BigTech – Replacing Banks


Armstrong Economics Blog/Banking Crisis Re-Posted Aug 29, 2021 by Martin Armstrong

QUESTION: Can you explain how using Jack Dorsey’s financial tools are another way Americans are surrendering their freedoms.
Although the transaction fees are a fraction of banks and the time duration are almost instant.
Thanks – although after years or writing into your block/contact I’ve yet to have a reply
N

ANSWER: Back in 2020, I had information that BigTech was lining up and was promised that they would be handed online banking if they helped to remove Trump. BigTech was promised the power to overthrow the banks. Governments were also secretly allowing BitCoin to take hold to convince people digital currencies were better than paper. The powers that be want everyone in the banking system to end once and for all paper money. They realize that the stumbling block has been that there are over 1 billion people outside the banking system (just read the IMF). This is an absolutely insane goal to have every goat herder in remote areas online. But the people who come up with these ideas are more egotistical maniacs than practical intelligent people who have ever traveled to such places.

Big Tech had a lot at stake during the 2020 election. I warned that they were censoring everything to try to push Biden into the White House so they can cash in on their chips back on October 20, 2020. The mainstream media is also on board and they even forced Glen Greenwald to resign from the news organization he founded. The media has been also taking grants from the greatest philanthropist/manipulators in history – Bill Gates. Dorsey’s new online bank under Square which I reported in March 2021 that my original sources were spot on.

To make digital currency work, the transaction MUST BE instant. You cannot go into any place and pay with a digital currency that takes hours or days to clear. In the banking system, you deposit a check and it takes often 3 days to clear. The old banking system cannot allow digital transactions that will enable the elimination of paper money.

Square first submitted its application to the FDIC to become a deposit-taking bank in September 2017. Back in 2018, Dorsey in July had dropped his plans for a banking license. He then reapplied in 2018. Previously, Jack Dorsey’s fintech partnered with Celtic Bank for banking products. Square began by underwriting and originating business loans for Square Capital’s existing lending product.

This has all been enabled to further the elimination of paper money and thereby the failing governments believe they will be able to grab whatever taxes they demand and nobody will be able to avoid taxes ever again. On top of that, they also want to eliminate international travel as much as possible to “save the planet” but also to prevent people from fleeing their jurisdiction for taxation. The end goal is a hybrid of the old Soviet Union whereby we will not be able to freely travel and ensure we will be the future economic slaves.

This is why Twitter banned Trump. Whatever excuse BigTech can use to shut down Trump and ensure Biden would win the election was all done to further this agenda where they were promised that traditional banks will become obsolete. Branches will no longer be needed. You can already deposit a check by scanning it into your phone so you need not visit a bank office. Once cash is eliminated, then all that would be left is a safe deposit box which they envision is loaded with valuables you need to pay taxes on.

When government eliminates all paper money, the next step will be to seize all pensions and that will be replaced with Guaranteed Basic Income. In that manner, they will be able to default on all government debt and the Modern Monetary Theory will become reality by restraining our liberty if not entirely eliminating it. The politicians see themselves as the aristocrats who will always be above the Great Unwashed.

This has been what I have been fighting against for these past years. I did the Solution Conference in 2015 because these were the very proposals I was arguing against behind the curtain between 2022 and 2015. The idea of allowing digital currencies surfaced during the 2007-2009 crisis. The bankers blew up the world again and the Fed had to bail out AIG. I was still in contempt when I was asked for help by the House Banking Committee and I asked you do know where I am? They said they would help but I declined. Bitcoin emerged in 2008 as a theory to circumvent the banks because they would routinely blow up the financial world and they expect to be bailed out because the government needed them to sell their debt. That is when they realized that the system had to change.

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