What will living through the Reset be like? Most especially In the financial and trading arena?
The best we can do is to look back at the last Reset in 1933 and consider it from there:
They're going to close the banks, and maybe exchanges.
Information about bank holidays are scant, because in the more important countries they do not occur too often.
It will not benefit us to discuss how the situation developed in the 30s. Enough to say that during 1932, a lot of Latin American countries, Germany and Republic of China (which owed shit-tonnes of money to US capitalists) defaulted on their debts.
Thus, during 1932, 9,000 banks failed in USA. Most banks introduced withdrawal limits since everyone, rich and poor, was racing to take out their cash from the bank. The withdrawal limits varied, but generally it was capped to 5% of the deposit, up to $400, per month. At that time the average annual taxable income for a household was around $3,500, or about 1/20 of what is today, so $400 was like $8,000.
The problems mostly existed in the banks of farming states, smaller states and less important states, but by early 1933, the problem was getting serious and in the first 8 weeks of that year 4,000 banks failed. That might be a smaller number, but since the weaker banks had already failed in 1932 or before, this time stronger banks were failing too.
Despite the restrictions, on the first days of March 1933, $20 million/day was being withdrawn from the banks, most of them belonging to the largest depositors. Already, on Feb 14, 1933, the state of Michigan closed all banks in that state to save a bank which was effectively owned by Henry Ford of the Ford Auto Company, since if that bank failed the Ford company would have failed too. Since the smart money saw what that meant, bank runs took place in all of the USA, and by March 3, 1933, 32 out of 48 states of USA (at that time Alaska and Hawaii were not states) had bank holidays.
All deposits were frozen in 20 states, and in the other 12 states, withdrawals were limited to 5%, one-time. Franklin D. Roosevelt took the Presidency on March 4, Saturday, and on March 5, 1933, he declared all banks in USA to be closed until they could be found as sound. No one could deposit, withdraw and transfer money. Of course all international transactions also stopped as well.
From March 6, 1933, Monday, to March 9, 1933, Thursday, all banks of USA were closed.
However, banks did not reopen immediately on March 10, Friday, even when the bank holiday ‘officially’ ended. It effectively took the whole month, until March 31, Friday, to end the bank holiday. Some VIP customers were able to use the banks but only them. Official history says half of the monies drawn out on the first two months of 1933 had been re-deposited:
It is probably a lie.
It was simply printed and ‘deposited’.
What happened? On April 5th, 1933, the Federal Reserve gained the power to issue as much currency as it felt like, and all gold was seized and no longer transferable.
All debt issued in terms of gold was repudiated.
And Roosevelt guaranteed ALL deposits in the banks of United States, because he was willing to hyperinflate. That ended the bank runs.
On 1934, the guarantee for each deposit account , which was unlimited in 1933, was changed to $2,500, which, after years, ended up at $250,000 on 2008.
Surprisingly, it appears ordinary people were not affected too much, since they never had enough money to have a sizable deposit in the bank and didn’t trust them anyways, and they paid their daily expenses with the cash they kept themselves. It was the businesses which did get hurt, but because the Depression was already 3 years old, most business had been localized and the local suppliers were willing to extend credit for a few weeks, because most weaker companies were already dead by that point of time.
The blacks, having no rapport to expect, kind of formed their own cliques, later gangs, to survive. They just looked after their own kind.
If the bank closure lasted for months, local currencies would have been created, like what happened in many locales which issued money which was good within the town only.
Bank Holidays are real.
Very few Americans have cash themselves, even the richer people, because of a peculiar point of the US tax law. To maintain a higher average real estate price, mortgage interest for the main home is tax deductible.
Since mortgage interest is about 5% in the USA, all but the richest borrow money since the interest is tax deductible.
In USA, interest expense on corporate debt is also deductible, so all companies which are not incorporated in tax havens borrow money to the top.
So, what will happen in a bank holiday?
All new lines of credit will probably be suspended. Daily cash withdrawal will be limited, at say, $100/day. Checks will not be honored.
