These days everything seems to go south in the traditional financial system. Governments and banks are loosing the trust of the people, but that should not come as a surprise to anyone, because you have to ask yourself, "when did the governments ever worked for the benefit of the people?" The so called democratic system has never put the interest of the citizens first, despite the fact that by definition it's supposed to do that, therefore I often refer to it as "the hypocrisy system". A system in which the greed of the corporations it's backed by the government with laws and regulations which only apply the the working class. The common citizen has no rights, only obligations... pardon me there is one right... to be a SLAVE, because as long as you live in such society, you belong to the government. You are their property... and unfortunately many of us do. Majority of people are in denial, deep down people know that they are government's property, but they feel powerless, and don't even try to oppose the monster.
So what is happening these days? Looks like in Canada, one of the major mortgage lenders, namely Home Capital Group, is in hot water. Its clients are running to get their hard earned money out of the bank's vault.
It seems that there were some questionable money lending maneuvers that led the bank's financial gears to a halt, a financial investigation started, the shares of the bank went down to about 60% and as a result people quickly started to pull their money out, leaving the sinking ship.
We do remember something like this happening about ten years ago in US, I wonder if the government will be bailing this bank out, because it might come to that, but would be no surprise if the people will actually have to pay for it. We all know governments love to tax people to death, so a taxpayer bailout would be a viable alternative from the government's point of view. On a second thought... it's always the taxpayer's pocket that feels it, no matter the expense.
People think that there are no bad mortgages in Canada, and the bank system is solid, well this proves that it's just a myth, this is an epic fall, in my opinion. Canada's economy is not as stable as it looks, it was just a matter of time for this to surface, after the real estate market troubles that are going on in Canada.
This is not the only bank trouble, and here Equitable Bank comes to mind, but looks like the end of the financial system as we know it, it's coming close, maybe few more years before a major collapse that will engulf the world financial institutions.
People start realizing that this system is doomed and looking for alternatives, this is where cryptocurencies - electronic money is the future as long as there is internet - can play a major role, it is a practical alternative, beside acquiring precious metals (gold/silver) and farmland.
So, start planing your future today, before trouble takes a bite at you and your finances. If there is only one hobby worth having, that is investing. In today's society, financial security is important, but first you must free yourself. Start thinking for yourself, do not listen to what mainstream media is pouring into your ear, and definitely avoid being robbed by the bank/government.
NOTE: This is my first article ever, I always wanted to write, time to smash the ice...
