Beware the Survey
1longtrain.substack.com
Today my cell number was buttonholed for a survey. Those are always suspect, and I wasn’t disappointed in that respect.
After a while it became evident that politicians want to know how pissed you might be if they place into the law the Fed’s new edict that would force all banks to increase on-hand capital. Which on its face seems like a good idea.
What the survey does NOT tell you, is that there is a Biden-supported push to facilitate forcing a federal digital currency on you, and part of that plan is to reduce the number of US banks to just three. If they pass that law it will help them to get there.
End of message.
Thank you for passing this on.
Would the law increase the fraction of deposits that banks must keep in reserve? Or would it set a hard minimum? The former seems reasonable and prudent; the latter seems an obvious ploy to squeeze small banks out of business.