De-dollarization is Accelerating: Here’s what to Expect

Posted on February 16, 2023 by Wes Rhinier
    
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Rob
Rob
1 year ago

HSBC Bank quietly made a change to their policy in November 2013. Customers were not told about this change but they are beginning to find out about it now; withdrawals of large amounts are only permitted once the customer provides justification for needing the funds.

https://guardianlv.com/2014/01/money-in-the-bank-no-longer-belongs-to-you/

Court cases have upheld for decades that putting your money in savings, a CD, or other banking products means you’ve become an “unsecured creditor.” 

Your deposit is actually an unsecured loan to the bank with all the problems of counterparty risk! Instead of being presented with collateral, you get an IOU that pays a pittance in interest, or in many cases nothing.

A busted bank doesn’t have to return your principal deposits. Unlike when YOU are the borrower and THE BANK is the lender, the bank didn’t tender you a lawyered up promissory note or offer you a lien on its assets. Legally speaking, you may as well have handed your money to a stranger in the alley.

“Unsecured creditor” means just what it says: “no security.”

https://www.moneymetals.com/news/2015/04/15/fdic-plots-a-bank-heist-involving-your-accounts-000694

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The Duke of New York
The Duke of New York
1 year ago

The real problem with the rest of the world joining the SCO / BRICS is that the accompanying de-dollarization will lead the US to have no option to do what it has done for decades (bully people militarily) and will be left with two choices: give up and allow them to take control of world finances, leaving the US as a failed state, or to use the only military option left to them (as we are already finding out that the US cannot even keep up with the military production needs of feeble Ukraine), that being nuclear weapons. Once that step is taken, things can only escalate to the detriment of all.

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yes,it is time
yes,it is time
1 year ago

USD strength will crack the system. That’s what happened in 2008 and 2020. USD spiked and markets tanked. Lots of USD denominated debt in the world counting on a lower $, but the USD WILL rally vis a vis other currencies when these debts come due.
USDX is going back up to 112. Fuck the USD shorts, LONG USD!

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