by Joseph P. Farrell, Giza Death Star:
There’s a lot of focus on banks out there right now, and deservedly so. Nor do I need rehearse all the reasons why that focus and concern is well deserved, nor could I do so even if I tried. I’m not a finance or investment expert, and when it comes to such things I leave them to my friend and colleague in this alternative media and research field, Catherine Austin Fitts. But we all probably have more or less the same list of factors: the financial meltdowns of 2008, the mortgage fraud, the credit default swaps, the bundling of ever larger amounts of ever more dubious securities in larger and larger tranches, the unmentionable derivatives crisis, so-called digitial, or crypto-currency and all the scams associated with it:
TRUTH LIVES on at https://sgtreport.tv/
Now just think of that commercial in connection with Central Bank Digital Currencies, and a social credit system, and you get the idea. All of it leads one to formulate the First Moral Law of Banking: The bigger the bank, the more likely the fraud. I had to learn that lesson the hard way, almost three decades ago, when I was even poorer than I am now, and had a checking account with a then-large and well-known bank (which has long since been gobbled up by an even bigger and well-known bank). The experience was pure hell. I’d deposit money, or a check, go out, buy something and write a check for it, and then get dinged by the bank for an overdaft fee. Fifty dollars a pop. This happened so many times I realized the bank was simply crooked, and my hypothesis at the time was that the bank was using the period of the float to make money for itself, including by charging me overdraft fees on money that had already cleared, but which they were saying had not cleared. Lo and behold! a couple of months later I received a letter from an attorney’s office, stating that I was elligible for participation in a class-action suit against that bank that was being brought for – you guessed it – “playing” with the float period to charge overdraft fees to its customers. The bank settled out of court, the attorney took his lions’ share of the settlement, and the rest of us received our small little cheques and a pat on the head and were sent our way. Needless to say, I pulled my pittance of an amount of money – in cash of course – out of that bank, and went to a much smaller local credit union. I’ve not banked with a bank, and particularly a big bank, since.
Or as Catherine Fitts has been known to say, why are you banking with your enemy, (fill in the name of a big bank here)?
All that is true enough, but what I’ve been watching a lot more closely, lately, is the insurance business. After all, they underwrite a lot of businesses: homes, cars, &c. And yes, families, homes, cars, are businesses. So when insurance companies start acting all skittish and nervous, as for example, they have been doing with their actuarial tables and the sudden jumps in death rates after the covid planscamdemic and its accompanying “safe and effective” injections , then I sit up and take notice. With that in mind, take a look at the following recent story that, I’ll bet, did not make your local evening news. Nary a peep, to my knowledge, was bleated from the national propotainment media, not SeeBS, not Faux Tuckerless News, not any of them that I can recall. Even if they did, they probably mentioned it once, passed quickly by it, and moved along to something else. Here’s the story that K. shared:
Now, even though this story is being run by a major member of the propotainment business, notice this story appears under “Climate”, for ostensible reasons that will become apparent once we look at actual statements in the article, and not under “business” or “investments” or “finance”, where one might expect to find it. But it’s what’s in the short article that says it all, and, I strongly suspect, is a hint or precursor of what is to come, especially in out-of-control radicalized state or local governments like Nuttyfornia:
State Farm General Insurance Company on Friday announced that it will stop accepting new homeowners insurance applications in California, citing “rapidly growing” catastrophe risks like wildfires, “historic increases” in construction costs and a challenging reinsurance market.
“We take seriously our responsibility to manage risk,” the company said in a release.State Farm said it will stop accepting new business, personal lines property and casualty insurance applications starting Saturday. The new policy will not impact personal auto insurance, according to the release. State Farm’s independent contractor agents will also continue to serve existing customers.
The company said it will work with the California Department of Insurance and other policymakers to improve conditions in California, but that State Farm decided to take action to improve its “financial strength.
Translation: “These losses are due entirely to the nutty wacked-out radical policies coming from Sacramento and the party that has controlled it for decades. We’ll suggest the correct policies that they should follow, but our bottom line is at stake and we cannot afford, under these conditions, to underwrite any new policies in the state, period.
“We will continue to evaluate our approach based on changing market conditions,” State Farm said.
Translation: “If Nuttyfornia does not change it’s game, we might be forced to leave the state altogether. Get your game together, Gavin, and do it quickly.”
Analysis and Prediction: this is not just a warning shot across the bows of Nuttyfornia, but merely the first of many, and it will spread from Nuttyfornia to other areas similarly afflicted with the policies of wackery. It’s kind of hard to insure something in an “opportunity zone” if the zone is only an “opportunity” because all the property in it has been burnt to the ground. Repeatedly.
That’s a quick and sure way to make something uninsurable. And it’s a possible indicator that the make-money-cheap scams of disaster capitalism might be ending, too.