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BEWARE: The Road to Digital Currencies

March 30, 2023 By E.J. Smith - Your Survival Guy

By kentoh @ Shutterstock.com

With everything going on in the banking world, is it any wonder Your Survival Guy likes doing business with Fidelity? It’s a non-bank, non-publicly traded company.

Banks are under enormous government pressure to consolidate, while publicly traded brokerages are pressured to meet quarterly earnings. It’s a bad one-two punch. Look at Charles Schwab, for example. It has a banking division and is publicly traded. Its stock is down over 30% year to date.

Fidelity is not a bank. It’s privately held. It’s a family-run business.

Is Your Family Prepared for the Next Disaster? Click Here to Survive and Thrive

What could possibly go wrong now that all depositors are (implicitly) insured by the government? Select banks are forced to merge with other “select” banks. One gets assets for a song, and the remaining banks pay the bill. It’s like having dinner with your college buddies, and then half of them skip out on the bill. Solid banks are punished for running a tight ship.

If you have money in a bank above the FDIC-insured level, does it even matter now? The road’s been paved for the surviving banks to become digital currency messengers for the almighty government.

Another crisis (or this one) could usher in massive consolidation into the too-big-to-fail megabanks. We already know the government is in the boardrooms there.

Do not waste time predicting what the Fed will do next. I can certainly see them cutting rates to shore up balance sheets and reduce the pressure to pay depositors—if there are any left.

Times like these are the perfect opportunity for things considered crazy to become the norm.

Action Line: Get your banking life in order. If you need help, I’m here.

Originally posted on Your Survival Guy. 

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E.J. Smith - Your Survival Guy
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

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