Y’all aren’t paying attention. Connect the dots people… PART 1

BIDEN’S JABS & THE EO 14067 NIGHTMARE: GOVERNMENT WILL TRACK EVERY DIME YOU SPEND
Boxers are taught early on to be wary of the jab. It’s a tactic used to distract an opponent while setting him up for a devastating power punch that takes him down for the count.

Biden has been throwing jabs. Last year, there was a little noticed Executive Order with the innocuous number 14067 and its title, "Ensuring Responsible Development of Digital Assets." In a 21st Century world where cryptocurrency and cybercrime are now embedded threats to our collective financial security, this EO would seem to address these issues.

So, here’s the jab.

This order included language that allowed the Federal Reserve System to "explore" the possibility of introducing CBDC into the United States. This means that your cash becomes so much colored paper. That would not be the only catastrophic impact on our society and the nation's economy. Under this new digital currency, any t***sfer of funds to family, friends, charities, or clients would be able to be tracked by the nation's central bank that issued this virtual money. Big Brother will be in your wallet every hour of every day. You will not be able to buy a stick of gum without a Federal Reserve computer knowing where, when, and to whom you just put down a buck.

Like any jab, it starts with a feint.

"At this stage, the Fed is just introducing the subject into the public debate and is weighing the options," said Eswar Prasad, a Cornell University economics professor last August. And apologists for the White House insisted that the EO did not implement digital currency or give Washington the power to control it.

Assuming that is true, what it does accomplish is to introduce the possibility of even considering a currency move so radical, so profound, and so disruptive that it makes George Orwell's "1984" nightmare novel look like a day in the park.

We should be rightfully concerned about inflation, energy independence, aggressor nations armed with nuclear weapons, and woke public policies that denigrate the very foundation of this great country. But these are jabs compared to the enormous destructive power of a digital currency "option" slipped into Executive Order 14067. Nations have risen and fallen far from the battlefield; their destinies determined by their economic policies. We should bring our collective outrage to confront even the idea of introducing digital currency in America's future: if it becomes reality, we will not recognize our republic.

IS THE CURRENT BANKING CRISIS ANOTHER JAB THAT SETS US UP FOR THE DEVASTATING POWER PUNCH OF CBDC AND TAKES US DOWN FOR THE COUNT?
As you may or may not be aware of, following news that it needed to raise $2.25 billion to bolster its balance sheet, Silicon Valley Bank (SVB) experienced an apparent bank run with its customers withdrawing billions from their accounts. The result was the largest U.S. banking failure since the 2008 financial crisis causing Federal regulators to move quickly on Friday to take over the insolvent bank. SVB was the 16th largest bank in the United States, with $209 billion in assets as of Dec. 31, 2022, according to the Federal Reserve.

Then, over the weekend regulators did the same with New York-based Signature Bank – which had already been in the spotlight over its alleged involvement in the now-bankrupt crypto firm FTX – potentially sending a ripple effect across the American financial industry.
Also, over the weekend, President Biden, Treasury Secretary Janet Yellen, and National Economic Council Director Lael Brainard began working with bank regulators to ease concern over a potential repeat to the 2008 banking crisis. Biden praised the team working on the bank failures, saying in a statement on Sunday:

I am pleased that they reached a prompt solution that protects American workers and small businesses and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk.

To help ease fears, Biden reassured the nation, stating:

The American people and American businesses can have confidence that their bank deposits will be there when they need them. I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.

So, on Monday, President Biden sought to reassure markets and depositors that the U.S. banking system is “safe” after U.S. financial authorities, including the Federal Reserve, announced emergency measures to shore up banks by giving them access to additional funding and expanding FDIC insurance coverage for depositors of SVB and Signature Bank.

SVB and Signature Bank accounts, like all insured banks, were covered by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. However, on Monday, Biden announced that the FDIC would cover all of the deposits, including the uninsured deposits ones at the two banks.

Biden declared in a statement:

All customers who had deposits in these banks can rest assured — I want to — rest assured they’ll be protected, and they’ll have access to their money as of today. No losses will be — and I want — this is an important point — no losses will be borne by the taxpayers. Let me repeat that: No losses will be borne by the taxpayers. Instead, the money will come from the fees that banks pay into the Deposit Insurance Fund.

Normally, the FDIC covers deposits at insured financial institutions like banks and credit unions up to $250,000 per account, with amounts over that cap considered uninsured and subject to losses in case of a failure. But under Biden’s special “systemic risk exemption” that was granted to SVB and Signature Bank, the FDIC is covering all deposits at the two institutions, a move known as “blanket coverage.”

It’s reminiscent of the FDIC’s decision during the 2008 financial crisis to expand its protection to unlimited deposit insurance for business checking accounts. So, while radical steps like blanket coverage can calm markets by promising that even normally uninsured deposits will be insured against loss, moves like that are highly controversial because the FDIC’s deposit insurance fund is around $128 billion, which I’ll talk more about shortly.

