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11 May 2024

The Cashless Paradigm: Shifting Banking Horizons

Meagan Schneider
Praise be Jesus!

Global Bank Decides To Refuse Customers Access To Cash
  • Macquarie Bank, one of Australia’s largest banks, has announced it will no longer return cash to its clients upon demand. Macquarie will only allow its clients to withdraw digital credits.
  • Many Australian banks are prepared to follow Macquarie's lead.
  • Businesses that use electronic payment methods lose a portion of the transaction to the bank, resulting in lower tips.
  • In the US, Americans are also experiencing greater difficulty in accessing cash. Patriot Bank closed certain branches without forewarning customers last month. Depositors only found out about it when they went to the branch and found a note on the bank door saying their branch was closed. 200 banks in Connecticut alone have closed.


 


Fed Flags Rising
  • Banks are bracing for further losses as complications with commercial loans rise, with estimates pointing to north of $1 trillion in losses.
  • The first bank failure of 2024 occurred when Republic First was shuttered.
  • NY Community Bancorp was also trending towards bankruptcy this year using GAAP accounting, which forces banks to mark their portfolios for the market. In an effort to forestall widespread bank failures, regulators no longer require banks to adhere to this standard.
  • Delinquent real-estate payments now exceed pre-COVID levels despite the record cash given to citizens during COVID-19.


 


Paving the Way to Stagflation
  • The US manufacturing and services sector reported a decline in the widely followed Purchasing Managers' Index to 49.4 in April, signaling an economic decline.
  • Despite this decline, prices of goods and services have increased.
  • Fed Chair Jerome Powell insists that despite this data, The Fed cannot find any signs that stagflation is occurring. (Stagflation is a term that means growth is stagnating, but the costs of living are inflating, which is a devastating combination for citizens).
  • Powell's perplexing claim, in the face of this data, suggests the Fed is afraid to publicly admit what it is seeing because it has no way to prevent stagflation.
  • Despite adding 175,000 jobs in April, the unemployment rate rose to 3.9%. The rise in part-time and decline in full-time employment since August 2023 and Powell's reluctance to raise interest rates to combat inflation highlight a fragile job market, leading to questions about the Fed's ability to address these challenges.




 

Investors should realize that the last time the US saw stagflation for a protracted period was in the 1970s. While past performance does not equal future results, during the 1970s, when stagflation was rampant, the multiple on the S&P declined by 50% while gold rose more than 10x. Stagflation is historically challenging for financial assets such as stocks and bonds and supportive of gold, as America again saw in the ’70s.

The Dollar Is Nothing More Than A Promise
  • Dollar's value is contingent on trust, not backed by tangible assets.
  • Election irregularities surfaced in Arizona and New York, indicating counterfeit ballots and illegal votes.
  • Statistical anomalies across battleground states suggest coordinated tampering during the 2020 election.
It's important to note that not all gold investments are the same. The type of gold you choose can significantly impact your returns. Familiarizing yourself with the distinctions among various gold investments can help you make informed decisions and feel confident in your wealth protection strategies.

Call us. We will help you with every step of the process, whether you wish to invest your retirement assets in gold or have them delivered to a location of your choosing. We will explain the process so that you understand and experience what others already have. Allocating to gold is a simple process yet a major step forward in protecting your most important assets—those you love most.  
  
God bless, and God bless America.
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