The Left is power-drunk and will not cease until they are stopped
From the Romans to the rise of the National Socialist German Workers’ Party, the desire to hold on to power by subjugating its citizens and enemies is well documented in history.
Only a short time ago, most people were unaware or simply did not care, about the real objective of the progressive leftist movement now running the Democratic Party. The Party’s desire to run every aspect of American life is unparalleled in recent history. With the grossly unfair and disproportionate application of the law and the elimination of civil liberties during the pandemic, the Democratic party has demonstrated a lust for power.
The handwriting is on the wall again as evidenced by the governmental solution to the collapse of Silicon Valley and Signature Banks. If the Feds, controlled by the Democrats, continue to insert their will with policies and regulations without any pushback, then it will only be a matter of time before they will change the banking system more to their liking.
The recent failure of Silicon Valley and Signature Banks has proven to be an opportunity for the Democratic leftist to attain even more power by making the taxpayer clean up the mess of these two banks, instead of where it belongs, with the inept executives of the two banks. Joe Biden claimed no taxpayer dollars will be used to reimburse the depositors of these fallen banks. The depositors who had 250K or less in the failed banks will be reimbursed by the FDIC, as expected. Those depositors who had more than 250K in these banks will also be made whole even though the FDIC supposedly has a limit of 250K. Why should wealthy depositors not have to shoulder their questionable financial investments? They must have known the FDIC Insurance policy is 250K, and if they chose to deposit more than that amount, they should shoulder the financial liability, not the taxpayer. Does the government make whole an investor who loses money in the stock market or a bad real estate deal? Of course not, because they gain nothing by bailing out a financially inept individual.
It can be asked as to why the Feds are rewriting their own rules which only leads to the fact their policy covering all depositors under the banner of the FDIC is disingenuous. Monies paid over and beyond the FDIC limit of 250k come directly from the FDIC’s Insurance Fund. FDIC’s Insurance Fund is a separate fund within the FDIC and is funded quarterly by every bank insured by FDIC, which is most of all the banks in the U.S. When the bank pays into the Insurance fund, the amount is passed on to customers by the way of bank fees.
In essence, the average taxpayer is insuring those wealthy depositors, some of whom are from the Chinese Communist Party. The long-lasting effect of making whole all depositors regardless of how much they have, is the socialization of a market-based company. Once the Feds exercise their power in the banking system as they have recently done, their influence will only increase until they have the power to change the way most people are accustomed to spending their money.
On the horizon is the desire of the leftists to transform currency-based banking into a digital currency system. Digital currency reduces citizens’ freedom by eliminating the need for any physical currency. The 10 or 20-dollar bills withdrawn from an ATM is an electronic system that produces physical cash. Digital currency, on the other hand, has no physical dimension, it is completely electronic. Without physical currency, the ability of the government to regulate and control spending increases exponentially. It is already starting to happen with Biden’s executive order 10467, directing the government to establish a CBDC (Central Bank Digital Currency).
If the United States falls into a CBDC system, the citizen will have lost yet another freedom, the freedom to spend their money how and where they wish. Ron Paul recently was quoted, “The cashless society is the IRS’s dream: total knowledge of, and control over, the finances of every single American.” Along with the potential power of the IRS, the government could also monitor and limit spending and seize accounts when they deem fit. A total digital currency, like CBDC, only makes people more vulnerable by being subjected by law to the dictates of the leftist agenda and demands.
Under the CBDC system, for example, the government could restrict any payment processed which does not meet the criterion of those in power. The recent DOJ’s attack on pro-life agencies and citizens would only escalate by having the ability to defund these organizations with a simple computer click. Christianity or any other group that receives donations could be defunded just as easily using the same procedure. Political contributions could also be suspect and rejected by the new digital system in essence making the U.S. a one-party country.
Do not be fooled, the leftists are power-drunk and will not cease until they are stopped. The common phrase, ‘elections have consequences’ is never truer than it is today. Without any meaningful pushback, taxpayers will be paying for more than a few wealthy depositors.