There is momentous change taking place right now.
Part of a disturbing trend over the last few months has been one of financial institutions and governments stealing other people’s money in broad daylight.
Jeff Dorman wrote a worthwhile piece on the collapse of the LME as well as other associated topics.
“Have we completely lost sight of the goal?
For a second, remove your biases. To those lucky enough to have made fortunes investing in digital assets, ignore the euphoria. For those hellbent on trying to prove digital assets have no purpose, think objectively for a moment. And let’s just look at the facts:
– The Canadian government shutdown banking access to many of its citizens over a protest.
– A decision to invade Ukraine by a single leader of a nation, Russian President Vladimir Putin, created hundreds of billions of dollars of losses in weeks due to an almost 50% decline in the Russian stock market, immediately turned Russia’s credit worthiness upside down (5yr CDS widened to as much as 900 bps from 100 bps earlier this year), and has led to rising oil prices affecting billions across the world.
– The response to the Russian attack on Ukraine by Western Allies included shutting Russia off from the international banking communication system, SWIFT—a decision that is already leading to bank runs and bank failures.
– Even before this, bond and equity markets were roiled by the decisions (or jawboning) of a handful of non-elected Federal Reserve and central bank officials who essentially control the fate of the global capital markets.
– In my own sheltered world, it took over 3 days just to transfer money from one of my U.S. bank accounts to another, despite U.S. banking being nothing more than a ledger entry in a spreadsheet.”
Jeff is not wrong. Gratefully, people like Jeff are now rapidly waking up to these realities.
What was amazing with the Canadian trucker protest is that these “emergency acts” were passed retroactively.
In other words, when you donated to the truckers, it was legal to do so. But now you are in violation of Canadian law, and as such the government can and has frozen stolen your money without any due process.
Consider what that actually means.
In fact, GoFundMe attempted (with coercion from government no doubt) to steal $9m worth of donors’ money, and it wasn’t until the threat of lawsuits from governors in US red states saw them back down and refund the money. Rest assured, next time they will have measures in place to deal with this.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of Citizens Journal