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Is the Current System Sound or Is It in Danger and in Need of Rescue and Protection? Treasury Secretary Janet Yellen Is Unable to Answer This Simple Question.

By ssaurel | In Bitcoin We Trust | 21 Mar 2023


From time to time, a ship takes on water.

When a ship takes on water, do you know what the best chance of survival is for the passengers?

The best chance of survival for the passengers is to have a ship captain who will keep calm and know how to make the right decisions without hesitation. This is important because the slightest hesitation could put all the passengers in doubt and create a panic that would worsen the situation and therefore the chances of survival.

The ship's captain must show the direction to follow by giving confidence to all the passengers.

After this surprising preamble, since I usually talk to you about Bitcoin and the economy, I will tell you what I am getting at.

Here, the ship that is taking on water is the current monetary and financial system. This system is flawed by design, and no one wants to or can fix it. We are talking about a not-fixable system that is unfair.

The collapse of SVB produced a new banking crisis in America, which was then globalized with the bankruptcy of Credit Suisse in Switzerland.

The ship is taking on water on a global level, but the captains of the ship are in America. These captains are in the White House, in the Fed, but also in the US Treasury.

It is indeed America that is at the head of the current monetary and financial system since it issues the world's reserve currency, the US dollar.

When the ship takes on water, it is on America's side that everyone looks.

Amid this global banking crisis, everyone recommends America, and you know what people see? Confusion and doubt. All of which only adds to the panic of investors and the general public.

Do you want an example of what I'm saying?

I'll give you a very simple one. And there is Janet Yellen, the U.S. Treasury Secretary, who in the past was also the head of the Fed. At the time, Janet Yellen was telling the world that we would not have another banking crisis like 2008 in our lifetime.

That was in 2017. Six years later, we see that Janet Yellen was wrong. Once again ...

We can say that she was enthusiastic at the time.

But let's look at her statements since the beginning of this banking crisis of 2023.

On March 16, 2023, Janet Yellen tells the American Senators that the banking system is sound:

 

During the same speech, Janet Yellen ruled out extending the unlimited deposit guarantee decided for SVB and Signature Bank a few days earlier to all regional banks that have been suffering bank runs every day since the collapse of SVB.

Janet Yellen confirmed that the US authorities would focus on the “too big to fail” banks. The American authorities were thus going to reinforce the concentration of the American banking sector and thus the risk, while choosing the survivors of this banking crisis:

 

Midsize banks in America have since asked the American authorities to be taken into consideration.

Five days later, Janet Yellen came to declare on March 21, 2023, that the banking system had to be rescued and protected, and this is what will be done:

 

Janet Yellen says today that US regional banks will be protected. So she just said the opposite of what she said less than a week ago.

Is this the behavior you would expect from the captain of a sinking ship?

Can Janet Yellen's contradictory statements in less than a week reassure investors and the general public?

More importantly, can the current monetary and financial system be both sound and at the same time need to be rescued and protected?

In my opinion, it is not possible!

These contradictions show you why you must have a way out to protect the fruits of your labor in a system that is independent of governments and central banks. A system that can give you a fallback in case of a complete collapse of the current system.

That system, as you know, is Bitcoin.

With Bitcoin, you'll never have someone telling you everything and its opposite in a few days. The rules of the Bitcoin protocol have not changed since its inception. Since January 3, 2009, Bitcoin has been running constantly (99.99% uptime) and everyone can audit the Bitcoin system every 10 minutes.

This is something to be confident about and to build a strategy for your future. I don't think that's possible anymore with the current system. A system whose rules keep changing and are decided arbitrarily by a minority of powerful people not representative of the people.

It's up to you, but expect the contradictions to continue to multiply and the confusion to continue to be the rule in the current system which is more opaque than ever.


Bitcoin Price Continues to Move Sideways Below Resistance at $28.2K As the Market Awaits the Fed Tomorrow.

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BTC Price Update.

Link: https://inbitcoinwetrust.substack.com/p/bitcoin-prices-continue-to-move-sideways


A New Era for Bitcoin Begins With This Umpteenth Banking Crisis.

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Regardless of the scenarios envisioned for the collapse of the current system, owning Bitcoin will make a huge difference.

Link: https://inbitcoinwetrust.substack.com/p/a-new-era-for-bitcoin-begins-with

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ssaurel
ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
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