patrick.net

"More Banks Shut Down, the Domino Effect Continues"https://www.rumormillnews.com/cgi-bin/forum.cgi?read=218933

More lessons from the annals of DUHHHHHHHHHH!

Ceffer says

Wait, they owned SVB stocks too?

Our economy is run by a central bank. Which means it's a giant confidence game. Every bank that goes under erodes confidence. End result, our fourth central bank collapses.

For someone who claims central banking economics is not confusing, you seem a little lost in the weeds here...

EXCLUSIVE: Senator Mark Kelly Called For Social Media Censorship To Prevent Bank Runs
Democrats are demanding ever-more censorship in a widening social media panic
https://public.substack.com/p/exclusive-senator-mark-kelly-called

Rep Thomas Massie reported ditto:
https://twitter.com/RepThomasMassie/status/1635074378454147074?ref_src=patrick.net

https://news.sky.com/story/hsbc-buys-silicon-valley-bank-12832697

HSBC buys Silicon Valley Bank UK for £1 in deal which 'protects customers and taxpayers'
The bank used by tech companies and start-ups has a balance sheet worth £8.8bn yet was bought by Europe's largest bank for £1.

Not sure that's true, yet.

Misc says

Sometimes you just gotta print the money.

Sometimes is all-the-time for central banks. And yes that's why they exist, to fuck us all into the poor house. Still don't believe me? Just wait a bit longer.

NuttBoxer says

Our economy is run by a central bank.

All economies are run by central banks. There's nowhere to run.

Eric Holder says

NuttBoxer says

Our economy is run by a central bank.

All economies are run by central banks. There's nowhere to run.

It's easy to bankrupt the system. If every American purchased $50 worth of silver per year, that's the annual supply of silver.

The United States has 3 times revalued the US debt so that 1 billion troy ounces of gold approximately equaled the US national debt. The last time this happened was 1980 when gold his 800 dollars a troy ounce, and that national debt was about 900 billion dollars. It happened in 1936 and 1932 as well.

If it happened today, an ounce would be worth around $30,000 dollars and it will eventually happen.

richwicks says

It's easy to bankrupt the system. If every American purchased $50 worth of silver per year,

It's not easy to make every American to purchase $50 worth of silver per year. Hence it's not easy to bankrupt the system. At least not in the way described.

Eric Holder says

richwicks says

It's easy to bankrupt the system. If every American purchased $50 worth of silver per year,

It's not easy to make every American to purchase $50 worth of silver per year. Hence it's not easy to bankrupt the system. At least not in the way described.

Then I have no sympathy for them. The problem is that people run on auto-pilot and when the shit hits the fan they very same people scream "why didn't anybody warn me???" How many warning signs are needed?

A small country can bankrupt the system, however, they'd be bombed into the stone age, but some nation like Russia or China will do it in time.

We always return to a mean, in time.

richwicks says

some nation like Russia or China will do it in time.

Do what? Bankrupt their own system? Sure, Russia has already done it 2 times in 1 century.

Eric Holder says

richwicks says

some nation like Russia or China will do it in time.

Do what? Bankrupt their own system? Sure, Russia has already done it 2 times in 1 century.

No, become the creditors to the world.

The reason the United States ended up having the world's reserve currency is because the US was the LAST country to have gold convertibility. The Federal Reserve, as usual, created more money than they had coupons for (that's what a dollar used to be a COUPON for a certain amount of gold), and bankrupted themselves in 1971. We then went through massive inflation over 10 years, which culminated with, again, 1 billion ounces of gold being =~ the national debt.

richwicks says

Youtube is dying on the vine.

I disagree as I watch Youtube for finance and news. Youtube has not shut down independent and non-establishment shows like the Burnie Thompson Show and finance shows like Wealthion and Max Keiser.

And you can still watch your favorite Youtube video (Hitler Antiracist).

So Alphabet (aka: Google) has not yet started to suffocate Youtube via Woke.

.

richwicks says

A small country can bankrupt the system, however, they'd be bombed into the stone age, but some nation like Russia or China will do it in time.

Yup. Like CA should be bombed into the stone age. 5th largest "country" in the world on paper and they're dragging down the rest of us in America. They should lose all representation by the federal government. As a CA centric forum, you do realize that CA is a shit stain on the entire country, right? 80% of the country lives to the east of the Rockies, yet the CA dip shits have the most representation. Most businesses in CA don't turn a profit. It's all fucking around and buying nice houses and "things" for the "startups"

CA and specifically NYC (not NYS) are the ones bankrupting the country, with a slight dash of DC on top. These urban shit holes are draining this country. They produce NOTHING. All they do is produce high taxes and morons that they then elect into power with larger national representation. Pelosi, Schumer, AOC and many more. CA and NYC have produced the worst of the worse in Federal government. IL has lost any influence outside of Durbin, but used to be the same shit Federally. A lot of you guys let this happen if I'm being honest. Change could have been made is all I'll say.

WookieMan says

CA and specifically NYC (not NYS) are the ones bankrupting the country, with a slight dash of DC on top.

Yes, with great wealth apparently comes great corruption and stupidity, facilitated by the woke religion.

