The Risks of Banks: What the Mainstream Media Doesn’t Tell You
Mainstream media often focuses on crypto scams and how regulators aim to address them. However, what they fail to cover are the risks associated with traditional banks.
The Precariousness of the Financial System
While many people have been led to believe that crypto is dangerous and should be avoided, they may not realize the risks they face by keeping their money in banks.
Countries like the U.S. and the United Kingdom have very little mainstream media coverage of their economies, leaving citizens unaware of the precarious state of their financial systems. This is a global issue.
Most people are unaware that some banks have already failed and others are being kept afloat through cash injections from entities like the Federal Reserve.
While agencies like the FDIC in the U.S. and the Financial Services Compensation Scheme in the UK claim to insure customers’ funds, it’s important to consider that if multiple banks were to fail, these agencies may not have enough money to cover everyone. Additionally, these agencies themselves bank with other institutions.
Without seeking information from experts on social media platforms, individuals may not realize that inflation slowly erodes their wealth over time. Inflation acts as a stealth tax and can significantly impact one’s financial well-being.
The Evils of CBDCs
Have you ever wondered why your bank has so much power over you? Or why they can easily “de-bank” customers based on their opinions or political beliefs?
The majority of people are uninformed about central bank digital currencies (CBDCs). The Bank for International Settlements (BIS), also known as the central bank of central banks, encourages countries to develop and implement CBDCs. However, there is a lack of educational programs to inform and gauge citizens’ response to this new form of currency.
It’s essential to understand that despite initial promises from governments and central banks, the ability to manipulate citizen spending through programmable digital currencies will always exist.
Bank ‘Bail Ins’
The Dodd Frank Act was enacted in 2010 to protect consumers after the banking crisis of 2008/9. However, this act allows insolvent banks to use customer funds to pay creditors instead of relying on government bailouts.
Crypto: Problematic, Yet Finding Solutions
Crypto emerged as a protest against the actions of banks and their detrimental impact on economies. While the sector is still in its early stages and faces challenges, it has introduced innovative technology and ideas for finance.
Regulatory clarity is lacking, leading to bad actors taking advantage of the crypto space. However, it is expected that crypto will eventually provide an alternative to the current cumbersome and unwieldy traditional banking system.
Educate Yourself on Bitcoin
One prominent crypto asset is Bitcoin. It operates on a powerful and decentralized network that is beyond the control of governments or banks. Bitcoin can be sent anywhere in the world without restrictions.
Educating yourself about Bitcoin can open your eyes to the flaws of our current monetary system and its fragile foundation. Take the time to understand it, as your future may depend on it.
Disclaimer: This article is for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.
Hot Take: The Hidden Dangers of Traditional Banking
Mainstream media often portrays cryptocurrencies as risky investments while neglecting to highlight the risks associated with traditional banks. While crypto may have its challenges, it also offers innovative solutions for finance. Traditional banking systems are more precarious than people realize, with bank failures and government bail-ins being potential threats. Additionally, central bank digital currencies could give governments even more control over individuals’ finances. It is crucial to educate yourself about Bitcoin and cryptocurrencies to understand the flaws in our current financial system. Don’t solely rely on mainstream media for information—explore alternative sources and take control of your financial future.
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