As the Breakaway Financial system solidifies and takes shape, deposits over a certain amount will be allowed to be converted to the new convertible currency. The rest will remain in the old currency to be only used for necessities. Rent will be paid by the old currency in the poor areas, and new currency in the better areas, which will weed out the undesirable people who might have made lots of money in the old currency. They can play king in their own turf but will never be allowed into the areas where the fashionable and cultured people will live.
About the Cryptos, since most crypto exchanges are decentralized, it will never be really possible to stop crypto trading since that appears to be the purpose of crypto to begin with :)
Thus, you must have a small portion of your wealth in Crypto.
However, there will be a difficulty of converting cryptos to fiat to be used for everyday purposes. This may be easier in certain countries, like China, that will have its own national crypto currency. Since there are whales who invested in the cryptos they will probably create black markets to convert the crypto to something which can be used in the daily life, or crypto could serve like ‘gold’ to be exchanged for big ticket items---most vexing question today is which Crypto will survive the Reset with increased buying power of hard commodities?
This will be an exciting trading time, with extreme volatility between Crypto and Gold/Silver.
In short, the bank holiday in the USA lasted between 4 days (on paper) and 28 days, with some banks opening for the VIPs only and most ordinary people conducting business with the cash they had saved, and those who didn’t have cash did very badly or had to rely on local currencies.
In a new bank holiday, because of the changed circumstances, the division of people who have enough money to convert to the new system and those who don’t will be permanent. I think that the exchange rate for 1NC (new currency) would be $10,000 at first, and then will increase year by year as economies are increasingly localized and imports dry up.
Only the wealthy will be able to afford imports.
Given all knowledge available today, we can expect nothing untoward to happen until President Trump is re-elected, markets will continue to hyper-inflate to assist in his re-election since the window for a correction has closed---I'm sure the bankers are concerned by the riots and won't risk a crash.
Of concern is the spread of mental illness and mass insanity in the USA; unfortunately, such phenomena have bad outcomes.
The best we can do is to look back at the last Reset in 1933 and consider it from there:
They're going to close the banks, and maybe exchanges.
Information about bank holidays are scant, because in the more important countries they do not occur too often.
It will not benefit us to discuss how the situation developed in the 30s. Enough to say that during 1932, a lot of Latin American countries, Germany and Republic of China (which owed shit-tonnes of money to US capitalists) defaulted on their debts.
Thus, during 1932, 9,000 banks failed in USA. Most banks introduced withdrawal limits since everyone, rich and poor, was racing to take out their cash from the bank. The withdrawal limits varied, but generally it was capped to 5% of the deposit, up to $400, per month. At that time the average annual taxable income for a household was around $3,500, or about 1/20 of what is today, so $400 was like $8,000.
The problems mostly existed in the banks of farming states, smaller states and less important states, but by early 1933, the problem was getting serious and in the first 8 weeks of that year 4,000 banks failed. That might be a smaller number, but since the weaker banks had already failed in 1932 or before, this time stronger banks were failing too.
Despite the restrictions, on the first days of March 1933, $20 million/day was being withdrawn from the banks, most of them belonging to the largest depositors. Already, on Feb 14, 1933, the state of Michigan closed all banks in that state to save a bank which was effectively owned by Henry Ford of the Ford Auto Company, since if that bank failed the Ford company would have failed too. Since the smart money saw what that meant, bank runs took place in all of the USA, and by March 3, 1933, 32 out of 48 states of USA (at that time Alaska and Hawaii were not states) had bank holidays.
All deposits were frozen in 20 states, and in the other 12 states, withdrawals were limited to 5%, one-time. Franklin D. Roosevelt took the Presidency on March 4, Saturday, and on March 5, 1933, he declared all banks in USA to be closed until they could be found as sound. No one could deposit, withdraw and transfer money. Of course all international transactions also stopped as well.
From March 6, 1933, Monday, to March 9, 1933, Thursday, all banks of USA were closed.
However, banks did not reopen immediately on March 10, Friday, even when the bank holiday ‘officially’ ended. It effectively took the whole month, until March 31, Friday, to end the bank holiday. Some VIP customers were able to use the banks but only them. Official history says half of the monies drawn out on the first two months of 1933 had been re-deposited:
It is probably a lie.
