Morning Wire The End of Traditional Banking | Saturday Extra
Jun 24, 2023
John Rubino, a former Wall Street analyst and author of five investing books, discusses the rise of centralized digital currencies and the increasing concentration of banking power. He warns that these trends could spell the end of traditional savings and checking accounts. The conversation delves into the implications for personal finance in a digitized world, the importance of retaining cash for emergencies, and the need for diversifying investments with tangible assets to combat inflation risks.
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CBDC Control
- Central bank digital currencies (CBDCs) are programmable, giving central banks control over your money.
- This control could include incentivizing spending, penalizing saving, or blocking accounts.
Canadian Trucker Protests
- During the Canadian trucker protests, the government froze protestors' bank accounts.
- This demonstrates the potential for governments to control citizens' finances.
Inverted Yield Curve
- Government policy, specifically raising short-term interest rates faster than long-term rates, is harming regional banks.
- This inverted yield curve disrupts the regional bank business model, making it difficult to profit.