via JOHN RUBINO
Two trends are converging to end the era of local bank accounts:
- Central banks are conspiring to force us out of traditional savings and checking accounts and into central bank digital currencies (CBDCs).
- Deposits are now fleeing local and regional banks because an inverted yield curve makes it impossible for those banks to pay competitive interest rates on deposits. Put another way, there’s a shortage of dollars in the banking system, which is an existential threat for a lot of banks.
Combine those two things and the result is a looming bank crisis that creates the perfect pretext for the forced introduction of CBDCs.
It will begin with more Silicon Valley Bank-style failures, leading the government to “protect” the banks by limiting depositors’ ability to pull their money out. This in turn will make banks even less attractive to depositors, leading to an acceleration of withdrawals and a surge in bank failures. Which gives the Fed its pretext.
Here’s a video of economist Peter St Onge explaining the process in a little more detail:
Is the USA going in the direction that Canada used on the trucker protests?
The regulators are seeking ways to halt the run on bank deposits.
— Wall Street Mav (@WallStreetMav) June 17, 2023