by Financial Argument via Financial Argument
The Federal Reserve payment system Fedwire went down, freezing wire transfers between banks while I was editing this video. Also, It is a sign for collapse of banking system.
It is very clear that something big is happening- perhaps they are trying out a new digital payment system or are trying to cover up some other financial scandal. What’s even stranger is that this problem emerged right after Mrs. Trillions Janet Yellen’s statements about Bitcoin.
Mrs.Trillion Janet Yelled referred to bitcoin as an “extremely inefficient way of conducting transactions” and stated her fear that it’s often used for illicit finance. She referred to it as extremely volatile and brought up the huge risks it poses for investors.
This woman manages to make me laugh more every time. After saying that there will be no more economic crises in our lifetimes, this last event brought a chuckle. However, I am sure that Bitcoin and other crypto investors laugh at Yellen the most.
Also, those like me who hold tightly to gold and silver, the only real money created by God, have been laughing at this woman for years.
The Federal Reserve’s system, which is behind almost all money transfers in the U.S., went down today, shutting down trillions of dollars in payments. It affected all payments systems the central bank is in charge of, including FedACH, the automated clearinghouse system, and Fedwire Funds, an interbank transfer service. This event is similar to two others that occurred two years ago, in 2019.
In case you’re not familiar, ACH processes funds transfers like tax refunds, utility payments, payroll, social security benefits, and more. In 2019, they conducted over 62 million transactions in an average day!
A spokesman for the Fed stated that an operational error caused the operational error and they were working on restoring it. After an hour of disruption, at around 2:30 PM, their website, FRBservices.org stated that everything was back to normal. All services besides FedMail are still shown as disrupted.
The website said normal processing should resume this afternoon.
At 2 PM Eastern Time, the Fed issued a statement saying that they are investigating the disruption and will provide updates as they become available.
So it looks like at this point all FRB services were offline. How interesting. America’s conventional money transferring system is not working.
Services affected include account services, the Federal Reserve, Check 21, Check Adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, and the national payment system
A disruption with automatic clearinghouse services, besides affecting Social Security and income tax refunds, can negatively affect mortgage and electricity, water, and natural gas bill payments in the short term.
But in the long term is when the ball starts rolling;
A new monetary system is coming, as I described in many of my videos, especially in my recent record-high global debt video.
Global Debt Reaches A Record $281 Trillion! Get Ready For A New Global Monetary Order: Bitcoin? Gold?: www.youtube.com/watch?v=rF65-…
This is good news for those tending to limited assets, but it will be very devastating for those who haven’t prepared at all.
FULL SHOW NOTES AND LINKS HERE
Donate to Financial Argument: www.patreon.com/financialargu…