Have a look at Janet Yellen's testimony the other day, video below.
You can watch the whole thing, as this is a long senate hearing, but I want to focus on the 5 min from 1:30 to 1:35...
Does that give you faith in our banking system? From our FDIC website, we also can see the following;
https://www.fdic.gov/about/financial-reports/reports/2022annualreport/index.html
The FDIC holds just under $130 Billion in funds. They are insuring about $10 Trillion in deposits... just around 1.3%.
So, from an article on Doug Casey's International Man blog he lays out the problem, and the solution:
https://internationalman.com/articles/a-mile-high-house-of-cards-3-ways-to-protect-yourself-before-your-bank-collapses/
My summary of the problems:
1. FDIC insurance on our funds is not really protecting our funds. Not only is that demonstrated by Janet Yellen's statements in that hearing, but consider that the FDIC holds about $130 billion, which are insuring $10 trillion in deposits... it's a game of musical chairs and if your bank is one of the last banks to fail, well you may not get reimbursed, or they will give you your bank stock for your cash (as a bail in option, which they do have.)
2. Whatever you put in the bank is no longer yours. Yeah hard to believe, but they now own your money and can do what they want with it. You are a debtor of the bank, and you hold now a promise that the bank will pay you on demand, if they have the money.
3. Because of fractional reserve banking, there is actually no money in the bank. If you watched Mike Maloney's hidden secrets of money, you can see visually that when you deposit $100 in the bank, they can use that to lend it out 10 more times creating $1000. This is done in the computer, and there are actually no dollars in the vault. You know this if you ever ordered a large amount of cash and you had to wait a few days for the bank to get it.
So what can we do... action time.
1. You want cash on hand. Two to three months expenses or more, whatever you are comfortable with, and do not advertise this to anyone.
2. Gold and Silver. This is at a high premium now, because that spot price plus the premium is the actual price. The big difference with gold and silver vs currency, is that it retains its value, so this is your defense.
3. Bitcoin. I just did a Bitcoin 101 paper to explain the basics, and this is the hedge against the future. Once you have cash to operate and gold/silver to protect the value you created, then what's left over I believe is worth a bet on the future.
What do you think? Do you have any other ideas or options?
Trying out something new, a video message.
Also to back this up is a good article from Glen Greenwald about how our capacity to reason diminishes during the highly charged climate surrounding a war and war propaganda from BOTH sides.
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Michael Saylor shared something recently that may have gone unnoticed by most.... he said it in an interview with Tom Bilyeu recently.... here is the clip:
https://x.com/TheBTCTherapist/status/1869507247526793481
MICHAEL SAYLOR: The first nation to print their own currency to buy Bitcoin wins.
Paul from invest answers then also put together the fact that MSTR is applying to issue more stock to buy more BTC.... is that the same thing? Basically, people will be using fiat to buy stock that will be used to purchase BTC. But the BTC supply is limited.... so get your MSTR (or your BTC) soon! (NOT financial advice....)
But this is not what Satoshi's original 2008 whitepaper (https://bitcoin.org/en/bitcoin-paper) had in mind when it developed Bitcoin, it was suppose to be a peer to peer cashless transaction system, right?
Roger Ver thinks so, and wrote a book about it called Hijacking Bitcoin. This video is a summary of that book ...
Why Doug Casey and Anton Wahlman are wrong about the upcoming election.
Let start by reading and listening to what they have to say:
https://antonwahlman.substack.com/p/america-is-now-a-socialist-country
After reading the blog post on Hersey and Liberty, and as we see in the video from Doug Casey on why they think America is doomed to vote in "Commie-La", I think they have missed the bigger picture on the American electorate and what is driving the upcoming election.
Going through history, the three things that are the biggest motivations for the motivation to "Throw the bums out" are;
1. It's the Economy, stupid
2. How safe am I now?
3. Foreign Wars
Maybe the 2nd and 3rd reasons are intertwined, but this is the main three. And Commie-La, as much as she may try to run against the current administration, people know, she is part of the machine in power. With all three of these big picture items against her, the chances she pulls this off are extremely low.
Doug and Anton are reacting to a ...
I liked this article on Substack, and of particular interest is the video from Richard Nixon. Oh if we could only go back and know then what we know now.
https://antonwahlman.substack.com/p/putin-to-tucker-nato-provoked-the
