Hey folks! I’m doing one of those “last minute, spur of the moment” LiveCasts today on Youtube at 1:00 ET.
You’re invited!
Sorry for the late announcement, but that’s how these things roll for us at the moment.
Topics:
This is a companion discussion topic for the original entry at https://peakprosperity.com/chris-martenson-live-3-18-23/
The Jamestown settlement had 104 people and still they didn’t want to work to support themselves. I guess they sailed away from England with an entitled attitude that didn’t fit with their Virginia reality. Attitude is more important than community size, though a small community is more likely to produce good work ethics and altruism.
We are hosting a skills based seminar next weekend in Texas….Homesteading….small family dairy….composting….rain water collection…… Check out our facebook page….Utopia Organic Gardens.
The only people who will move their small bank money to big banks are people who are paying attention (and have more than $250,000 on deposit). From my experience, that’s a very small percentage of people. (Of course there are no billionaires in my circle.) And it will take time for this to become a significant measurable movement (among people on Main Street). I took my savings account out of my small local bank to convert the currency to gold (and triggered an SAR??♂️). I like and trust my bank and their personnel, but I’m not going to leave my currency at risk of the Federal Reserve and USG. And nothing we are learning about Yellen, the Fed, the .gov is new. (Yellen couldn’t pass a high school economics test! But she is good at whatever it takes to be the Fed Chair and Treasury Secretary. What do you suppose that is?!) We should’ve protected ourselves by responding to these realities by 2009 at the latest. Come on, man!
Because of the political incentives, it is impossible that our country can do anything but continue growing our debt faster than our income until it all blows up. I’ve given up on political solutions and am focused on individual/family survival. Powell’s silly statement is his own version of the silliness: his statement avoided criticism of any current or past politicians and put the responsibility on future people (when he’ll be gone).
Re: Scat Francisco, in today’s world ideology trumps reality (and math). Just like Mao’s Cultural Revolution. The death of many millions is in our near future too. And it’s not just Scat Francisco. It’s the same at the Federal Reserve, the Deep State, the Congress, etc.
Post the link!
Rich have stashed assets by purchasing islands, or at least large parts of islands. Yes, currency in off-shore banks not any safer. But those property holdings, assuming the island doesn’t flood from sea level rise, are a constant store of value.
That’s why they are funneling their fiat currency into real estate, particularly homes and farmland. The new company store.
Small bank business customers are no so ignorant, at least in my area. No billionaires, but lots of small business. Many small business owners and farmers not only have college degrees, they also understand real world economics. They are aware of this stuff and they watch it. Heck, the farmers and grain elevator owners buy and sell in the grain futures markets. Small farmers can be above $250K when they deposit from a large sale or when they’re accumulating to pay for spring planting. Successful local trade businesses can get over $250K when they get paid for a large job and they also may have payroll and expense accounts in the same bank that can get to a total of over $250K. It is a PAIN to keep money at multiple banks for safety, e.g. payroll at bank 1 and inventory purchases at bank 2.
Moving money back and forth can be time consuming and expensive, especially as small banks often have higher fees and inadequate on-line banking. They also have more honest and responsive managers.
When interest rates were 0, I just kept a small account at a larger bank to facilitate transferring money. Turns out their rates became higher than the local, by a LOT, so more money ended up there, In January, I pulled funds out and moved back to several local banks so I have multiple sources of cash. (besides the stuff under the mattress)
Chris and Dave, what to you think their endgame is for smaller credit unions? Are they on the hit list too?
Yes. That’s what Yellen said. “We’re going to levy a fee on every bank, but only promise to cover the deposits of the Big Banks.”
In China, this is known as “paying for your own execution bullet.”
They can’t say no? No help at the state level?
I think you are underestimating Yellen. If she’d only been asked about the Fed’s diversity, equity and inclusion stats, she would have looked well-prepared.
I’ve heard the Jamestown story several times of the years. I don’t know all of the details, but the gist of it: They initially tried an early form of communism, failed miserably and nearly starved, then changed it to where you kept the (literal) fruit of your labor, and people flourished.
“The problem was that all the men who were sent were bonded labourers. They had no stake in what they produced. They were bound by contract to put all they produced into a common pool to be used to support their colony as a whole. This was communism in its purest form. Everyone was supposed to work according to ability and take according to need.”
https://freerepublic.com/focus/bloggers/2120669/posts
I’m seeing a few different threats:
I’m sure this has been brought up already……but……the price of gold has hit new record highs in these countries in the last few days;
Australia
UK
Japan
Norway
New Zealand
Sweden
India
Israel
South Africa
Turkey
Canada is within $4 and the Euro is five away.
Cheers,
Blaggers.
The “wealthy” people of this country are going to fight till the bitter end to protect their uninsured deposits. This is a simple concept to understand. Those large balances likely represent ill-earned gains over the last few decades of market distortions.
If the banks suddenly go tits up and large portions of the deposits evaporate, their power and claims to real wealth will be greatly diminished. They might actually have to work an honest job for the first time in their life to feed their rotten pie holes. You can bet that the elites trying to steal food from the peasants will be a lot riskier for them than stealing our currency’s purchasing power.
It may be a waste of effort to write the congress critters that represent you. I still think we should try.
I can’t indulge in the vice of expressing my anger at the “elites” using illegal methods. I have too much to loose. I would however not be surprised if some people choose that path.
Big Business can’t stop its illegal, fantastically lucrative gossiping (16 Mar 2023)
https://pluralistic.net/2023/03/16/compulsive-cheaters/#rigged
