Thank you for my title, Jeff!
It brings to mind something that occurred to me a year or so ago, and is why I call this era, “The Billionaire Wars.”
Last year, while reading through the WEF plans for us, it occurred to me that by creating a single centralized digital bank and currency, they would be putting all the credit unions, local banks, regional banks, national banks and international banks out of business. The banksters would join the rest of us in the nether world of “useless eaters.”
Not surprisingly, it apparently occurred to them too. And also to Treasury Secretary Jerome Powers and his cohorts.
The interest rate increases also surprised me because, frankly, even with my limited understanding of Big Money, I know that they can't raise them high enough at this point to stop inflation without crashing the economy *and* causing the US to default. And I know that the planned increases aren't high enough to stop inflation; they'd have to be a couple points higher than the real inflation rate (whatever in hell that is at this point) to be effective.
And I kept seeing posts saying they would just have to drop them again, so we'd be right back into hyperinflation, only worse.
So I wonder if inflation is just an excuse and the cover story for something else.
And then there is the timing of the increases, which couldn't be better (or worse, depending on your viewpoint) for bludgeoning the democrats come midterms.
And I started following Tom Luongo, after following a link from Mark Wauck's stack. Luongo apparently has a deep understanding of Big Money and he believes Powell is raising interest rates to crash the ECB (and thereby WEF), which is where he says WEF's financial support comes from. In other words, WEF is Powell's real target. Luongo believes Powell is backed by JP Morgan, Goldman and other, unnamed banksters.
Mark also suggested that Joe Manchin and Kyrsten Sinema didn't block the $3.5T BBB infrastructure bill in a vacuum. Someone(s) backing them.
Today, Luongo posted an explanation of why Powell won't need to drop interest rates any time soon. The gist of it was a bit of a bombshell, at least to me. It turns out Powell set up a system that disconnects the US from LIBOR, which has tied us to Europe’s economy (and kept us under their thumb) for decades.
Increasingly it's looking like Trump's administration quietly set in place fundamental changes that will enable us to break free of this morass.
Here is how Luongo describes it:
And every time inflation comes in hotter than expected he’s got the ammunition to go bigger.
And whose ox gets gored when that happens? Europe’s zombie banks who have exactly zero friends in the world now outside of Europe.
Because this time, unlike in 2018, Powell has the tools in place — SOFR, mainly — to make these rate hikes stick by decoupling US bank stress from that of Europe.
Hiking by 100 (aping the Bank of Canada who sent a stern warning to TrueDOH!) would further underscore my argument that the Fed is raising rates to break the ECB, Europe’s banks and the offshore (Eurodollar) markets. If inflation gets tamed in the process, that’s nice, but it’s not the primary goal.
Davos wants an end to the commercial banks, putting all the power in the hands of the central banks, through CBDCs. The Fed and those it represents do not want that.
And given the choice between a recession in the US while scaling back US dollar diplomacy and collapsing into the Eurotrash Communism promulgated by the WEF and Davos, I’m taking the over on the Fed going on the offensive.
Here is a link to the Luongo post. I strongly recommend reading it, especially the finance types, who can probably understand the details far more than I can! If you can, feel free to translate the details for us.
https://tomluongo.me/2022/07/25/none-dare-call-it-a-recession-lest-the-democrats-lose-the-mid-terms/
What this all boils down to is why to keep your head down and powder dry. Honestly, we are not in a David versus Goliath story. It's more like a 50s horror movie: King Kong versus Godzilla. And we're the tiny people running around like ants trying to keep from being squashed.
Our biggest job is to survive and be as ready as we can to pick up tbe pieces. Not that we don't fight or at least resist in ways that we can. But the real action is going on way over our heads.
Hey Mary, good article. I am aware of Tom's theory . The direct control exerted by digital currencies is the backbone of the Davos plan. The only thing that I fail to see is who would adminster all these accounts if you collapse the banks?
Maybe they would use a government agency or maybe they would have the Tech companies
to adminster this slavery.
the only thing that the Davos crowd hates worse than us is inflation
Receiving inflated $ with less purchasing power is a no-no for these people.
I know blackrock has amassed 50-75 billion to buy up forclosed real estate.
I don't know how far powell will go . Inflation is about 9-10 %.
Volker raised rates to 22%. Today a rate of 10% on mortages would crash the economy.
I don't know if Powell is on our side?