Mic Drop

Here is the entire article... interesting to see that Bitcoin is essentially what he was wishing for back then:

We now have:

1. $1 trillion in deposits withdrawn from US banks

2. Gold set to break above $2000/oz

3. Multiple countries using Chinese Yuan for trade

4. Bitcoin up 50% in one month

5. US Dollar used in 59% of world’s reserves, down from 72%

Is the US Dollar under attack?

it's getting worse...

Saudi Arabia the past 7 days

1) Saudi Arabia to adopt economic strategy without US dependence, following decline in relations under Biden Administration, FT reports.

2) Saudi Arabia, Russia, UAE, Iraq, Kuwait, Oman, and Algeria to cut oil production output until the end of 2023.

3) Saudi Arabia partners with China to build a Chinese oil refinery for 83.7 billion yuan ($12.2 billion).

4) Saudi Arabia enters trade alliance with China, Russia, India, Pakistan, and four Central Asian nations to step further away from reliance on the US dollar.

5) Saudi Arabia partners with India to create an investment bridge emphasizing greater economic interconnectedness.

I thought you might like this one.. 😉

Weekly Recap

1) Saudi Arabia enters trade alliance with China, Russia, India, Pakistan, and four Central Asian nations to step further away from reliance on the US dollar.

2) China and France complete first LNG gas trade using Chinese Yuan, ending reliance on the US dollar for energy trades.

3) China and Brazil to settle trades in their own currencies, ditching the US dollar.

4) Brazil, Russia, India, China, and South Africa (BRICS) are developing a new currency, State Duma Deputy Chairman says.

5) Saudi Arabia partners with China to build a Chinese oil refinery for 83.7 billion yuan ($12.2 billion).

6) Kenya signs deal with Saudi Arabia and UAE to buy oil with Kenyan shillings instead of US dollars.

7) President of Kenya tells citizens to get rid of US dollars.

8) Association of Southeast Asian Nations considers dropping the US dollar, euro, yen, and British pound for local currency financial settlements.

9) El Salvador President officially signs bill eliminating all taxes on income, property, and capital gains for technology innovations.

10) US Senator Elizabeth Warren launches "anti-crypto" re-election campaign.

11) India to settle trade in Indian rupees with certain countries instead of US dollars, Commerce Secretary says.

12) Chinese yuan surpasses the euro to become Brazil's second-largest currency in foreign reserves.

13) US government to sell 41,500 #Bitcoin  ($1.18 billion) connected to Silk Road, in four batches this year.

14) Hong Kong regulators to assist #crypto firms with banking in effort to become a digital asset hub.

15) #Binance and CEO sued by US CFTC over alleged regulatory violations

16) US Social Security funds are projected to run out by 2033, Reuters reports.

17) 5 major banks raided by French authorities in €100 billion fraud investigation

18) Former President Trump says President Biden is directly responsible for the bank failures and creating an economic catastrophe that will only get worse.

19) MicroStrategy purchases an additional 6,455 #Bitcoin ($150 million).

20) President Biden says the banking crisis is "not over yet."

Hordes of small and mid-size banks are now in trouble, and that is really bad news because those institutions issue most of the mortgages, auto loans and credit cards that our economy runs on.  The other day, I asked my viewers to “imagine what our country will look like if the banking system implodes and the economy plunges into a depression”, because if our banks continue to collapse that is precisely where we are headed. JPMorgan Chase & Co analysts estimate that the “most vulnerable” U.S. banks are likely to have lost a total of about $1 trillion in deposits since last year, with half of the outflows occurring in March following the collapse of Silicon Valley Bank.

There are more than 4,000 banks in the United States right now, and the vast majority of them are rapidly losing deposits. As a result, U.S. banks are being forced to turn to the Fed for help at a very frightening rate… Banks have been flocking to emergency lending facilities set up after the failures of SVB and Signature.

Data released Thursday showed that institutions took a daily average of $116.1 billion of loans from the central bank’s discount window, the highest since the financial crisis, and have taken out $53.7 billion from the Bank Term Funding Program. Meanwhile, the banking crisis in Europe has taken another very alarming turn. Deutsche Bank shares fell on Friday following a spike in credit default swaps Thursday night, as concerns about the stability of European banks persisted. The Frankfurt-listed stock was down 14% at one point during the session but trimmed losses to close 8.6% lower on Friday afternoon. The German lender’s Frankfurt-listed shares retreated for a third consecutive day and have now lost more than a fifth of their value so far this month. The emergency rescue of Credit Suisse by UBS , in the wake of the collapse of U.S.-based Silicon Valley Bank, has triggered contagion concern among investors, which was deepened by further monetary policy tightening from the U.S. Federal Reserve on Wednesday. But what is going to happen to our economy when the flow of mortgages, auto loans and credit cards is greatly restricted? Our country is already being torn to shreds like a 20 dollar suit, and economic conditions are still relatively stable. So what is going to happen when we do fall into a very deep economic depression? These are such perilous times, and they are only going to get more difficult in the months ahead.

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