Presenter: Simply flooded the system with money?
Jerome Powell: Yes, we did. The Great Reset & the Rise of Bitcoin, 60 Minutes interview, 2022
Which means you need to print money to solve that debt. ibid. Greg Foss
And with each cycle, our economy continues accumulating debt indefinitely because we prefer borrowing to repaying debt. ibid. commentary
Governments will never show us the true inflation numbers, and they will not attribute it: 356% as share of GDP. ibid.
We can see the sharp increase of the global debt even in just the most recent years. ibid.
These solutions are not necessarity in the best interests of citizens and their personal freedom … The Great Reset … Part of their plan is the creation of central bank currencies – CBDCs. This would allow central banks to have a new monetary system that they could detach from the present one. ibid.
Decentralisation in Bitcoin is the fact that no-one controls the network. It is an open, secure network. ibid.
No other assets in the world provides this level of security. ibid.
The reason they want to ban Bitcoin is they know the power that it has. ibid.
‘It is important to understand that the fiat system was not a carefully, consciously, or deliberately designed financial operating system like Bitcoin; rather, it evolved through a complex process of compromise between political constraints and expedience.’ ibid. Saifedean Ammous, The Fiat Standard
Bitcoin is a real asset and it’s here to stay. ibid.
‘Bastard banks. Fifty billion quid. How can you lose fifty billion quid? And still pay bonuses.’ Bank of Dave I: How to Open a Bank, Dave gets into jam-jar, Channel 4 2012
While bank bosses continue to stuff their pockets with money, the ordinary people of Britain are suffering. Fortunately, self-made millionaire Dave Fishwick is going to do something about it. He wants to create a better bank. One that can get his home town of Burnley up and running again. ibid. commentary
But banking is tightly regulated by the Financial Services Authority. And only one other brand new high street bank has been licensed in a hundred years. ibid.
‘Go out and raise fifty million pounds.’ ibid. banker’s advice
‘A million times harder than what I thought.’ ibid. Dave
New community banks just aren’t allowed. ibid.
‘Look at this. Got a mascot for the bank.’ ibid. Dave
With the bank premises nearing completing, and bills already coming in, Dave is increasingly frustrated with the FSA’s regulations, blocking his plans to take deposits and get the word BANK above the door. ibid.
This refit is costing under £9,000. ibid.
Despite having no licenses, today is the day he officially opens the door. ibid.
Dave has been told that if he calls his venture a bank, he could end up in jail. But he’s persisted. And today, he’s finally going to reveal to the world what it says above the door. ibid.
It’s a consumer credit license. And Dave can now start the business of lending. ibid.
He needs money from local people to make his bank sustainable. Until he can, he’ll have to keep digging into his own pockets to keep the venture alive. ibid.
Less than a week to go for Dave’s meeting with the FSA. ibid.
‘Now they [FSA] want ten million [Euros].’ ibid. Dave
So far he’s got the premises, the backing of the people of Burnley, and he’s started giving loans. But he’s having to lend out his own money as he’s still not allowed to take deposits from savers. Bank on Dave II: Time for Change
Dave’s bank is lending out £25,000 a week. And that’s a problem. ibid.
Every week tens of thousands of pounds are now being put into the local economy by Dave’s tiny bank. And it’s making a real difference. ibid.
A lot of money is going out but not much is coming in. ibid.
Today Burnley Savings and Loans has got the best savings offer in the country: five percent interest paid up front, twenty-five cash bonus to the first ten customers, your money lent out to support local businesses, and you can get a ticket to the Burnley v West Ham game t’ boot. ibid.
‘I’m building a mobile bank’ … Dave’s battle bank is a copy of his bank in Burnley complete with cash machine, counter and safe.’ ibid. Dave
He wants to get the FSA regulations reformed so that others can start small banks too. ibid.
Everyone told Dave it was impossible. The Financial Services Authority refused to meet him. But Dave didn’t give up. He opened his little bank anyway. ibid.
62 people have put £110,000 in Burnley Savings & Loans. And in less than 180 days Dave’s loaned out £365,000 in 103 loans to local businesses and individuals … 98% of his customers have repaid on time … Dave is giving all the profit and a little extra to charity. ibid.
In less than a year his bank has put almost a million pounds into the economy of his home town of Burnley. Bank of Dave III: Fighting the Fat Cats
The bank regulators don’t approve of Dave’s scheme. He’s going to have to fight to save the bank. ibid.
He’s now known as the ethical man who started a bank for the good of the town. ibid.
Dave’s bank can still lend money. But not being able to take any more savings is a devastating blow. And Dave is in trouble. ibid.
‘They are trying to bully us. We cannot accept the bullying.’ ibid. Dave
The two Daves are convinced the FSA just doesn’t understand the sheer simplicity of their idea. ibid.
In order to get the regulations changed and get the FSA to reconsider their position, Dave needs to make a lot of noise. ibid.
Dave’s plan has worked. The FSA have broadly accepted his risk-free proposal and he’s allowed to take money again. The bank is saved. ibid.
A new challenge on Dave’s horizon – payday loans. These short-term high interest loans are causing massive debt problems, and more and more borrowers are calling on Dave’s bank to help. Dave Fishwick: Loan Ranger, Channel 4 2014
The number seeking help is doubling ever year. ibid.
Ten years after the global economy crisis or 2008 the world is still reeling. But no-one has yet been held responsible. This is a story of the perfect crime. Money, Power, Impunity: The Bankers Who Stole the World, Youtube 54.53, 2022
Justice Department: Time and time again the people they are going after are these little minnows. ibid.
Zero Wall Street executives have been to prison. ibid.
Citigroup was not the only one. A comparable level of fraudulent mortgage loans had been seen in all the Wall Street banks. ibid.
Total amount of the [Lehman] bankruptcy: $693 billion. ibid.
Wall Street bonuses had increased from $10 billion in 2002 to $30 billion in 2007. ibid.
The 2008 financial crisis was far beyond the confines of Wall Street. Panic: The Untold Story of the 2008 Financial Crisis/Uncovering the Financial Crisis: How the 2008 Panic Unfolded, Andrew Ross Sorkin, Vice/HBO 2023
What happened at Bear Stearns was the first demonstration of what the crisis looked like. ibid. Sorkin
There was an incentive to chop up these loans because along the way there was a profit, a fee for each institution that touched a piece of the loan. ibid. Sorkin
There was so little transparency and so little confidence in these securities that financial institutions were struggling. ibid. Hank Paulson
We were a few days away from the ATMs not working. ibid. dude
It’s embarrassing for the United States of America. ibid. Paulson
The intervention I think saved Depression. ibid. George W Bush
Silicon Valley Bank: Founded in 1983, SVB was the 16th largest bank in the United States and had over $209 billion in assets. Yet in a few short weeks the bank would go up in flames over the course of a couple of days. US Banking Crisis: The Truth Behind the Disaster, Youtube short 24.08, 2023
The crash created a cascade of events – some small regional banks lost the majority of their valuation and another has since collapsed. ibid.
More of a cautionary tale of mismanagement, incompetent and political lobbying. ibid.
They tried to raise capital and failed. ibid.
SVB is being sued for fraud by shareholders. ibid.