I pray that the tide turns and that men with integrity take over. It will happen eventually, but we may not live to see it.

ad says

I disagree as I watch Youtube for finance and news.

It's what you think is finance and news.

People are not allowed to point out bullshit on youtube. You might as well have told me you watch MSNBC for finance and news.

ad says

So Alphabet (aka: Google) has not yet started to suffocate Youtube via Woke.

Rumble, Bitchute, Gab, Odysee, Daily Mtion, D-live, and many others exist because Youtube has become pointless to large swaths of people. Youtube is useful for finding out what propaganda is being promoted and what the Overton Window currently is and that's it. There's no real news there.

WookieMan says

As a CA centric forum, you do realize that CA is a shit stain on the entire country, right?

Yes I do.

California would have been fucked if Trump was allowed to assume office. We're fucked anyhow. Federal government feeds us shitloads of bullshit money to keep operating. I wish the rest of the nation would cut us off.

The only way this state will correct, is if the free money ends. I'm in FULL support of that.

WookieMan says

CA and specifically NYC (not NYS) are the ones bankrupting the country, with a slight dash of DC on top. These urban shit holes are draining this country. They produce NOTHING. All they do is produce high taxes and morons that they then elect into power with larger national representation

We cannot verify the balloting system, and that is by design.

Camera are SO FUCKING CHEAP now, it's TRIVIAL to count the number of people entering a polling place. That gives an accurate count of the ballots BEFORE they are counted. It's EASY to have receipts for your vote. We no longer have exit polls.

I am going to be as direct as possible with this statement. We do not have a legitimate voting process. YOUR vote might count, if it was in a "place that doesn't matter", but we don't have a fucking vote.

Eric Holder says

All economies are run by central banks. There's nowhere to run.

I keep saying this, you seem to keep ignoring it. See Libya under Gaddafi. See Iran before the US intervention(multiple instances). See the United states at multiple points in our history(especially early 1800's, our most prosperous period). Tanzania...

NuttBoxer says

Eric Holder says

All economies are run by central banks. There's nowhere to run.

I keep saying this, you seem to keep ignoring it. See Libya under Gaddafi. See Iran before the US intervention(multiple instances). See the United states at multiple points in our history(especially early 1800's, our most prosperous period). Tanzania...

Their supposed merits aside, you aren't seriosly proposing to run to Lybia under Gaddafi or Iran some 60 years ago, are you? Or US in the early 1800s? How? There is no time machine.

Is Tanzania a current example of a shining city on the hill? I must admit I'm not familiar with anything related to Tanzania at all. I'll need to look into it.

UPD. Scratch Tanzania from the list of economies not run by a central bank, because:

The Bank of Tanzania is the central bank of Tanzania and is primarily responsible for maintaining price stability, with a subsidiary responsibility for issuing the banknotes and coins of the Tanzanian shilling.

richwicks says

Camera are SO FUCKING CHEAP now, it's TRIVIAL to count the number of people entering a polling place. That gives an accurate count of the ballots BEFORE they are counted. It's EASY to have receipts for your vote. We no longer have exit polls.

That's why they pushed Motor (mail) Voting.

"Oops we found another box in Philly, and two in Pittsburgh!"

AmericanKulak says

richwicks says

Camera are SO FUCKING CHEAP now, it's TRIVIAL to count the number of people entering a polling place. That gives an accurate count of the ballots BEFORE they are counted. It's EASY to have receipts for your vote. We no longer have exit polls.

That's why they pushed Motor (mail) Voting.

"Oops we found another box in Philly, and two in Pittsburgh!"

I'm fully aware.

I actually talked to a friend after Trump "lost" the election (he believes Trump legitimately lost it), and I pointed out how trivial it is verify an election, and he actually said to me "well, why don't you make something to fix it", and I had to point out people who weren't elected wouldn't want to adopt a system that would prove that.

This guy isn't stupid, but sometimes, he says some of the dumbest things to me.

He has the idea that if something doesn't exist, it's just a technical problem, he never sees any possibility of corruption. He's slightly older than me, but he's FAR more naive than I ever was. His wife had two shots of the vaccine, got "covid", and then ran out to get a 3rd shot because "she doesn't want to get covid again!"

I just don't bother any more. I never learned to realize that technical knowledge and genius is ENTIRELY disconnected from working intelligence until about 2 years ago. I'm over it now, but it took a LONG TIME for me to accept "wow, all these smart people are fucking stupid".

richwicks says

People are not allowed to point out bullshit on youtube. You might as well have told me you watch MSNBC for finance and news.

You obviously do not know Burnie Thompson of the Burnie Thompson Show. Burnie is as pro individual liberty and anti authoritarian as you are sour and cynical. You should watch Burnie on Youtube.

And you obviously have not followed Max Keiser rants against fiat currency and the globalists like Davos cult.

Roll Tide Roll.

.

ad says

You obviously do not know Burnie Thompson of the Burnie Thompson Show. Burnie is as pro individual liberty and anti authoritarian as you are sour and cynical.

I may be sour and cynical, but that's from experience.

ad says

And you obviously have not followed Max Keiser rants against fiat currency and the globalists like Davos cult.

