{"id":2056,"date":"2023-04-14T02:58:16","date_gmt":"2023-04-14T02:58:16","guid":{"rendered":"https:\/\/prendergast.net\/?p=2056"},"modified":"2023-04-14T02:58:16","modified_gmt":"2023-04-14T02:58:16","slug":"become-your-own-bank","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2056","title":{"rendered":"Become Your Own Bank"},"content":{"rendered":"
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Become Your Own Bank<\/span><\/span><\/h1>\n

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It seems that traditional banking is on life support. This article looks at the recent update in support of this premise and explores how to become your own bank in light of our crumbling banking system.<\/span><\/span><\/p>\n

\nCurrent Reality | Traditional Banking<\/span><\/span><\/h2>\n

You will already be aware<\/strong> of the collapse of Silvergate Capital, Silicon Valley Bank, and Signature Bank<\/u><\/a>, and many are predicting that this is only the beginning of a domino effect. If you live outside America, you may be concerned about where your bank now stands. <\/span><\/span><\/p>\n

You could check in with your bank to see whether they conducted a recent stress test<\/u><\/a> and, if so, how they fared. A stress test looks at a bank’s financial capacity to tolerate sharp economic downturns.<\/span><\/span><\/p>\n

The problem with relying on this feedback is that banks do not wish to cause panic because this would result in a bank run. So it may be wise to hold that data on a loose palm, so to speak.<\/span><\/span><\/p>\n

Bear in mind that when you deposit money into the banks, it does not stay in your account. The banks trade deposits for profits without your permission and keep any profits while continuing to charge you for custody of your money. <\/span><\/span><\/p>\n

Since the stock market is also collapsing, if a bank run were to occur, there would not be enough money for everyone to access their accounts.<\/span><\/span><\/p>\n

With the implosion of the markets surpassing that of 2008 while economic depression looking likely to overtake the Great Depression of the 1930s, the signs are that traditional banking is coming to an end.<\/span><\/span><\/p>\n


\nImage source: Wikimedia Commons<\/a><\/span><\/em><\/p>\n

There is a growing concern that the bank collapse is entirely orchestrated to bring down cryptocurrency, remove cash from our society and usher in the Central Bank Digital Currency<\/u><\/a>. (CBDC) In other words, any competitor to the CBDC is being removed by fair or foul means.<\/span><\/span><\/p>\n

If you still think this is not imminent, take a look at this latest CBDC chart<\/u><\/a> of which stage countries are at with the adoption of the CBDC. You can see the reality playing out, which lends credence to the theory of orchestration.<\/span><\/span><\/p>\n


\nImage source: Atlantic Council<\/a><\/span><\/em><\/p>\n

There is no democratic process about this either. In Nigeria, for example, they started to bring in their digital currency, the eNaira<\/u><\/a>, which very few people wanted. <\/span><\/span><\/p>\n

The government declared cash as no longer valid or legal, then charged citizens as much as 20% for withdrawing cash. Riots and violence broke out in the wake of this. Through lack of cash, more than half of their population has reportedly been forced to adopt the eNaira.<\/span><\/span><\/p>\n

Europe is following closely behind, with Christine Lagarde<\/u><\/a> imposing a $1000 spending cash limit with the threat of imprisonment if you do otherwise! With each passing conversation, CBDCs are revealing themselves to be about surveillance and control and not about enjoying the fruits of your labor.<\/span><\/span><\/p>\n

America seems to be about to do something of a segway to a CBDC via their FedNow<\/u><\/a> instant payment service, which is due to launch this summer of 2023. It doesn’t look good for the world in general. If this plays out to the mapped agenda above, then cash and traditional banking have their days numbered.<\/span><\/span><\/p>\n

Also, be mindful that there is a move to depart from the dollar as the world's default currency. This is true of the BRICS<\/u><\/a> countries, who are discussing their own digital currency, possibly backed by precious metals such as gold.<\/span><\/span><\/p>\n

\nThe Alternative | Become Your Own Bank<\/span><\/span><\/h2>\n

The question arises<\/strong> as to what you can do about it and how you can protect your personal assets as well as your business concerns. Some consider we have no choice but to accept the new global agenda, but that depends on how much we care about people and democracy. We have been here before in 2008 on a smaller scale, so we have an opportunity to learn from the lessons this imparted.<\/span><\/span><\/p>\n

While nothing is guaranteed in life, what is certain is that if you do not prioritize finding an alternative safeguard that protects your interest against this draconian agenda, it will be dictated to you and not for your benefit.<\/span><\/span><\/p>\n

So what does it mean to become your own bank? Since banking is supposed to be about the safe custody and access to your funds, it is about how you can replicate that for yourself in a decentralized manner. <\/span><\/span><\/p>\n

When Richard Werner carried out his 15-year study about banks and the double-entry bookkeeping that takes place to give the illusion of money, he also concluded that we need more community banks that will support local businesses. You may want to listen to his thoughts here.<\/span><\/span><\/p>\n