I was very alarmed to see this post in my crypto news feed!
UK Government Seizes $185 Million From Dormant Bank Accounts for Crisis Relief
The UK government is seizing funds in dormant bank accounts worth approximately $185 million to fund its coronavirus relief efforts. So far, 30 banks have been voluntarily transferring money from dormant accounts to the government, including HSBC, Barclays, Clydesdale, Credit Agricole, Danske, Santander, Lloyds, and Bank of Scotland. The government has also proposed adding other types of assets that can be seized, such as insurance policies and share proceeds.
These banks “have voluntarily transferred funds from accounts that have been inactive for 15 years into the scheme and so far over £600 million has been distributed to good causes,” Dowden said, elaborating:
The government is currently consulting on expanding the dormant assets scheme to include a range of financial assets from the insurance and pensions, investment and wealth management, and securities sectors.
LOL, asshole literally calls it a "scheme" twice!
According to the government, consumers can still reclaim the amount owed to them even if their funds have been transferred to the scheme [omg please stop]. Reclaim Fund Ltd., an entity regulated by the Financial Conduct Authority (FCA), is supposed to hold enough money to cover any claims.
“The expansion has the potential to bring billions more pounds into the scheme. [ahhhhh!]”
WOW!
wow wowwowoowowowowowow! ... wow First of all £150 million quid sounds like a lot, but that is less than $0.2B dollars. When we put that into perspective and see the FED PRINTING LITERALLY TRILLIONS OF DOLLARS, this theft of funds is just a ridiculous drop on the bucket.
What it really feels like is happening here is that the people are being primed to accept bank theft as the standard. Even this article makes multiple references to the housing crisis and 2008. If you've been paying attention to my blog carefully, you know that in the wake of the housing crisis bank bailouts were made illegal.
But guess what was made legal in the wake of illegal bailouts?
You guessed it! BAIL-INS!
So rather than depend on the government to bail out the banks by printing money out of thin air, it will be the people who have money in the bank that will be forced to prop up a corrupt failed business with their own money!
Truly terrifying!
Now I've been talking about this for a while, just wondering not if it will happen, but when. This article has my spider senses tingling that we are on the brink of unprecedented bank bail-ins within a year or two. Holy god the world is so fucked, but I guess that should be obvious to most of my readers already.
You know, right when this whole COVID lockdown started I immediately started telling EVERYONE (friends, family, co-workers, blog readers) that we were in for some serious riots and martial law. I felt like a bit of an alarmist when those things didn't happen right away. These macro global dynamics move at such a snail's-pace it's like watching a train wreck in slow motion that you can't look away from. Just get it over with already!
And now I'm like, "See? Riots and martial law incoming," and you know what they tell me in return?
Yeah but the riots are because that guy died and the cops are assholes.
Really?! Seriously!?
The COVID lockdown has nothing to do with the riots? The entire world being on the brink of complete shambles has nothing to do with it? Truly, the vacuum of oversimplification that some people live in astounds me. All of this stuff is connected. All of it. Variables can not be removed and quarantined from this simulation. That's just unpredictable chaos theory for ya.
Conclusion
I don't see any possible way that this situation can improve before getting a lot worse. I expect food/water shortages. I expect more riots. I expect more lockdown. I expect an unprecedented police state to emerge.
Most relevant to this post I expect money to be legally stolen right out of citizen's bank accounts. They are even now spreading the word so many come to accept it by the time it happens. Maybe predictive programming actually is a real thing.
At a time like this we should all be grateful and thank our lucky stars that we are early adopters of crypto. This lumbering beast of the establishment is collapsing under its own fetid weight, and will gobble up all the low hanging fruit first. Say goodbye to your social security.
Luckily for us, crypto is anything but low hanging fruit. Blockchain is extremely resistant to these money attacks and will likely be last on their priority list as they scramble to game the systems they have the most control over. We'll know we're in trouble and we need to hunker down if/when they start stealing citizen's gold. If I were you, I'd start memorizing a twelve-word seed phrase today so when shit hits the fan tomorrow you can hide a big chunk of money directly inside your brain.
Isn't crypto insane?
You can literally hide money inside your own memory-bank.
WHAT!?
Seriously, we'd of been so screwed without Bitcoin.
Return from Legalized Theft: Who's Ready for Bank BAIL-INS? to edicted's Web3 Blog
