On The Verge of A Banking Industry Apocalypse?
“We Have the Table Set for the Biggest Bank Run in the History of the World”
Sounding the Alarm on Central Bank Digital Currency
Dr. Kirk Elliott, PhD is the Founder and Chief Visionary Officer for Kirk Elliott PhD Private Advisors, a wealth management company that puts clients before profit.
Dr. Elliott has been helping people understand the economy and manage their money for decades. He holds degrees in theology, public policy and administration, international studies, and business administration from institutions that include Walden University and Pheonix University of Theology. Dr. Elliott’s well-rounded background offers him a unique perspective on financial management.
“Focus on People and Profits Will Come”
Dr. Elliott’s mantra throughout his 30-year career has been to focus on his client’s needs as his top priority. Dr. Elliott learned early on that prioritizing clients’ needs often went at the firm’s expense. For example, for a certain subset of his clients, Dr. Elliott recommended that a portion of their money be put into physical gold, which his firm could not fulfill, losing that portion of the business.
Dr. Elliott stuck to his convictions throughout his career, even at the cost of losing jobs, as he could not ethically follow company protocols that didn’t put the client as the top priority. As a result, he’s reached a place where clients trust that they are his top priority.
Sounding the Alarm: Central Bank Digital Currency (CBDC) is On Its Way
Investopedia defines Central Bank Digital Currency as “the digital form of a country’s fiat currency”
The most glaring concern about CBDCs for free-thinkers and liberals everywhere is the levers of digital control a system such as this would give to centralized powers, which is their publicly stated goal, as discussed at the World Economic Forum.
Ushering in a CBDC tied to the central banks and the federal government is the final nail in a digital prison, where everyday transactions would be monitored and controlled by a small centralized group of elites.
One Step at a Time
Dr. Elliot explained that the plan to replace the monetary system with a digital one has been unfolding for a while, and requires multiple steps before launching:
- Executive Order 14067 – In March 2022, President Joe Biden signed an Executive Order titled “Ensuring Responsible Development of Digital Assets”. This EO paves the way for federal digital currency, with a description from the EO as follows:
“While many activities involving digital assets are within the scope of existing domestic laws and regulations, an area where the United States has been a global leader, growing development and adoption of digital assets and related innovations, as well as inconsistent controls to defend against certain key risks, necessitate an evolution and alignment of the United States Government approach to digital assets.”
- FedNow App – The FedNow App conduit between the federal digital currency and your phone, it’s an app that will control the flow of the federal digital currency, run by the Federal Reserves. The website for the app proclaims that it will launch in July 2023, and has an overall vibe of gearing up towards something major.
- Zero Percent Bank Reserves – At the beginning of COVID, the Federal Reserve changed what banks were required to have on hand to ZERO percent in order to try and stimulate the economy during COVID, allowing banks to lend out everything.
(FED ZERO SCREENSHOT – server upload error)
- The FDIC Has Only 1.38% of all Deposits Covered – The FDIC is a federal insurance program that protects a certain amount of assets in bank accounts in the event of a bank collapse. Dr. Elliot stated that the FDIC currently has only 1.38% of insured deposits covered.
- U.S. Dollar is Still the World’s Reserve Currency – The last stumbling block in place before the path to a digital currency is clear is the fact that the U.S. Dollar is still the world’s reserve currency. That fact is quickly coming into question with the rise of the BRICS nations and other nations that are beginning to create financial relationships that do not depend on the U.S. Dollar.
The steps outlined by Dr. Elliot set the stage perfectly for a potential bank run and subsequent financial collapse of historic proportions, creating an opportunity for the federal government to swoop in and provide a “solution” in the form of a Central Bank Digital Currency.
Our Freedom is Up for Grabs
People everywhere who value freedom have ample reason to be alarmed about an inevitable impending digital currency. He who controls the currency will control the people, and streamlining the entire financial system into a neat digital app controlled by the government is a recipe for absolute DISASTER.
Looking Ahead with Optimism
Dr. Elliot explained the entire dire situation outlined above in a calm manner with a smile on his face because he knows that there are safe ways to weather the upcoming storm.
“Tangible assets thrive in inflationary markets”
As stated at the beginning of this article, Dr. Elliot has spent his career looking for the optimal ways to keep his clients’ money safe. His firm belief in the value of tangible assets such as gold and silver hasn’t wavered and has only grown stronger as the financial situation in the West grows more uncertain. Dr. Elliot and his team have many years of experience helping clients weather financial storms, and they offer families a sense of stability in uncertain times.