Open Thread - 03-17-23 - King Nothing
The next shoe to drop hangs by a shoestring over our heads like the Sword of Damocles. And the shoestring is fraying.
Dear citizen, it matters not that you live your life trying to do what's right. You go to work, pay your taxes, obey the laws, save your money only to have it stolen in the form of inflation. The banks don't play by those rules. They have different rules, as do the very wealthy. If you get in financial trouble that's on you. If the banks get in financial trouble that's on you as well.
The recent Silicon Valley Bank (SVB) failure is a perfect example of balance of justice weighed in favor of the wealthy. You did everything by the rules, they play fast and loose with the rules. They broke the rules, you didn't, who pays?
"It's not a bailout" has been proclaimed from on high. While it's true the SVB didn't get bailed out, it's also true that the depositors that were above the $250,000 FDIC limit of insurance did get bailed out. You know, the folks that are too big to fail. It was the millionaire and billionaire class that were made whole, the smaller depositors under the limit were already insured. We were told that they were bailed out to stave off the implosion of the economy. That's classic can kicking.
Where's that huge pile of money going to come from to cover the uninsured? You and I. Either by higher FDIC taxes on the banks that will be passed on to the depositors. Some how I doubt that will be the case. Or, the more probable outcome is the FED will print money like there's no tomorrow. We're talking billions or trillions. What will that do to an already inflated economy? Hyper-inflation my friends. You ain't seen nothing yet!
In my humble opinion, this is just the start of more bank failures to come. There won't be enough trees (or is it cotton and linen) on the planet to print the money to cover the uninsured. The can will become too large to kick any further.
The question then becomes, in my mind, is this bailout a legitimate effort to stave off the inevitable or is it part of a plan to usher in CBDCs (Central Bank Digital Currency)? The inflation may become so bad and people may become so desperate that they'll beg for a solution. Money will be so useless that it will seem like CBDCs are the only solution. Here's the catch though, if the CBDCs aren't regulated what's to stop the FED or BIS or whoever will be running the show, from printing, at will, electronic digits like they now do with paper money. That printing money at will thing is what's gotten us to our present situation. In my humble opinion, both are a road to ruin.
The empire rolls along, like a dung beetle doing its best Sisyphean imitation, twirling its ball of fetid propaganda, into a lurid squall of lies. That's us packed into that dung ball, arms and legs extruding outward as we are rolled along against our will. The dung rollers need us to feed on, like the parasites they are.
But I have to feel that their day will soon be over, and we who have played by the rules can rebuild. The dung rollers' castle will crumble and they'll be left with just a name. King Nothing.