silver tards have always been around. Especially since the late 2000's they were selling that stuff to Boomers like crazy.

My point is all this stuff isn't new. It's all been said before or at least some variation of it. It was all said well over a decade ago. People have been talking about the US economy collapsing BRICS dedollarization and inflation for well over a decade now. Nothing happened in that period of time and I doubt anything will now or in the near future. If it was going to happen it would have by now. But it hasn't. China and Russia are just getting weaker as time goes on.

 

[quackrock]

No one is ditching the dollar. If they do what are they going to use? The Ruble or Yuan?

Nah, just the Yuan and the Euro. Maybe the British Pound will make a resurgence.

This won't happen overnight and our economies are still tightly interconnected, but the definite trend appears to be towards trade/reserve currency diversification and global economic decoupling.

Here's something that's changed between now and ten years ago: https://nationalinterest.org/featur...argest-economy-we-shouldn’t-be-shocked-170719

 

[Jump]

The Yuan seems pegged to the dollar and Europe seems to be even more fucked then the USA.
China wont let the Yuan run free because of the advantages devaluation gives it with trade.

Inflation is 8%+. And those "anywhere" CDs are available from all those "too big to fail" banks that are currently failing right before our eyes. So my options are basically "you might lose less or you might lose it all"?

I should just stock up on ammo while civilians can still buy it...

5% is better then 0%
What you do with that is you take a little out of your savings account and make staggered CD's.
At 5% with 6k on a 13month CD your making $325.
So open a 6k CD every month and in a year you will have a free $325 every month. Is $325 a lot? No, but it covers my electric and gas bills. At least I get something out of it. Its better then just leaving your cash sitting in a 0.015% savings account getting eaten by inflation.

CD's are also FDIC insured so as long as your not keeping more then 250K at each bank your ok.

The time for stacking ammo was years ago. If your not already stacked deep with ammo and PM's then you havn't been paying attention. Now your going to be paying top dollar to catch up.

 

[ZMOT]

All of that doesn't really matter much. Technology improves over time and it always has.

and technology is what makes things possible. that's why people landed on the moon in 1969 and not hundred years earlier when jules verne was writing about it.
up until that point it was all "well, they've been writing about humans landing on the moon for over hundred years, it's never gonna happen".

 

[Secret Asshole]

Nah, just the Yuan and the Euro. Maybe the British Pound will make a resurgence.

This won't happen overnight and our economies are still tightly interconnected, but the definite trend appears to be towards trade/reserve currency diversification and global economic decoupling.

Here's something that's changed between now and ten years ago: https://nationalinterest.org/feature/china-now-world’s-largest-economy-we-shouldn’t-be-shocked-170719

The thing is reserve currencies have never been forever. In the modern age, they last about a hundred years or so, and the dollar's coming up on that age. BRICS is attempting to make its own currency. Which may or may not happen. But people say de-dollarization isn't happening and it surely is. The United States has lost spheres of influence in the ME and in Africa, and there's no hope of repairing either of those bridges. Its even stressing its allies and isolating itself. There are plenty who want to de-dollarize.

De-dollarization means no more mass printing currency in order to support the force behind the dollar, the MIC. Russia has shown you can survive sanctions and being completely ejected from the West. The sanctions are turning into a self-inflicted wound to the West as more people died of expensive energy in the EU than COVID last year. There are plenty of countries out there tired of our shit and there hasn't really been an opportunity. Everything is tied up in Ukraine and China has exploited that.

We're looking at the consequence of late-stage capitalism, wealth concentration and 50 years of absolute foreign policy disasters with no accountability from our business leaders and government officials. Rot has been at the top and the foundation for our society for so long it is eventually going to collapse like a house of cards. You cannot operate as top dog in the world when 35% of your population are serfs who don't own anything.

 

[Zbk3VmLfujjzjxBd43tL]

The digital currency shit is so fucking stupid and doomed to fail that it's hilarious if that's their plan. What the fuck would it even be backed by? How would you get people to use it over a dollar? You can't even get people to change their license plate every 2 years. How would you get other nations to play ball when they are already ditching the dollar.

