The Banking Cabal Is Going to Steal Everything
The Banking Cabal Is Going to Steal Everything by Rory, The Daily Coin
The past few months the cryptocurrencies have captured the attention of just about everyone involved in news, money and precious metals. When these digital blips began moving to higher ground it was as if there was a collective, “what was that?” Then the onslaught of new cryptocurrencies began invading the airwaves. Aside from Bitcoin, and the phenomenal moves to the upside it’s made, we have seen Ethereum, Monero, and Ripple making big moves as well. This is to say nothing of the ICO’s (Initial Coin Offerings) breaking onto the scene and gold backed cryptocurrencies like ZenGold, OneGram and Royal Mint Gold making headlines around the world. Earlier this year we were also introduced to China’s digital gold currency, which transacted more than $14.5 million during the Chinese New Year, using the WeChat app.
If you’re not familiar with all of this, that’s okay, you’re not alone. Most people have no idea what any of this is or what it means to the monetary and financial systems. This new type of currency is just that, a new type of currency.
Bitcoin was the first cryptocurrency to burst onto the scene and in 2013, according to CoinBase, Bitcoin was $13.37 per “coin” on 1/2/13 and by 11/30/13, a mere eleven months later, it had risen to $1,082.23. After that, what appears to be a huge volume of profit taking, bitcoin hit it’s current low of $203.24 on 11/14/15 – it has never looked back and hit it’s most recent high of $2,893.10 on 6/10/17 – more than a ten fold increase from it’s low. Will it make new highs in the future?
The cryptocurrencies have been on the far reaches of my radar for about four years. They have, on occasion, moved closer to center but for the most part I have shunned them as part of the overall problem with governments desire to take away our cash and, thereby, leaving us in a state of permanent monetary enslavement.
During the past several years we have seen a steady stream of banking criminals discuss the end of cash and the introduction of an all digital currency system. This leaves a massive problem for the CIA drug runners – drug deals are primarily completed in cash. Is this going to change? Will an Afghan poppy farmer be willing to accept a digital currency for the poppy and heroin he produces? My guess is some will, but most will not.
Another problem the banks have are derivatives, which generate most of these banks profits, are nothing more than high risk “bets”. The fact that most of the too big to jail banks are insolvent and live on flow – the flow of deposits from your wallet into these banks and the flow of digital dollars from the Federal Reserve. If there is another problem, of any size in the derivatives market, these “financial weapons of mass destruction” – derivatives – will set a fire that will not be easily contained. The banks will only have one way of possibly dealing with this situation – stealing your wealth. It will not help, but we will be left with our accounts, all accounts, at or close to zero.
The plan is somewhat complex but simple in its execution. The multi-pronged approach has been laid out over the past several years. The pieces of the puzzle are never revealed all at once as this would shake the foundation and the people would more easily see the end game.
In 2014 Obama, during the State of the Union Address, introduced the world to MyRA.
Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401(k)s. That’s why … I will direct the Treasury to create a new way for working Americans to start their own retirement savings: myRA.
— Obama, State of the Union, January 28, 2014
It’s safe: Contributions to the account are invested in a Treasury security, [government bond] which means it will be backed by the full faith and credit of the United States. myRA’s feature government-backed principal protection, so the account balance will never decrease in value, and will earn the same interest rate that is available to federal employees for their retirement savings. Source [emphasis added]
Obama introduced MyRA one year after Jeremy Stein, Dallas Federal Reserve, delivered his address to the International Monetary Fund (IMF) regarding how future failures of Systemically Important Financial Institutions (SIFI) would be handled. Mr. Stein made is very clear the account holders – that’s you and me – would provide the liquidity (cash/funds) to support the failing criminal institution(s).
In a speech titled “Regulating Large Financial Institutions” Stein made something very clear: if and when a TBTF fails, and since this time is not different, and a failure is only a matter of time, depositors will lose everything (courtesy of some $300 trillion in gross unnetted liabilities which once there is a counterparty chain failure, suddenly become very much net and immediately marginable – a drain of cash), which now that Cyprus is the template, is to be expected. Not only that but Stein makes it all too clear that part of the Dodd-Frank resolution authority guidelines, a bailout is no longer an option.
Perhaps more to the point for TBTF, if a SIFI does fail I have little doubt that private investors will in fact bear the losses–even if this leads to an outcome that is messier and more costly to society than we would ideally like. Dodd-Frank is very clear in saying that the Federal Reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution. And as a member of the Board, I am committed to following both the letter and the spirit of the law.
