Armstrong Economics Blog/Corruption Re-Posted May 2, 2023 by Martin Armstrong
Monday saw the largest banking failure in the US since 2008 after First Republic went under, marking the third death of a US bank this year. Regulators took possession of the bank this Monday and JPMorgan Chase will acquire the majority of the bank’s assets and remaining deposits worth around $92 billion. First Republic Bank’s stock fell nearly 50% after reporting a significant drop in deposits in the first quarter of 2023. First Republic’s stock value tanked 97% on Friday due to fears of a bank run or failure, and the executives were silent on the health of the bank because they knew they were doomed. JPMorgan Chase coming to save the day is not a good sign.
All of these small and mid-sized banks are struggling with liquidity. The larger banks are gaining more power and influence. JPMorgan Chase’s CEO is nothing like the man who founded his company and actually saved the US from a banking disaster. CEO Jamie Dimon is a World Economic Forum member who fully supports the Great Reset. He wants the US to invoke eminent domain in order for the government to seize your private property.
These are his words, not mine. Dimon noted in his letter to shareholders that “governments, businesses and non-governmental organizations” may need to invoke “eminent domain” in order to get “adequate investments fast enough for grid, solar, wind and pipeline initiatives.” He is adhering to Agenda 2030 and believes that our freedoms need to be removed under the excuse of climate change. “The need to provide energy affordably and reliably for today, as well as make the necessary investments to decarbonize for tomorrow, underscores the inextricable links between economic growth, energy security and climate change. We need to do more, and we need to do so immediately,” Dimon added in his letter.
I will not be surprised if Jay Powell mentions CBDC this Wednesday just to get the public accustomed to the idea. All of these issues can be used as an excuse to implement CBDC as the “safe” alternative to traditional banking. It would be easier to implement if there were only a handful of banks working with the government. The US has never canceled its currency but every empire, nation, and city-state falls in the same manner. The plans for the Great Reset are out in the open and the WEF has infiltrated nearly every government cabinet in the world and bought out the bankers. The day will come when the government gives us a deadline to turn in our paper currency to be converted into CBDC, providing them with complete financial domination over the people.