I'm not impressed with him.

https://rudy.substack.com/p/the-name-of-the-game-is-bailout

https://www.pressherald.com/2010/04/25/to-restore-real-capitalism-put-the-fear-of-god-back-in-wall-street_2010-04-25/

To restore real capitalism, put the fear of God back in Wall Street

The trouble with Wall Street isn’t that too many bankers get rich in the booms. The trouble is that too few get poor — really, suitably poor — in the busts. To the titans of finance goes the upside. To we the people, nowadays, goes the downside. How much better it would be if the bankers took the losses just as they do the profits.

Happily, there’s a ready-made and time-tested solution. Let the senior financiers keep their salaries and bonuses, and let them do with their banks what they will. If, however, their bank fails, let the bankers themselves fail. Let the value of their houses, cars, yachts, paintings, etc., be assigned to the firms’ creditors.

Of course, there are only so many mansions, Bugattis and Matisses to go around. And many, many such treasures would be needed to make the taxpayers whole for the serial failures of 2007-09. Then again, under my proposed reform not more than a few high-end sheriff’s auctions would probably ever be held. The plausible threat of personal bankruptcy would suffice to focus the minds of American financiers on safety and soundness as they have not been focused for years.

“The fear of God,” replied George Gilbert Williams, president of Chemical Bank of New York around the turn of the 20th century, when asked the secret to his success. “Old Bullion,” they called Chemical for its ability to pay out gold to its depositors even at the height of a financial panic. Safety was Chemical’s stock in trade. Nowadays, safety is nobody’s franchise except Washington’s. Gradually and by degree, starting in the 1930s — and then, in a great rush, in 2008 — the government has nationalized it.

No surprise, then, the perversity of Wall Street’s incentives. For rolling the dice, the payoff is potentially immense. For failure, the personal cost, while regrettable, is manageable.

Senior executives of Lehman Brothers, Citi, AIG and Merrill Lynch, among other stricken institutions, did indeed lose their savings. What they did not necessarily lose is the rest of their net worth.

In Brazil, which learned a thing or two about frenzied finance during its many bouts with hyperinflation, bank directors, senior bank officers and controlling bank stockholders know that they are personally responsible for the solvency of the institutions with which they are associated.

Let them fail, and their net worths are frozen for the duration of often-lengthy court proceedings. If worse comes to worse, the responsible and accountable parties can lose their all.

The substitution of collective responsibility for individual responsibility is the fatal story line of modern American finance. Bank shareholders used to bear the cost of failure, even as they enjoyed the fruits of success.

If a bank in which shareholders invested went broke, a court-appointed receiver dunned them for money with which to compensate depositors and other creditors. That system was in place for 75 years, until the Federal Deposit Insurance Corp. pushed it aside in the 1930s.

- Jim Grant, Legendary Financial Historian, and my 2024 Presidential Candidate

https://rudy.substack.com/p/its-not-a-bailout-its-a-backstop

Patrick says

That's because she was hoping the Globalists would have succeeded in killing us off before it happened. Curses!

People about to lose their jobs:

https://twitter.com/pdubdev/status/1634726928040214530?ref_src=patrick.net



Really compelling explanation of this mess:

https://boriquagato.substack.com/p/the-glorification-of-sub-mediocrity

I am so going to do the Yub Nub song on banker heads at the end of Return of the Trump movie.

Patrick says

Happily, there’s a ready-made and time-tested solution. Let the senior financiers keep their salaries and bonuses, and let them do with their banks what they will. If, however, their bank fails, let the bankers themselves fail. Let the value of their houses, cars, yachts, paintings, etc., be assigned to the firms’ creditors.

Haha, they are the government. Nancy Pelosi is a 1/4 billionaire. Who do you think she works for? Do you think she'd be getting all these sweet insider trading deals if she didn't work directly for Wall Street?

Patrick says

People about to lose their jobs:

https://twitter.com/pdubdev/status/1634726928040214530?ref_src=patrick.net

I'd bet a testicle there's not a single white heterosexual male that works as a diversity and inclusion officer anywhere in the world.

richwicks says

I'd bet a testicle there's not a single white heterosexual male that works as a diversity and inclusion officer anywhere in the world.

There is no one competent to do anything useful who works as a DIE officer:

https://boriquagato.substack.com/p/the-glorification-of-sub-mediocrity/

The whole thing exists solely to protect and promote incompetence, because incompetent people are fearful that their incompetence will be exposed.

This explains so much about America lately. We literally have a government staffed by people selected for their extreme incompetence, so as not to threaten the jobs of the merely incompetent people above them.

Eric Holder says

Their supposed merits aside, you aren't seriosly proposing to run to Lybia under Gaddafi or Iran some 60 years ago, are you? Or US in the early 1800s? How? There is no time machine.

Gotcha. Just saying it has happened, during our lifetime, and will happen again. Could certainly be going on now, I'm not familiar with every countries/islands finances. Iran's central bank is not part of the Rothschild system, which is why they face so much constant pressure from other countries, mostly the US. Tanzania was on the road to financial prosperity under Magufuli, very similar to Libya, but he made fun of Covid and wound up dead.