More End-Times in the US (& Beyond) Updates

Updat­ing this pre­vi­ous check-list of Rea­sons to Start Grow­ing Your Own Produce

US FINANCIAL CRISIS The end of the petrodol­lar and the USD as the world’s reserve cur­ren­cy just hap­pened:
Bank­ing cri­sis in the US — 100 b USD with­drawn from banks:  
“Over­all, JPMor­gan Chase is telling us that the “most vul­ner­a­ble” banks in this coun­try have “lost a total of about $1 tril­lion in deposits since last year”

Yes­ter­day, after the Swiss bank­ing behe­moth Cred­it Suisse had trad­ed at an all-time low of less than two bucks; blown out its cred­it default swaps to unprece­dent­ed lev­els; and tanked the Dow Jones Indus­tri­al Aver­age by more than 700 points intra­day, Bloomberg News ran this head­line at 12:54 p.m. – “US Trea­sury Review­ing US Banks’ Expo­sure to Cred­it Suisse.” By “expo­sure,” the Trea­sury real­ly means how many bil­lions of dol­lars of under­wa­ter deriv­a­tives are U.S. banks on the hook for as a coun­ter­par­ty to Cred­it Suisse. The Trea­sury also has to wor­ry about U.S. banks’ expo­sure to Cred­it Suisse’s oth­er major coun­ter­par­ties that U.S. banks do busi­ness with, even if the banks are not direct coun­ter­par­ties to Cred­it Suisse itself.If the U.S. Trea­sury Sec­re­tary and her staff at F‑SOC were just yes­ter­day get­ting around to find­ing out which U.S. banks had coun­ter­par­ty expo­sure to Cred­it Suisse’s deriv­a­tives, we are all in very big trou­ble. The seri­ous prob­lems at Cred­it Suisse have been mak­ing head­lines for two years, includ­ing here at Wall Street On Parade.

BRICS alliance ( Brazil, Rus­sia, India, Chi­na and South Africa) Sur­pass­es G7 in PPP-Adjust­ed Glob­al GDP

Ten coun­tries have already ful­ly launched a dig­i­tal cur­ren­cy, and China’s CBDC pilot is set to expand in 2023.It doesn’t take a lot of imag­i­na­tion to see the end of the road of paper mon­ey, as well as the poten­tial risk to polit­i­cal and eco­nom­ic free­doms that may come as a result

Accord­ing to the Fed­er­al Reserve Bank’s own web­site, it has now nar­rowed the tim­ing of its launch of Fed­Coin, called Fed­Now Ser­vice, as being launched in the mid­dle of 2023. 

Cur­rent­ly, over 120 firms have joined the Fed’s launch of its CBDC pilot pro­gram. Par­tic­i­pants in the pilot will soon pro­vide busi­ness­es and con­sumers with the abil­i­ty to trans­act instant­ly and secure­ly,  giv­ing them more flex­i­bil­i­ty and pro­vid­ing bet­ter liq­uid­i­ty for time-sen­si­tive trans­ac­tions. Access will be pro­vid­ed through what’s called the Fed­Line net­work, already serv­ing over 10,000 finan­cial institutions.

Essen­tial­ly, Fed­Now pro­vides the sort set­tle­ment speeds of sta­ble­coin pay­ments, but with the back­ing of the US gov­ern­ment, and with­out the need to con­vert funds into oth­er dig­i­tal assets which might not have the same guar­an­tees in terms of sup­port. After all, if some­thing hap­pened to the Fed­Now net­work result­ing in loss­es, the gov­ern­ment could sim­ply vote to issue new debt to make con­sumers whole again*. This mir­rors the cur­rent sys­tem of US Trea­suries which are often viewed as risk-free assets. 

*This ^^^ is what the chair of the Fed­er­al Reserve has promised all bank depos­i­tors of failed banks — 100% guar­an­tee on their deposits.

Major Australian bank quietly stops handling cash at some branches

Cus­tomers of one of Australia’s biggest banks will no longer be able to access cash at the coun­ters of cer­tain branch­es in the country.