It's backed by the same thing as the dollar--the US's military/economic might telling you this currency is good. People would use it because all of those digital payment apps use it. Meanwhile, your bank has automatically converted your entire savings account to Fedcoin, since it's assumed nobody wants to use the obsolete currency anymore since 99.999% of businesses, IRL or online, are only accepting Fedcoin. Coins or paper money are still valid to exchange for digital Fedcoin, but since the bank is shredding/melting them down, they're harder and harder to come by.

Meanwhile, the Fed is burning the stocks of actual USD, since now actual USD is only being used for very particular transactions involving banks, the treasury/foreign treasuries, and very large corporations. This lowers inflation and lets the dollar back Fedcoin (kind of like how BTC and such backs Tether and other stablecoins). Fedcoin is now totally controlled by the central bank, who can direct consumption as needed using "incentives" and do shit like delete excess Fedcoin from your account if you don't use it in a particular span of time. Every single cent of Fedcoin can be tracked and taxed, and for a lot lower cost than shit like the IRS's scheme to tax everything over $600.

 

[Some Dumb Faggot]

It's backed by the same thing as the dollar--the US's military/economic might telling you this currency is good. People would use it because all of those digital payment apps use it. Meanwhile, your bank has automatically converted your entire savings account to Fedcoin, since it's assumed nobody wants to use the obsolete currency anymore since 99.999% of businesses, IRL or online, are only accepting Fedcoin. Coins or paper money are still valid to exchange for digital Fedcoin, but since the bank is shredding/melting them down, they're harder and harder to come by.

Meanwhile, the Fed is burning the stocks of actual USD, since now actual USD is only being used for very particular transactions involving banks, the treasury/foreign treasuries, and very large corporations. This lowers inflation and lets the dollar back Fedcoin (kind of like how BTC and such backs Tether and other stablecoins). Fedcoin is now totally controlled by the central bank, who can direct consumption as needed using "incentives" and do shit like delete excess Fedcoin from your account if you don't use it in a particular span of time. Every single cent of Fedcoin can be tracked and taxed, and for a lot lower cost than shit like the IRS's scheme to tax everything over $600.

-Fiat currencies run entirely on trust to work. The Usd works because it's established and there's alot of it.
-The debt is in Usd it makes no literal sense to "burn" money, there's a huge liquidity crisis going on right now. if people saw that shit you would lawsuits and sanctions up the ass.
-People would also see the Feds doing this panic and cause bankruns fucking things up further
-People would also just flee to things like gold and silver for stability.
-A digital would be horrifically vulnerable to cyber attacks.
-Inflation is the worst its ever been and shows no signs of slowing.
-How in the fuck would you get China and Russia to use it they would just tell the Feds to fuck off.

 

[mindlessobserver]

Nah, just the Yuan and the Euro. Maybe the British Pound will make a resurgence.

Doubtful. The Bank of England is just as inept as the ECB and the Fed. The pound is hardly in good shape either. There is runaway inflation in the UK too.

 

[Zbk3VmLfujjzjxBd43tL]

-Fiat currencies run entirely on trust to work. The Usd works because it's established and there's alot of it.
-The debt is in Usd it makes no literal sense to "burn" money, there's a huge liquidity crisis going on right now. if people saw that shit you would lawsuits and sanctions up the ass.
-People would also see the Feds doing this panic and cause bankruns fucking things up further
-People would also just flee to things like gold and silver for stability.
-A digital would be horrifically vulnerable to cyber attacks.
-Inflation is the worst its ever been and shows no signs of slowing.
-How in the fuck would you get China and Russia to use it they would just tell the Feds to fuck off.

