The world’s banks are teetering on the edge – with one foot dangling over a 500 foot drop. Here’s the latest news about financial affairs. I doubt if you will read any of this in the mainstream media.
The unrealised losses on securities held by the FDIC in the United States is now over $620 billion and rising. American banks are sitting on unrealised losses of $1.7 trillion. If all depositors go and ask for their money back the majority of banks will go bust in an hour. The bank crash hasn’t even started yet. And shares and other investments are due for a gloomy decade or two. Those hoping that their investments will pay off their interest free mortgage should think again. Those with pension fund investments should take a look to see how they’re doing – and plan on working longer.
The United States is considering sanctions on China. These, if introduced, will doubtless be as useless as the ones introduced on Russia (which have backfired). Sanctions on China will push China and Russia closer together, push up prices, increase inflation and destroy the economy in all Western countries. So they’ll probably do it. Incidentally, China tried to broker a peace deal over Ukraine. Neither Biden and Sunak thought that peace was a good idea. Xi is probably quite pissed about that.
Remember, ‘real’ inflation in the UK (as opposed to the joke inflation figure the Government produces) is over 35%. And rising fast. Figures released by governments and quangos are a joke. Britain’s Office for Budgetary Responsibility (which is funded by the UK Government and supposed to provide an independent analysis of public finances) came third from bottom in an annual assessment of economic forecasts. In 2022, for example, the OBR was wrong about the UK’s net borrowing by almost £100 billion. The OBR should be disbanded and a scarecrow hired to make forecasts. It couldn’t do any worse.
Greedy, incompetent bankers (mostly infected with the woke virus) who have led their institutions into bankruptcy have, of course, still hung around and remembered to collect their bonuses. The collapse of their banks means that central banks can’t put up interest rates as much as is needed to control inflation without other banks going bust. Years of absurdly low interest rates and money printing are behind the problems. The woke will destroy the world and a few woke banks and bankers are leading us into a massive recession and the Great Reset. But the bankers will always stay rich, of course.
Closing banks is part of the plan to get rid of cash. If there are no banks there can be cash. We’ll soon have nothing but digital currencies. One of the reasons for killing off the elderly is that the elderly understand the importance and significance of cash – and are more likely to have learned to distrust central banks and governments.
As I have explained in detail in my book They want your money and your life ESG is one of the biggest threats to us all. Woke capitalism (of which ESG is the main foundation stone) is designed to destroy everything. ESG stands for Environmental, Social and Governance and is the means by which the insane woke are trying to destroy companies, banks and all aspects of human endeavour. Anyone who supports or promotes ESG in commerce is either a fool or a dangerous woke communist determined to destroy everything the wise and sentient hold valuable. The promoters of ESG are to the financial system what the roots of Japanese knotweed are to a window box. Companies are being force-fed garbage about the fake global warming pseudoscience and pressured into obeying daft instructions. Arrogant and ignorant directors are behaving as if they own everything and forcing banks and companies to put investors, employees and pensioners behind their own self-serving political nonsenses. An analysis of companies shows that companies which are forced to follow ESG rules do badly. Firms following woke rules lose money. Companies which concentrate on making money and keeping employees and shareholders happy do much better than companies where business and profit making are secondary. Employees and shareholders should speak out against ESG nonsenses.
The UK Government plans to allow bankers to use money in pension funds for investments in dangerous, high risk projects. The plan is to release reserves at banks and insurance companies to be used in small tech and biotech companies – the sort of investments favoured by SVB which, you will remember, went bust the other day. And the sort of investments which resulted in the dot.com boom and bust. The UK Government seems determined to rerun the chaos of 2008 as quickly as possible. The mainstream media seem to have overlooked this proposal.
Switzerland’s rescue of Credit Suisse could cost every Swiss person $13,500. Why should any of them complain about their money being so well spent?
The commercial development of gene edited food is now legal in England (one of the few countries in the world that has given this dangerous activity a green light). It will be legal to change the DNA of foodstuffs including that of farm animals. There is of course no evidence that there will be no bad long-term consequences. (For more about genetic engineering and food read `Meat causes Cancer’ by Vernon Coleman.)
The roll out of central bank digital currencies is continuing very quickly. The roll out is already well underway in China, the Bahamas and El Salvador. And the US will soon follow suit. Stores are becoming encouraged to stop accepting cash and banks are closing branches as fast as they can. Many supermarket self-check-out desks won’t take cash.
According to the BBC, lay vaccine enthusiast Bill Gates says that AI (as in chatbots) is the most important technical advance in decades. With that in mind I shall be avoiding chatbots like the plague. Gates, who had links to Jeffrey Epstein, has financial links to the BBC.