It was simply printed and ‘deposited’.
What happened? On April 5th, 1933, the Federal Reserve gained the power to issue as much currency as it felt like, and all gold was seized and no longer transferable.
All debt issued in terms of gold was repudiated.
And Roosevelt guaranteed ALL deposits in the banks of United States, because he was willing to hyperinflate. That ended the bank runs.
On 1934, the guarantee for each deposit account , which was unlimited in 1933, was changed to $2,500, which, after years, ended up at $250,000 on 2008.
Surprisingly, it appears ordinary people were not affected too much, since they never had enough money to have a sizable deposit in the bank and didn’t trust them anyways, and they paid their daily expenses with the cash they kept themselves. It was the businesses which did get hurt, but because the Depression was already 3 years old, most business had been localized and the local suppliers were willing to extend credit for a few weeks, because most weaker companies were already dead by that point of time.
The blacks, having no rapport to expect, kind of formed their own cliques, later gangs, to survive. They just looked after their own kind.
If the bank closure lasted for months, local currencies would have been created, like what happened in many locales which issued money which was good within the town only.
Bank Holidays are real.
Very few Americans have cash themselves, even the richer people, because of a peculiar point of the US tax law. To maintain a higher average real estate price, mortgage interest for the main home is tax deductible.
Since mortgage interest is about 5% in the USA, all but the richest borrow money since the interest is tax deductible.
In USA, interest expense on corporate debt is also deductible, so all companies which are not incorporated in tax havens borrow money to the top.
So, what will happen in a bank holiday?
All new lines of credit will probably be suspended. Daily cash withdrawal will be limited, at say, $100/day. Checks will not be honored.
As the Breakaway Financial system solidifies and takes shape, deposits over a certain amount will be allowed to be converted to the new convertible currency. The rest will remain in the old currency to be only used for necessities. Rent will be paid by the old currency in the poor areas, and new currency in the better areas, which will weed out the undesirable people who might have made lots of money in the old currency. They can play king in their own turf but will never be allowed into the areas where the fashionable and cultured people will live.
About the Cryptos, since most crypto exchanges are decentralized, it will never be really possible to stop crypto trading since that appears to be the purpose of crypto to begin with :)
Thus, you must have a small portion of your wealth in Crypto.
However, there will be a difficulty of converting cryptos to fiat to be used for everyday purposes. This may be easier in certain countries, like China, that will have its own national crypto currency. Since there are whales who invested in the cryptos they will probably create black markets to convert the crypto to something which can be used in the daily life, or crypto could serve like ‘gold’ to be exchanged for big ticket items---most vexing question today is which Crypto will survive the Reset with increased buying power of hard commodities?
This will be an exciting trading time, with extreme volatility between Crypto and Gold/Silver.
In short, the bank holiday in the USA lasted between 4 days (on paper) and 28 days, with some banks opening for the VIPs only and most ordinary people conducting business with the cash they had saved, and those who didn’t have cash did very badly or had to rely on local currencies.
In a new bank holiday, because of the changed circumstances, the division of people who have enough money to convert to the new system and those who don’t will be permanent. I think that the exchange rate for 1NC (new currency) would be $10,000 at first, and then will increase year by year as economies are increasingly localized and imports dry up.
Only the wealthy will be able to afford imports.
Given all knowledge available today, we can expect nothing untoward to happen until President Trump is re-elected, markets will continue to hyper-inflate to assist in his re-election since the window for a correction has closed---I'm sure the bankers are concerned by the riots and won't risk a crash.
Of concern is the spread of mental illness and mass insanity in the USA; unfortunately, such phenomena have bad outcomes.
Note
Note
Now, if you're wondering why Putrid, thee God who wrote The Reset, is buying BNB?Well, because they're building a decentralized exchange!! Ya dummy, and a decentralized exchange maybe the only one that stays up.
:)
Note
Booked profits, Bart on BTC, waiting for lower entry point. I have no emotions.
Note
Damn, what a fucking DUMP! I swear it's not me.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.