ANZ cus­tomers can no longer access over-the-counter cash trans­ac­tions at cer­tain branch­es in Victoria.

The issue was dis­cussed on air by 3AW’s Neil Mitchell after he was emailed by a lis­ten­er about the puz­zling move.

In a state­ment pro­vid­ed to the radio sta­tion, ANZ Vic­to­ria and Tas­ma­nia gen­er­al man­ag­er Cameron Home con­firmed “a small num­ber” of branch­es “no longer han­dle cash at the counter”, but stopped short of reveal­ing just how many branch­es were impacted.

“At these branch­es cash and cheque deposits and cash with­drawals con­tin­ue to be pos­si­ble through a smart ATM and coin deposit machines,” the state­ment reads.


The EU has set lim­its on cash pay­ments (€7,000) and cryp­to-asset trans­fers (€1,000) that can be accept­ed by per­sons pro­vid­ing goods or ser­vices when the cus­tomer can­not be iden­ti­fied. These caps aim to restrict trans­ac­tions in cash and cryp­to-assets, mit­i­gat­ing the risk of mis­use by criminals.


Pub­lic blockchain sys­tems have gen­er­al­ly fol­lowed one of two strate­gies for enabling pro­gram­ma­bil­i­ty, denot­ed here as the trans­ac­tion script­ing approach and the vir­tu­al machine approach. While these approach­es are not mutu­al­ly exclu­sive and do not dic­tate a par­tic­u­lar choice of record­keep­ing for­mat, cer­tain com­bi­na­tions are log­i­cal­ly and tech­no­log­i­cal­ly com­ple­men­tary. Under the trans­ac­tion script­ing approach, a (small) pro­gram is attached to every dis­crete amount of val­ue tracked by the sys­tem, indi­cat­ing how that amount may be spent: :


Dig­i­tal dol­lars would like­ly also be pro­gram­ma­ble in and of them­selves, allow­ing for instant tax pay­ments at the point of sale. Tax refunds and rebates could be instant, too.

And attempts to pur­chase a restrict­ed item — like, say, a firearm with­out prop­er back­ground clear­ance — could be auto­mat­i­cal­ly denied.

In many ways, pro­gram­ma­ble dig­i­tal mon­ey would be a fan­ta­sy come true for econ­o­mists. This is because econ­o­mists believe economies are dri­ven by human behav­ior, and human behav­ior is dri­ven by incen­tives, and all kinds of incen­tives could be built into dig­i­tal money.…

Econ­o­mists, polit­i­cal lead­ers, and cen­tral bank offi­cials could then use the “smart con­tract” fea­ture of dig­i­tal dol­lars to tweak or mas­sage incen­tives in all sorts of ways.

For exam­ple, fos­sil fuel use might be embed­ded with a high­er VAT (val­ue-added tax) sur­charge than green ener­gy use. Buy­ing sug­ary cere­al might cre­ate a small deb­it, where­as buy­ing broc­coli cre­ates a small cred­it. And so on.–08-18

Lloyds, Halifax, NatWest and two other banks to shut another 80 branches — see full list

Bank clo­sures have become the norm over the last few years as more peo­ple choose to do their bank­ing online rather than in a branch

WEF-BACKED “15 MINUTE CITIES” lit­er­al­ly restrict­ing peo­ple’s move­ment to with­in a few blocks of their homes
Lol! Irony alert: “With Paris lead­ing the way, oth­er cities around the world have been enticed by this mod­el for resilient, vibrant com­mu­ni­ties”:
WEF 15 Minute City pitch:
BUT YOU WON’T BE DRIVING ANYWHERE SO WHAT’S THE PROBLEM?Phase out of fos­sil fuel vehi­cles — most places it’s 2030 or 2040 but Nor­way is 2025:
EU approves effec­tive ban on new fos­sil fuel cars from 2035:–2022-10–27/
Coun­tries, cities, car­mak­ers com­mit to end fos­sil-fuel vehi­cles by 2040:–11-10/

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