-Fiat currency works because people trust the issuer. Anything with the US Treasury's stamp on it is thus good...for now.
-It makes plenty of sense, because it lets the government control inflation and manipulate the currency without that pesky thing called the free market getting in the way. USD would just be some shit they keep around for legacy purposes, not for use by the general public except to exchange for Fedcoin
-No they wouldn't, they and everyone they deal with would also use Fedcoin.
-Fedcoin is immune to bankruns
-Our banking system is already horribly vulnerable to cyberattacks and Fedcoin doesn't make things any worse (other than not allowing for physical currency when the ATMs are down)
-Fedcoin gives the government more control over the currency, therefore letting them more efficiently control inflation
-Because Russia and China will want to do business with US entities, and this means holding Fedcoin. It's no different than countries doing business with China in yuan (currently 2% of world trade is conducted in RMB).

 

[Some Dumb Faggot]

-Fiat currency works because people trust the issuer. Anything with the US Treasury's stamp on it is thus good...for now.
-It makes plenty of sense, because it lets the government control inflation and manipulate the currency without that pesky thing called the free market getting in the way. USD would just be some shit they keep around for legacy purposes, not for use by the general public except to exchange for Fedcoin
-No they wouldn't, they and everyone they deal with would also use Fedcoin.
-Fedcoin is immune to bankruns
-Our banking system is already horribly vulnerable to cyberattacks and Fedcoin doesn't make things any worse (other than not allowing for physical currency when the ATMs are down)
-Fedcoin gives the government more control over the currency, therefore letting them more efficiently control inflation
-Because Russia and China will want to do business with US entities, and this means holding Fedcoin. It's no different than countries doing business with China in yuan (currently 2% of world trade is conducted in RMB).

For a fiat currency to work it HAS to be backed by something. The USD is backed by the petro-dollar system which means everyone will need it to trade for oil and theres also alot of it. Some faggot digital coin would be backed by nothing because people would still either use dollars or gold. It wouldn't be established like dollar

What does burning money even mean? That makes no fucking sense, once it's printed it's in the system. there isn't some switch they can flip that takes all the USD and converts it cbdc. How in the fuck would you even go about establishing a global system like that? As long as there are dollars people are going to use that over cbdc. How would you even stop people from hoarding gold and silver?

A completely digital system is 1000 times more susceptible to cyber attacks. What happens if the power goes out or the servers get ddos'd? Does trade just completely stop and you can't buy anything?

90% of all US export is the dollar all the manufacturing has been off shored to China. Then the US already completely cut Russia off. So clearly neither need to give a shit about some faggot coin.

Then on top of that why? The Fed already controls and manipulates the dollar. We haven't been a free Market since Nixon switched the US off the gold standard.

 

[quackrock]

A completely digital system is 1000 times more susceptible to cyber attacks. What happens if the power goes out or the servers get ddos'd? Does trade just completely stop and you can't buy anything?

These are problems that've been solved to customers' satisfaction by Visa and Mastercard. Ignore all the blockchain bullshit, and think of the US Digital Dollar as a government-run debit card system.

If it were strictly tacked on in addition to our current cash, credit card, and retail banking systems it won't be bad, as it'd be a "if it's legal then it must be permitted" online bank account, but of course the temptation for power to centralize will be impossible for the IRS and others to resist and who knows how the Fed and others will abuse/ignore civil rights and the law.

 

[Some Dumb Faggot]

These are problems that've been solved to customers' satisfaction by Visa and Mastercard. Ignore all the blockchain bullshit, and think of the US Digital Dollar as a government-run debit card system.

If it were strictly tacked on in addition to our current cash, credit card, and retail banking systems it won't be bad, as it'd be a "if it's legal then it must be permitted" online bank account, but of course the temptation for power to centralize will be impossible for the IRS and others to resist and who knows how the Fed and others will abuse/ignore civil rights and the law.

The people I'm debating here are saying that it would entirely replace the dollar globally which would never happen.

If it's just another system to work with the dollar then yes, that's not as farfetched but then payment processors already abuse their power so it really would be another system.

 

[WelperHelper99]

These are problems that've been solved to customers' satisfaction by Visa and Mastercard. Ignore all the blockchain bullshit, and think of the US Digital Dollar as a government-run debit card system.

