Found this gem on another site I follow...
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About six months ago now, I made several contrarian predictions based on my macro thesis:
1. Rates had not peaked and would continue going up.
2. The dollar had not peaked and would continue going up.
3. Inflation would get worse, and equities, gold, and crypto wouldn't perform.
4. The banks would, as a result, continue to fail, leading to the creation of a tokenized security to be used in lieu of the dollar within the global banking system.
Predictions one through three have happened (and how), and number four is in the works as we speak. Banks all over the world in recent weeks have announced the launch of native tokens and given notice to depositors that they are suspending all cash services.
It's being framed in the narrative of faster payments, but the truth is that the entire global banking system is functionally insolvent, and they know they soon won't be able to meet depositor demand for withdrawals. In effect, this is the beginning of the bail-in.
The FDIC is no longer putting failed banks into receivership. For those who don't know, that's when the FDIC takes over a failed bank in a proactive effort to make depositors whole before the bank fails completely. This is the process of liquidating the banks assets and using FDIC money to make up the difference to reimburse insured depositors should they incur any losses.
The FDIC is out of money, though, which is why they're conspicuously refusing to do their job. They blew their entire budget guaranteeing the uninsured deposits at SVB because doing anything less would have resulted in a bank run. They had to reassure wealthy depositors that they were safe leaving millions of dollars in banks, because the banking system could not afford to lose those accounts. In other words, they did what they had to, to delay the inevitable for as long as possible (the inevitable being bail-ins, and as long as possible apparently being about six months).
The title of this thread is a little bit tongue-in-cheek. I obviously don't want anyone to panic. I want people to inform themselves and make smart decisions that will result in them staying financially independent from the totalitarian system that's quickly emerging. What's happening right now is the hostile takeover of a sovereign nation by an international banking cartel by means of predatory lending.
The problem we face, in a nutshell, is that, due to saturation with debt, sellers cannot afford to sell anywhere near prices at which buyers can afford to buy. Thus, asset prices aren't able to go low enough to stimulate the next wave of inflation. If asset prices don't move down and stimulate borrowing, and do so in the very near future, the situation will just continue to spiral out of control, eventually leading to all of the aforementioned doom.
With that said, I want to leave you with some practical things you can do to protect yourselves. Not only can you not trust the banking system, you have zero incentive to do so, and every incentive to take your money out.
This is what I would suggest. First of all, consolidate your accounts. The average person only needs one checking account. You need it to have your paychecks deposited, and to pay your bills. That is the absolute limit of what the banks can do for you.
Step number two is open an account at treasurydirect.gov. It takes about ten minutes, and all you need is your account information and a state ID. You're then going to buy T bills with your savings.
In other words, you're going to use your bank for checking, and you're going to use the treasury as your savings account. Not only are those "deposits" in the treasury secured, they're paying upwards of 5%. That's what I was referring to when I said you have no incentive to leave money sitting in a bank, and every incentive not to. Not only are they infinitely safer at the treasury, they're going to earn double or triple the interest.
I know a lot of people on this site probably don't trust the treasury, but as far as any form of USD is concerned it's by far the most secured. It's literally guaranteed by the US Constitution, and you can redeem the T bills at any time, should the situation change with respect to the government's ability to repay. You will have heard about government shutdowns, for example. Even if the government does shut down, it will be months before they start having to cut spending, and the national debt is by law the last thing they can cut. In other words, if the government stops paying out T bills, they must first stop paying the military. So it's probably not something that would come without warning. If the government did shut down, the first step would be furloughing non-essential federal employees. After that would be mass layoffs of federal workers, followed by missed social security payments. So in the event you see those kinds of things unfolding, that would be the time to redeem those T bills and move to physical cash and hard assets.
The next thing I would advise is deciding how much cash you're comfortable keeping in your own physical possession. If you don't have much savings, you might skip the treasury general account and simply keep your savings in cash in your own physical possession. The one fatal flaw in the T bills is that you need a bank account to receive the payout, should you need to redeem them, in the event the government became insolvent. This might require getting creative, in order to find an institution where you can still access the redeemed cash. As in be able to withdraw it or electronically wire it to purchase assets. So having some level of physical cash in your possession is a good hedging strategy, should something transpire that prevents you from accessing cash from redeemed T bills.
Another option is keeping a safety deposit box with cash in it. Technically you're not supposed to do that, but it's not illegal, just ill-advised by the banks. Obviously there are lots of people who would say, Oh the government will seize everyone's safety deposit boxes. I mean, maybe. Anything is possible, I guess. But is it likely? Probably not. There are very, very few safety deposit boxes, and most of them don't have much value. Most of them contain important documents and family heirlooms of little to no monetary value. So a large scale grab would net them very little money, and a whole lot of bad press. So while it would be ill-advised to keep your entire life savings in one, I think it's a good option in a multifaceted approach.
Getting out of debt is a bit of a wild card in this whole thing. On the one hand, it might be unwise to waste cash on debts that might be effectively forgiven anyways. On the other hand, it might be wise to pay off debts in the interest of protecting important assets. I can't make that determination for you because that would require being psychic. So I would simply advise praying about it and doing what the Holy Spirit leads you to do regarding your own personal situation.
The same goes for liquidating assets. If you have assets with positive returns, it might be advisable to liquidate them for the cash. Again, this is something you would have to pray about. All I can say for sure is that if this thing goes, assets will not protect you from the strengthening dollar. That is to say, whether it's gold, BTC, or lead; the dollar would in that event strengthen and seriously devalue any assets you might have otherwise thought would preserve your wealth.
I would also advise trying to become independent of any systemic source of income, like social security or pensions. Plan for not having that money, especially in the context of private pensions. Try to reorganize your finances to where you can maintain food and shelter, irrespective of whether that check shows up on time or not.
This same dynamic goes double for anyone relying on a paycheck. If this thing goes, the unemployment line is going to get very, very long. One of my past predictions was that the job market wasn't as strong as they were claiming, and that turned out to be completely true. I advised people not to follow the crowd during the great resignation, and to essentially do the opposite of what the crowd was doing by trying to not only keep their job, but by trying to become the last employee they could fire. So not only do I advise seeking job security still, but also reorganizing your finances to where you will be okay for a year or two in the event you get laid off.
So in terms of liquidating assets and paying off debt, please consider those last two paragraphs when making those decisions. For example, if you can sell a toy and pay off your house, do it and do it now, and do not look back. If on the other hand you owe 300k on the house and only have 10k in savings, it most likely wouldn't help your situation to waste that savings on that debt. Again, these are areas where it's very hard and irresponsible to give advice, because everyone's situation is so nuanced, and the exact future so uncertain. Even if I'm 100% right, there are still myriad variables I can't account for, and myriad more I haven't even thought of.
This thing is likely to resolve itself in one of two ways. The least apocalyptic of the two is that buyers and sellers reach consensus before the global debt bubble bursts. In that event, asset prices will bottom and the money supply will start to grow again. If that happens, there will likely be worse inflation than during the previous two years.
The second, and more apocalyptic of the two, is that buyers and sellers cannot reach consensus and the global debt bubble does burst, leading to a violent contraction of the global dollar supply, followed by the biggest drop in asset prices ever in the history of money.
Either way, you want to protect your money from the banking system so you can take advantage of the dip. If you can preserve your savings through the banking crisis, you will likely get to take advantage of the biggest buying opportunity of your entire lifetime. What's coming shortly may prove to be the biggest buying opportunity of the century, and may be the defining event that determines who remains free and who becomes a serf in the system that's currently emerging."
