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originally posted by: burntheships
originally posted by: Nevercompromise
But anything past our current fiat is improvement IMO.
The problem I see with anything digital and Blockchain is there has to be some AI involvement and that would obviously lead to total AI control eventually....and how can that be good?
Current FIAT is not sustainable, the Feds have already made moves
to go digital. That will not be better IMO. AI is already well embedded
in the current system.
The only real fix would be so painful, not even sure the U.S. could
survive let alone the global economy.
originally posted by: burntheships
originally posted by: Nevercompromise
But anything past our current fiat is improvement IMO.
The problem I see with anything digital and Blockchain is there has to be some AI involvement and that would obviously lead to total AI control eventually....and how can that be good?
Current FIAT is not sustainable, the Feds have already made moves
to go digital. That will not be better IMO. AI is already well embedded
in the current system.
The only real fix would be so painful, not even sure the U.S. could
survive let alone the global economy.
originally posted by: ketsuko
I'm still waiting to see if this is a nationwide thing or a California thing.
We have all known that California was courting disaster for a long, long time with the tech industry being just one of several bubbles inflating itself steadily out there.
And if Cali crashes, what will the rest of the country do? Obviously, the pain will spread but how much and how far, only time will tell.
originally posted by: nickyw
a reply to: marg6043
the chinese have been on a charm offensive for a few weeks now.. i can't see them doing anything without reason..
originally posted by: marg6043
a reply to: burntheships
Going digital have only one purpose, to control the wealth of nations and citizens, the wet dream of globalists.
originally posted by: Nevercompromise
Since I know for a fact BofE is getting ready to tank and is already in a shambles.
originally posted by: McGinty
Here's the problem... Now we offer you the solution!
It's digital or bank runs and lose your savings, folks.
Please, please give us digital
originally posted by: Thejaybird
originally posted by: ketsuko
I'm still waiting to see if this is a nationwide thing or a California thing.
We have all known that California was courting disaster for a long, long time with the tech industry being just one of several bubbles inflating itself steadily out there.
And if Cali crashes, what will the rest of the country do? Obviously, the pain will spread but how much and how far, only time will tell.
There's a reason everyone tries to move here.
As a citizen of California, I can tell you that we are fine right now. Institutions can "fail", and the state itself will still be one of the largest economies worldwide. "Disaster"? Not really, and not now.
originally posted by: marg6043
Bailing out banks is rewarding corruption at the expenses of the taxpayer in the nation, but I guess when it happens before in 2008, the promises made has just vanished in thin air.
I expect once the CEOs get their rewards, they will go to retreat spas to work out their stress related PTSD, like they did after the massive bailout in 2008, leaving the taxpayer to pay for the luxury, while we have to pinch pennies and find out how to make the next Morgage payments.
More at: www.cbsnews.com...
FACE THE NATION
Yellen rules out bailout for Silicon Valley Bank: "We're not going to do that again"
originally posted by: McGinty
originally posted by: Nevercompromise
Since I know for a fact BofE is getting ready to tank and is already in a shambles.
How do you know for a fact, if you don't mind me asking?
At risk of blowing up were obscure financial instruments meant to match long-term pension liabilities with assets, which had never been tested by bond yields moving so far or so fast.
Among those urgently calling the BoE were funds managing so-called liability-driven investments (LDI), a seemingly simple hedging strategy at the heart of the blow-up.
The LDI market has boomed in the past decade and assets total nearly 1.6 trillion pounds ($1.79 trillion) – more than two-thirds the size of the British economy.
Pension schemes were forced to sell government bonds known as gilts after they found it hard to meet emergency demands from the LDI funds for collateral on "under-water" derivatives positions, where the value is less than on a fund's books.
LDI funds were calling for urgent cash to shore up loss-making positions. The funds were themselves facing margin calls from their relationship banks and other key financial players.
"We laid our cards on the table. You don't expect them (the BoE) to give you much back because they're not going to show you their hand, right?" said James Brundrett of pension consultant and fiduciary manager Mercer, which held a meeting with the BoE on Sept. 26.
"Thank God they listened because this morning (Sept. 28), the gilt market wasn't operating," he added.
Facing a market meltdown, the BoE stepped in with a 65 billion pound ($72.3 billion) package to buy long-dated gilts.
And echoing former European Central Bank boss Mario Draghi at the height of the eurozone debt crisis, the central bank pledged to do whatever it took to bring financial stability.
While this may have eased the immediate pressure on pension funds, it is far from clear how much time the BoE has bought as shockwaves reverberate through global markets from recently-appointed Prime Minister Liz Truss' plan, which as well as spooking investors drew a rare IMF rebuke.
originally posted by: burntheships
a reply to: generik
And this time, the Feds will keep saying everything is fine.
I'm fairly certain this is going to be the plan.
Orwellian Doublespeak, and oddly enough it seems to
work on the majority of the population.
originally posted by: AugustusMasonicus
originally posted by: McGinty
Here's the problem... Now we offer you the solution!
It's digital or bank runs and lose your savings, folks.
Please, please give us digital
The Federal Reserve is not even remotely close to rolling out its digital currency, it's many years off at this point. Hell, FedNow is only going live this summer after numerous delays.