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Banks Not Lending Money?
Bitcoin approaches a historic $100k, Banks Aren't Lending, Chase Shutting Down Individual Accounts, Essential XRP Information, Button Pushed For WWIII, Bad News For Target And Individual Investors...
Economic Ninja
November 21, 2024
The Daily Ninja 11/21/24
🚀 Bitcoin's surge is leading a new era in cryptocurrency, potentially driving altcoins like Ethereum, Solana, and XRP to new all-time highs across the crypto market.
💼 Cosmos Health, a publicly traded company, is incorporating Bitcoin and Ethereum into its treasury reserves, joining firms like MicroStrategy, Tesla, and Plains Capital in putting crypto on their balance sheets.
🏛️ The US government is considering legislation to purchase 5% of all Bitcoin, which could significantly inflate its price.
🗽 Robert F. Kennedy Jr. invested most of his wealth in Bitcoin when it was around $4-70,000 per coin, calling it the "currency of freedom" against inflation.
🏦 Chase Bank's actions in freezing a 10-year-old's $2,100 prize money from selling chickens highlight the importance of multiple bank accounts for risk management, especially during banking crises.
💼 Standard banking practices for risk mitigation and fraud prevention, including KYC and AML regulations, can lead to account freezes or closures without notice, even for legitimate transactions.
🔒 Banks may refuse in-person verification and require verification through documented channels, potentially causing issues for unique situations like a child depositing large sums online.
🚫 Chase Bank has reportedly closed customer accounts without recourse, even for long-standing customers with established transaction histories, emphasizing the need for financial diversification.
📊 The incident underscores the importance of financial literacy and preparedness, particularly for young entrepreneurs and their families when dealing with unexpected banking challenges.
🏦 Ripple's blockchain technology enables 6 major banks including American Express, Santander, and JPMorgan Chase to make faster and cheaper international transactions, functioning like an improved version of Swift codes.
💹 XRP, Ripple's cryptocurrency, has doubled in value recently and is predicted by some analysts to potentially surpass Bitcoin in the next 1.5 years, potentially creating multi-millionaires and billionaires.
🔥 XRP has a burn rate of 1-2% per year through transactions, which is expected to increase as more banks adopt the technology, potentially affecting its long-term supply and value.
🌐 Some speculate that governments might strategically buy XRP to maintain an edge in the global banking system, highlighting its potential geopolitical significance.
💼 While XRP is considered a store of value with street credibility, it's paradoxically described as slow and expensive for transactions compared to other cryptocurrencies like Bitcoin.
🚀 President Biden's authorization for Ukraine to fire US missiles deep into Russia is viewed as a major policy shift potentially triggering World War III, seemingly aimed at destabilizing global geopolitics before the election.
💰 The Economic Ninja advises preparing for potential economic collapse by getting out of debt, considering Bitcoin, and anticipating a massive tax overhaul in 2025-2026 that may dismantle the IRS and abolish the tax code.
🍲 Warnings of potential food shortages due to America's reliance on overseas container shipping highlight the importance of stockpiling emergency food and water filters.
💼 The Ninja predicts that 2025 will bring both dark days and incredible opportunities, emphasizing the importance of preparation to capitalize on unfathomable financial opportunities.
🏦 Banks are tightening lending practices in 2024, with loan rejection rates reaching 21% (highest since 2008), particularly affecting borrowers with credit scores under 680.
💳 Credit card, mortgage, and auto loan rejection rates have surpassed 2008 levels, with mortgage refinances hitting a series high of 25.6% in 2024, primarily for debt consolidation.
🚗 Auto loan rejection rates reached 11.4% in 2024, the highest since 2013, indicating a significant tightening in the automotive lending market.
📉 The share of people likely to apply for credit dropped from 25.9% in 2023 to 23.1% in 2024, suggesting a decrease in loan applications due to credit issues.
🏠 Debt consolidation has become the primary reason for cash-out refinances, as people plan to refinance homes to pay bills in response to tightening credit conditions.
📉 Target's stock plunged 20% in 2023 due to a 20% earnings miss, flat holiday sales, and alienating customers with controversial policies, despite efforts like price cuts and early holiday sales.
💥 The 2025 inflation whiplash is predicted to create amazing deals on real estate and possessions, allowing prepared individuals to capitalize financially while others struggle.
🎯 Target's flat holiday sales in 2023, typically the most profitable period for retailers, indicate a deeper issue with the company's policies and customer alienation.
🚨 The 20% stock plunge serves as a warning sign for investors, reflecting a massive loss of customers due to Target's controversial policies.
📊 Target's financial struggles are occurring amid a broader economic downturn, with "biomics not working" and conditions expected to worsen in the near future.
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