If it were strictly tacked on in addition to our current cash, credit card, and retail banking systems it won't be bad, as it'd be a "if it's legal then it must be permitted" online bank account, but of course the temptation for power to centralize will be impossible for the IRS and others to resist and who knows how the Fed and others will abuse/ignore civil rights and the law.

That is something I fear. With cash, if I want to buy ammo, the government can't track it. With a digital dollar they see everything. Add in a social credit system and bam, full blown tyranny. I already have to worry about the card companies seeing that, I don't need uncle Sam under Biden seeing my asshole too

 

[Catgirl Tyranid]

The people I'm debating here are saying that it would entirely replace the dollar globally which would never happen.

If it's just another system to work with the dollar then yes, that's not as farfetched but then payment processors already abuse their power so it really would be another system.

I feel like the most likely outcome is the pairing of the two at first and then the slow march of disincentivizing the old system while incentivizing the new until they can outright ban the old in response to some manufactured outrage event.

 

[WelperHelper99]

I feel like the most likely outcome is the pairing of the two at first and then the slow march of disincentivizing the old system while incentivizing the new until they can outright ban the old in response to some manufactured outrage event.

This is what they'll try doing. They'll make it so inconvenient to use cash that by the time it happens, few will care. It's how they got the dollar in in the first place

 

[Whoopsie Daisy]

That is something I fear. With cash, if I want to buy ammo, the government can't track it. With a digital dollar they see everything. Add in a social credit system and bam, full blown tyranny. I already have to worry about the card companies seeing that, I don't need uncle Sam under Biden seeing my asshole too

There will be workarounds for this. Imagine if Bob's Guns 'n' Ammo, was facing losing 80% of its' business because people don't want the government to see Bob's customers buying Ammo. Bob could, theoretically, sell a 'store card' that you load up with $500 credit. At this point, it's fairly obvious Bob is selling ammo and the customer is buying cards to secretly buy ammo.

The trick then would be for Bob to change the name to Bob's Cafe. He could sell a selection of food and drinks to hide that his customers are really buying Ammo. For extra protection, you could set up a direct debit with Bob, where he charges you a daily amount of $5 (to make it look like your buying a sandwich every day) for 100 days.

Bob gets business, you get ammo and the government gets to see fuck all.

 

[WelperHelper99]

There will be workarounds for this. Imagine if Bob's Guns 'n' Ammo, was facing losing 80% of its' business because people don't want the government to see Bob's customers buying Ammo. Bob could, theoretically, sell a 'store card' that you load up with $500 credit. At this point, it's fairly obvious Bob is selling ammo and the customer is buying cards to secretly buy ammo.

The trick then would be for Bob to change the name to Bob's Cafe. He could sell a selection of food and drinks to hide that his customers are really buying Ammo. For extra protection, you could set up a direct debit with Bob, where he charges you a daily amount of $5 (to make it look like your buying a sandwich every day) for 100 days.

Bob gets business, you get ammo and the government gets to see fuck all.

Thing is I shouldn't have to. Cash isn't broken. Banks and governments spending and printing it is.

 

[Whoopsie Daisy]

Thing is I shouldn't have to. Cash isn't broken. Banks and governments spending and printing it is.

I agree. if it comes to it, there will be ways to beat the system.

Medieval Britain had underground rooms to practice banned religions
Prohibition America had the Speakeasy
Digital currency future will have ways to hide purchases

The common man is a genius when he needs to be

 

[WelperHelper99]

I agree. if it comes to it, there will be ways to beat the system.

Medieval Britain had underground rooms to practice banned religions
Prohibition America had the Speakeasy
Digital currency future will have ways to hide purchases

The common man is a genius when he needs to be

True. I expect a crash before that happens however. Electric tokens don't mean much in a depression style economy. Physical goods do. Gold, silver, ammo, the dollar to a extent.

 

[Catgirl Tyranid]

Physical goods do. Gold, silver, ammo, the dollar to a extent.

Potato bros rise up! Till up your yard, get those tubers in the ground.