Last week, it was the Bank of Canada taking the lead by raising rates another quarter percent. Yesterday, it was the FED with their 25 basis point hike and this morning, it's the ECB and Bank of England both hiking by 50 basis points. Across the board, we're all paying more as of today.
The U.S. and Canada now have a 4.5% key lending rate while England is now at 4% and the E.U. is now at 3.25% After being at or near zero percent for close to a decade in an attempt to save our economies from oblivion, they now seem intent on crashing our economies by sending us into recession. Can their governments really handle a recession now with the amount of debt that's been accumulated since the Great Financial Crisis?
It takes 6 to nine months for rate hikes to be felt and we are clearly seeing the effects of last year's rate hikes and the numbers aren't good. Mass tech layoffs, home sales down, car repos up, credit card debt rising (again) and worst of all, homelessness is on the rise. I'm certain that 2023 is the year of recession, with or without China's re-opening euphoria. Don't expect China to be doing well if we aren't buying any of their products.
Now that 4 of the biggest central banks have all hiked, expect more banks around the world to follow suit and in short order. Don't expect them to start lowering rates until some type of crash finally happens. Then, they'll try lowering rates to look like the hero saving the economy. Of course, that's fake news, something we're all so familiar with now.
Central banks have one purpose and one purpose only and that's to transfer the wealth from our pockets into the hands of the few, whose names are kept secret. Go ahead and look it up. Try and find out who owns the FED and you'll be going around in circles.
Why are we 'borrowing' money from central banks and paying it back with interest when they create currency out of thin air? It's time to end the secrecy. It's time to end the FED and all central banking. Robert Kiyosaki, author of 'Rich Dad, Poor Dad' couldn't have said it better when he said that central banking is essential for communism to succeed. Now, that's scary thought.
We will never be free as long as we have central banking!
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