In this video, I talk with author and economic analyst John Sneisen @TheEconomicTruth about the recent news out of Europe of mass layoffs at banks throughout the region.
We recently reported on the fact that Deutsche Bank was looking to lay off 10,000 workers. They did indeed make the decision to lay off 1000 workers. After being downgraded and new dates set for their crisis plan, it's worth pointing out that all of the major banks are bankrupt considering their terrible cash to deposit ratios.
Well now, it appears that European banks have cut jobs to the lowest in at least 20 years!
Banks are closing branches and going digital. Bank employment in Europe fell by 70,000 last year to about 2.5 million. That's the lowest level we've seen since about 1997. More than 5,800 bank branches were shut down last year. The total number now sits around 183,000.
The excuses are that it's all about banking going digital as more than half the people in the EU now do their banking online compared with 29% in 2008. The excuses aren't very good really. A lot of this has to do with the vast debt the banks have gotten themselves into. The poverty of the masses and then yes, of course the cashless society being unrolled.
If you put your money in the bank, it's not yours, it's the bank's. If your money is always going through the banks via digital transactions and legal tender laws, it's never your money, it's always the bank's and that makes you a total pawn of the banking system and government.
China and India are leading the cashless society world wide while attempting to manipulate and regulate decentralized cryptocurrencies in favor of their centrally planned cashless systems, complete with over the top social credit and even systems like Aadhar in India which scans people's retinas.
As this system is further pushed forward, it will result in further poverty among the masses. Everything is tracked. The state can shut down payments if you're not a "good" citizen. It's a desperation move by the global banking system as banks attempt to prop interest rates up to avoid going negative in the years to come as all fiat systems eventually revert to their true value of zero going back to 1024AD in China.
Will we bend the knee to this system? Or will we decentralize our lives, protect our wealth, educate ourselves and be self sustainable? That is the question. Do not allow yourself to be dependent on these massive centralized powers.