At least he can’t say Americans weren’t warned when the Cypressing(sic) hammer finally falls. Source
If you’re not familiar with what happened in Cyprus click here and you will get a glimpse of the horror introduced by the criminal banking cabal. The short description is – the people of Cyprus had more than 50% of ALL accounts held in banks stolen by the banks – more than 50% of their wealth – GONE! This happened during a bank “holiday” where the government continually told the citizens the bank would open tomorrow. This went on for almost two weeks. During this “holiday” the citizens were only ALLOWED to remove $150 (US equivalent) a day. This number was arrived at after the banks had ALLOWED the citizens to remove up to $300 a day. This proved problematic for the banks so they cut it $150. Pretty cool, ay?
I know that some of your are thinking, well, I will just rush to the bank or call my fund manager and liquidate my account. Great thought, however, if you have tried to removed, say $10,000 from a bank, today during “normal” conditions then you already know that is a task easier said than done. If you are not familiar with the nightmare of getting your cash out of a bank I challenge you to go your bank and request $10,000, hell, request $5,000 in cash and see what happens. Listen to Mark S, Mann’s experience and this is only one of several people that I know that have had a very similar experience.
Who is familiar with “exit gates”? No, not the gate on your fence, the exit gate on your bank and retirement fund accounts. That’s right, an exit gate that stops you from removing your funds from your account. Locked away, for your protection of course, and kept safe by one of the too big to jail banks.
It was nearly five years ago when Zero Hedge first wrote: “This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied” in which we predicted as part of the ongoing herding of investors away from every other asset class and into stocks, regulation will be implemented to enforce that “money market fund managers will have the option to ‘suspend redemptions to allow for the orderly liquidation of fund assets” or in other words implement redemption “gates.” The logic: spook participants in the $2.6 trillion money market industry with the prospect of being gated (i.e., having no access to ones funds) and force them to reallocate funds elsewhere.
Moments ago the gates arrived, when following a close 3-2 vote (with republican commissioner Piwowar and democrat Stein dissenting), the SEC adopted new rules designed to curb the risk of investor runs on money market funds, capping the end of a years-long heated debate between regulators and the industry dating to the financial crisis according to Reuters.
Among the changes, funds will have to switch to a floating share price instead of the current $1/share (hence the term breaking the buck). But the key part: “The SEC’s rule will require prime money market funds to move from a stable $1 per share net asset value, to a floating NAV. It also will let fund boards lower redemption “gates” and fees in times of market stress.” Source
Never mind these banking criminals already know and understand this will cause huge problems within the system, these idiots decided it would be a great way to keep your funds in the system – that’s the key, keeping your funds in the system.
Below are some of the concerns voice by one of the objectors, Kara Stein, via Bloomberg which incidentally are all spot on:
Redemption gates are the “wrong tool to address risk,” said SEC Commissioner Kara Stein during open meeting.
Fear incentives will result in “greater chance of fire sales in times of stress and spread panic to other parts of the financial system while denying investors and issuers access to capital”
- “Money market funds are only one part of wholesale funding markets that need to be strengthened”
- In the event the gate imposed increases, investors have a “strong incentive to redeem ahead of others”
- While a gate may be good for one fund, “it can be very damaging to the financial system as a whole”
- When the gate for a fund is used, it doesn’t mean the “impact on wholesale funding markets will be prevented”
She is spot on. But forget about our opinion, or even that of the SEC, because while on the surface this now enacted proposal to establish withdrawal limits is spun as benign, it was the Fed itself who warned in April of 2014 that “the possibility of suspending convertibility, including the imposition of gates or fees for redemptions, can create runs that would not otherwise occur… Rules that provide intermediaries, such as MMFs, the ability to restrict redemptions when liquidity falls short may threaten financial stability by setting up the possibility of preemptive runs.” Source
Keep in mind the U.S. is $20 trillion in debt, personal debt in the U.S. is at or near all time highs, corporate debt is reaching for record levels and most of the pension funds around the country are on the brink of implosion. This is not a pretty picture and this is the reason all the pieces described above have been put into to place. These pieces are designed to steal your wealth and force your funds to stay in the system and reflate the banks when they go belly-up, which they will – it is just a matter of time.
But what does this have to do with cryptocurrencies? Everything.
Stick around and we will describe the role we see cryptocurrencies playing and why we think this is going to happen. We believe it is already well into the 5th, 6th or even 7th inning of the game. What has come before is all prequel. The main event is about to be unleashed.