Joe Biden and the FDIC have pledged to make all depositors of these banks whole so they don’t lose any money. SO… what is this all about? Please bear with me while I try to connect the dots…

And so, as I used to hear when I used to attend baseball games with my dad: Programs… get your programs… can’t know the players without a program. So, here are the players so far. Banks shut down by financial regulators:

• Silicon Valley Bank (SVB) – $209 billion in assets (16th largest bank)
• Signature Bank of New York (SB) – $110 billion in assets

Banks showing ominous signs: As more information has come out as to what caused SVB and Signature Bank to fail, confidence that all will be well has begun to wane. On Monday morning, trading in the shares of a number of banks was halted as panic spread following the collapse of SVB and Signature Bank. Bank shares were hit with a volatility trading pause, a kind of circuit-breaker that automatically halts trading for a short time when a share's price swings too rapidly. By the end of Monday, some of these shares had plunged by more than 60 percent. Here are sixteen:

• First Republic Bank (trading halted and resumed several times: down nearly 62%). A spokesman for First Republic Bank said: We're continuing to fully serve the needs of our clients by opening accounts, making loans, executing t***sactions and delivering exceptional service at our offices and online.
• Western Alliance Bancorporation (trading halted and resumed several times: down nearly 47%)
• Metropolitan Bank Holding Corp. (trading halted and resumed several times: down nearly 44%)
• Comerica Incorporated (trading halted and resumed several times: down more than 27%)
• KeyCorp (trading resumed at 10:31 am, halted again at 10:33; trading resumed by 10:38: down more than 27%)
• Zions Bancorporation N.A. (trading halted and resumed several times: down nearly 26%)
• Customers Bancorp, Inc. (trading halted and resumed several times: down nearly 24%)
• PacWest Bancorp (trading halted and resumed several times: down 21%)
• First Horizon Corporation (trading halted and resumed several times: down more than 20%)
• Bank of Hawaii Corporation (trading halted and resumed several times: down more than 18%)
• Customers Bancorp, Inc. (trading halted and resumed several times: down 18% at the close of the day)
• East West Bancorp, Inc. (trading halted and resumed several times: down more than 17%)
• Huntington Banc (trading resumed by 9:50 am: down nearly 17%)
• Coastal Financial Corp. (trading resumed by 9:41 am: down nearly 16%)
• OceanFirst Financial (trading resumed by 11:50 am: down nearly 14%)
• Charles Schwab Corporation (halted and resumed several times: down more than 11%): A monthly activity report published by Charles Schwab CFO Peter Crawford stated: Schwab's business continues to perform exceptionally well. We have access to significant liquidity, including an estimated $100 billion of cash flow from cash on hand, portfolio-related cash flows, and net new assets we anticipate realizing over the next 12 months – we’ll talk more about that in a moment. We believe we have upwards of $8 billion in potential retail CD issuances per month, plus over $300 billion of incremental capacity with the Federal Home Loan Bank (FHLB) and other short-term facilities – including the recently announced Bank Term Funding Program (BTFP) – we’ll talk more about that in a moment.

There were five other banks listed with losses of 5%-10% including mine – Regions Financial Corporation – for which trading was halted and resumed several times and finished down roughly 7%.

BIG NEWS (this is what Schwab’s CFO and I mentioned earlier): To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of monetary liquidity and credit to the economy. The Fed also announced that it was prepared to address any liquidity pressures that may arise. The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral… The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress. With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.

Yet what did First Republic and Charles Schwab say?
• We're continuing to fully serve the needs of our client… [and are] delivering exceptional service at our offices and online.
• [Our] business continues to perform exceptionally well.
• We have access to significant liquidity.

So, what’s my point? Something smells rotten in Denmark. Here’s the devastating power punch.

Paying out coverage for SVB and Signature Bank deposits will be the largest payout since the 2008 banking crisis. While radical steps like covering ALL deposits can calm markets by promising that even normally uninsured deposits will be insured against loss, moves like that are highly controversial because the FDIC’s deposit insurance fund (DIF) is around $128 billion. And with approval of the Treasury Secretary, the Department of the Treasury will make available up to another $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. Now, the Washington Times has reported that the two banks combined had “$240 billion in uninsured deposits”.

Do the math people: $128 billion DIF + $25 billion BTFP is $166 billion LESS than the total $319 billion in total assets of the two banks, $240 billion of it uninsured.

Now… some are saying taxpayer bailout. But remember EO 14067 and its title, "Ensuring Responsible Development of Digital Assets." It was signed March 9, 2022. This is what it said concerning CBDC: The Attorney General, in consultation with the Secretary of the Treasury and the Chairman of the Federal Reserve, shall:

• Within 180 days of the date of this order (September 5, 2022), provide to the President through the APNSA and APEP an assessment of whether legislative changes would be necessary to issue a United States CBDC, should it be deemed appropriate and in the national interest
• Within 210 days of the date of this order (October 5, 2022), provide to the President through the APNSA and the APEP a corresponding legislative proposal…

Believe me, they’ve been developing it and I’d be willing to bet that they have the legislation ready to introduce to roll it out and have it signed by Biden. And that’s my point. I believe that we are now quickly moving forward on the path for an “excuse” to go to CBDC.

https://youtu.be/Nc2-M3suH8w?t=0

Ever bother looking up the definition of f*****t?

I'll do it for you:

A political philosophy, movement, or regime (such as that of the F*****ti) that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression of opposition.

Sound familiar to the philosophy of Dems who chronically emphasize RACE and suppress opposition to simply name a few undesirable traits.

Better get a new prescription for your glasses.

The bank regulators are generally incompetent. They are more likely to go after good banks because they are easier, than to go after banks in trouble. If you read about Bernie Madoff, he should have been taken down years, no decades before he failed. Regulators had complaints about him. They examined his books. They failed to do rudimentary checks that would have caught his fraud, because his bookkeeping was very unsophisticated.

They are the Barney Fife's of our government. They write parking tickets as the town bank is being robbed. They care more about promoting inclusion, equity, t*********rism, and bull s**t than doing the boring hard work of pouring over financial records and catching problems.