U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution they shuttered after Silicon Valley Bank’s collapse.
“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” Treasury, Federal Reserve, and FDIC said in a joined statement Sunday evening.
Well here we go, all these banks are connected in one way or another. They are trying to keep bank runs to a minimum, we will see what happens Monday morning.
John Q Public, have you had enough yet? Next stop is digital currency and the shackles and chains that comes with it.
I’m not against crypto like most of the people that comment on this site. Crypto is blockchain technology and Web3 (third generation of the internet). Crypto isn’t inherently bad just like a firearm isn’t inherently bad; it is a tool. Anyone who has the money to buy gold and silver should also be considering owning BitCoin (BTC), Ethereum (ETH), ChainLink (LINK), Polygon (MATIC), and Cosmos (ATOM). There are others that have a lot of promise too, but those are the five that I like the best for the next Bull Run. Crypto runs on a four-year cycle connected to BitCoin’s halving rate. BitCoin will halve its mining rate either in April or May of 2024. Historically, based on the previous BitCoin cycles, crypto skyrockets after the halving rate for another two years.
What we should be cautious of is the CBDC or central bank digital currencies. However, 90% of all central banks are currently testing CBDCs, including the United States Federal Reserve. I believe there is a good chance that what some are calling FEDCoin or the Federal Reserve’s CBDC will end up being the stablecoin currently called USDC or United States Dollar Coin. This stablecoin is owned by a company called Circle which is owned by the parent venture capital company BlackRock. I think betting against this is foolish, the International Bankers and Hedge Funds like BlackRock always win. Ironically, 25% of USDC physical dollars are now tied up in Silicon Valley Bank, but again BlackRock is the ultimate customer, so if you think they won’t get their deposits you’re a little naive about how the world actually works.
To play devil’s advocate, what most people say about why we should be cautious of CBDCs is already true in the current antiquated banking system. The banks and Federal Reserve already know every dollar that you have or spent. You may have a little cash they aren’t aware of, but more than likely that had to be cashed somehow and given to you, so even that is very minimal. The banks can already cut you off from your bank account for any reason at any moment, another fear many have over the CBDC. I’m not advocating for a CBDC, but it is basically an inevitability of the 21st Century and the International Bankers’ consolidation of power.
A good place to start in understanding crypto is to watch the documentaries Cryptopia (2021) and Coin (2022), both available on Amazon. A great book to read is Ben Armstrong’s new book Catching Up to Crypto: Your Guide to Bitcoin and the New Digital Economy (2023). Crypto is here to stay and it will be part of everyone’s future whether you like it or not. Very similar to how a smartphone is part of your life whether you like it or not. Also, for myself, granted I am probably much younger than most of the commenters here, crypto is hope and opportunity for the future. Crypto is the next frontier or boomtown, like Boonesborough in 1775, St. Louis in 1806 after the Lewis and Clark Expedition, San Francisco in 1849 at the start of the Gold Rush, Detroit in 1913 when their first automotive assembly line began, or San Jose in 1980 at the beginning of the technology boom.
Feel free to disagree and put me in my place. Though I already have plenty of silver, a fair amount of gold, plenty of guns & ammo (though never enough, haha), and also frozen seeds in number 10 cans, water filters for multiple years, and food supply. I truly think if all those bases are covered, crypto is where to be.
Rumors more banks will fail tonight and tomorrow. Plus the fed with all of their fuzzy logic are pumping 25 billion to cover 18 trillion (so far) in lost deposits.
Go purchase a box of dominoes, set them up and see which falls the faster. And btw, you may wanna make a huge withdrawal before placing any bets.
“Regulators” they call them. I don’t think they’re regulating anything but the deliberate total decimation of the U.S.economy. If you happen to think they’re here top protect us I have a hog farm in Saudi Arabia to sell you.