Bank Failures Put Wrinkle in Digital Currency

You know why I don’t trust experts or the media? Check out what Sullivan Valley Bank tweeted three days before the crash.

Talk about reinforcing my love of cash. Even though cash carries no more weight economically than my credit card, I love handling cash. But I’m slowly becoming a dinosaur as more people adopt other means of payment.

I remember the first time I saw somebody use the “tap” feature on his credit card to pay his bill. I was floored. Sadly, I still had the manual credit card that you had to slide down the phone. And then came the chip. I only recently started using the “tap” feature. Convenient for sure. Perhaps too convenient? Step One: dehumanize the transaction.

How many times have you handed your card to a retailer, only to be rebuffed? The person told that you pay for things yourself on the unit in front of your face.  I do this often, forgetting that we are being trained to not utilize the human in front of us, but instead the machine right in front of our faces. Step Two: dehumanize the transaction.

About a year or so ago, I watched a woman pay for something with her phone. I was impressed, but it took me a while to do it. The company who got me to do us is Starbucks. I dislike Starbucks. But having the app proves that I’m making the transition into the digital currency world. Step Three: dehumanize the transaction.

Digital is a real problem

When you have cash–albeit technically worthless–you know what you have. Cash doesn’t bounce. Unless you are George Floyd and you just printed your own. Still, in his case George turned $20 in counterfeit money into millions of dollars for his family. The irony? Even phony cash is king over the digital currency. If George Floyd had a credit card, that scenario would have never unfolded.

But while digital currency might have saved Floyd’s life, it has created massive problems for bank customers at Wells Fargo.

The other day Wells Fargo customers had incorrect balances — often due to direct deposits that were not recorded — and missing transactions.

Wells Fargo spokesman Josh Dunn said customers’ money is still there; even though it does not appear to be,

Likely true, but do you know how much you have? I haven’t balanced a check book in years. For all I know my banks have been siphoning $20 a month off my account without me knowing. So what is my real balance? I will have to trust the people who can’t seem to tell me my current balance.

If these are the problems we are experiencing now, what do you think things will look like in the future?

Big Brother and his very big pending Problem

What if the government doesn’t want you to buy that double-meat burger, because you have been deemed “obese”? I can think of many scenarios where the Fed might cut you off from something because it deems that item or activity “risky”.

Or perhaps you violated some “social contract”, and thus the Fed declares you unworthy. Those scenarios and many others were certainly the goal.

The failure of SVP does present a wrinkle in the Great Reset. You can bet that people will be hesitant to rely on banks and digital currency, at least for the short while.



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