Did anyone really wonder why Biden nominated an actual, factual communist to the Fed?
One of Saule Omarova’s academic ideas was to eliminate private bank accounts and make all individuals’ bank accounts part of the Federal Reserve.
But why? Why now?
If you pay attention to the PsyOps campaign being waged against Americans, they will tell you.
The COVID-19 pandemic has driven Americans to hoard $1.6 trillion in ‘excess savings’ amidst ongoing fears of an economic crisis, despite the fact that experts are warning that the value of these rainy day funds are being slashed by surging inflation rates.
American households would not have put away the huge sum had the COVID-19 crisis not changed the world over the last two years, according to the Federal Reserve Bank of New York.
The funds are far more than the usual three to six months of emergency savings financial advisors typically recommend.
But they forsee more cash stockpiling in the immediate future, with the Omicron variant likely to trigger Americans to save yet more of their cash over fears of possible future chaos.
In reality, economists say hoarding one’s savings can actually hurt a persons’ long-term finances if inflation continues to increase, while causing bigger issues for the economy, of which consumer spending accounts for over two-thirds of its gross domestic product, the Wall Street Journal reports.
Do you get it now?
See, you provincial knuckle draggers have been holding your money. You see black clouds on the horizon and you want to make sure you are prepared for a rainy day.
But the economy, i.e., the big banks and megacorporations, don’t make money when you horde yours.
Your small-minded way of thinking about financial security it hurting them.
So the logical conclusion is: if you won’t spend your money, the government will spend it for you.
But printing money only inflates it, and at some point even the super wealthy will get bit by inflation.
When gas hits $10 per gallon, sure you can’t drive to work, but millionaires are not gonna want to fill of their yachts when it costs $10,000 to go on a weekend cruise.
Eventually, they will stop the money printing just to preserve the value of their millions and billions.
The only logical conclusion is they are going to have to seize your “excess savings” and put that money back into circulation.
If your money is in a private bank account, that’s gonna be tough.
If it’s in a Fed account, it’s their money.
They will decide just how much savings you should have based upon some arbitrary set of standards (your assets, how many kids you have, etc.) and spend the rest of your money for you for “the benefit of the economy” (i.e., their offshore bank accounts).
I’m putting the marker down today.
Some Democrat politician soon will start talking about how your savings are hurting the economy and how they are going to have to do something about those “greedy” people “hoarding their money.”
It’s coming.
im pretty sure actual millionaires and billionaires who are not new rich are well diversified, own nothing on paper, and are not sitting on piles of liquid cash.
Centralized fed banking is still terrible though. If you thought bank of america denying business was bad, you aint seen nothing yet under this proposed model.
I also have a hard time believe banks would just sit back and let that happen, it does affect their bottom line.
Research private currencies, they exis to this day and are quite fascinating. Ive always liked the liberty dollar/norfed concept.
Private currencies are interesting, but remember … the government hates competition. Especially when it comes to money.
Absolutely. That’s why BVNH of Norfed/Liberty Dollar fame got a bogus counterfeiting charge. Uncle Sam didn’t like the competition.
That’s one of the reasons we see crypto crackdowns too.
AFAIK stuff like the time based money in MA is still going strong.
Aaand there’s the argument for crypto I’ve been waiting for.
Crypto ban is less than 12 months out. They’ll claim it’s to combat drug sales, or “human trafficking” which we used to call prostitution, or tax evasion, or climate change (no really: China just banned crypto because the crypto mining process uses so much energy it was threatening their power grid stability).
Then they’ll roll out a digital dollar. I think it was Alan from The Squirrel Report that suggested they’ll start by putting people who use EBT on the digital dollar. Then they’ll put tax refunds on it, and then “stimulus” payments.
But they’ll make it so the digital dollars expire. IE, you have 180 days to spend it all or they take it back, forcing you to stimulate the economy.
Life will find a way, probably via a blackmarket barter system.
The irony of the open-borders crowd claiming they’ll combat “human trafficking” could be used to build a skyscraper.
Heck, the Biden administration appears to have shut down the investigations that, under Trump, were running big arrests of traffickers every month.
Convert your cash assets to hard currency. Gold, silver, copper, brass, lead, steel.
Especially the combined brass and copper covering the lead. And don’t forget nitrocellulose.
But the economy, i.e., the big banks and megacorporations, don’t make money when you horde yours.
If banks can’t make money off of savings deposits, they’re doing it wrong.
This.
The money “in” your bank account is actually being circulated by the bank, not collecting dust in a vault. That’s how banks used to make their money: pay a little interest on deposits, and charge more interest on loaning out the deposited money.
Apparently the business model has evolved significantly, such that banks no longer need to pay perceptible interest on deposits.
Our governing class seems to have an understanding of business and finance that’s below comic-book level.
What did people think the extra tens of thousands of IRS agents and the monitoring of all bank accounts were going to be for? Billionaires?
oh wait, the morons who supported that probably do think that.
Hoarders, wreckers, spies, and saboteurs! They all conspire against the true
SovietAmerican Family and ourfive yearBuild Back Better plan!Sucker bet. The left has been crapping on thrift and prepping for years.
It’s hard to rule people who don’t break laws and don’t depend on their rulers for sustenance etc. (Props to Ayn Rand.)
Planning for the future is “white supremacy”.
Ammo, food, medicines, edged & other weapons, armor, & guns.
Been getting ready for SHTF ready since comrade obama was installed.
Mark at 8:36AM.
Sorry, in a socialist world, hard currencies and precious metals will also go away. Don’t you remember FDR’s attack on private gold ownership? Which was basically “Turn them in now for X amount or face having them seized with no compensation.”
There is literally nothing safe from the grasping hands of our ‘dear leaders’ and ‘socialist betters.’
Oh yea, lets not forget we already have no reserve lending right now….