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Ethereum Returns to $1,300 on Banks’ Soft Coup in Britain

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After a week that saw ethereum dive to $1,190, the crypto is back above $1,300 with its ratio also gaining from a recent low of 0.065 BTC, to just briefly touch 0.068.

Bitcoin is up as well however, above $19,500, returning to the four months long sideway, one of the longest in bitcoin’s history, but ethereum has reduced its total supply by 5,000 eth recently, which may explain its ratio gains.

Stock have also suddenly turned very green, up 3% for Nasdaq. The reason is unclear, with some suggesting the return of stability in UK might be the cause.

Ten year Gilts are down below 4% from 4.4% on Friday as the new Chancellor Jeremy Hunt says there will be both tax rises and spending cuts, a reversal of the plan to lower taxes while keeping spending levels and even increasing them for renewables long term investments.

The growth plan still remains however, he claims, in regards to deregulation but there has been a soft coup in Britain as the Parliamentary conservative party effectively goes against the conservative party membership.

It remains to be seen what Hunt says in the budget on halloween, but the conservative Parliamentary party is clearly not allowing the Prime Minister Liz Truss to enact her agenda.

In short, they have caved in to banks, who after lending trillions at zero percent, now demand that debt is paid at 4%, and maybe even more with Fed planning to further hike.

This debt money was ‘printed’ from nothing, literally, and yet banks want 4% in interest to go towards their private profits, with it to be paid by the public in both higher taxes and lower public spending.

A receipt for recession if there ever has been one, and probably a receipt for the decimation of the conservative party when it comes to voting time, as Labor is now the tax cutting party with it supporting both the reversal in the hike of National Insurance, and the 1% reduction in the base rate from 20% to 19% for income tax.

They also plan to spend on renewables and the like, tech industrialization as we call it, while the conservatives comit a soft coup against their own party members which of course might punish them.

However, 18 months is a long time, but if anyone thought anyone was going to stand up to banks, their debt traps, and their privilege of charging whatever interest they please on money they print from nothing, well for now at least it has been shown that no one will actually stand up to them.

Except of course crypto and bitcoin. Here it is the public that gets to vote and directly and continuously, and the borrowing or lending rates in crypto defi are set by the market – the public – not banks, commercial or central.

While the manipulation of fiat money, which some said can be useful in an emergency, now greets the other coin of that manipulation where the public is trapped.

Where the very expensive home they bought for 2% interest a year, suddenly is 6% interest, because the ‘independent’ – from the public not bank shareholders – Fed chair or Bank of England head, said so.

Making this a contractual agreement with the bargain entirely on one side, and the interest of that side when it is public facing, is to have interest rates as high as the public can bear.

That one side happens to be in charge of the Securities and Exchanges Commission (SEC), in charge of US Treasury, and of course in charge of the Fed as they’re the shareholders.

If they’re in charge in UK as well is irrelevant because if Fed says jump, the Bank of England has to ask how high.

Yet that they are in charge is probably undisputed now that the public gets to enjoy a very soft coup over £45 billion, when UK’s tax intake is $633 billion.

And however this was and might be spinned, the majority of those tax cuts were for ordinary people working 9 to 5, and mum and pop businesses.

And it is precisely because of that, this was so alarming to some, because it is of course those ordinary people that have to pay for the banks’ privileges.

The matter however is unlikely to quite go anywhere because the only way out of this massive debt is growth.

Yet, banks would rather the debt is not paid, because if it is, then they can’t milk this 4% rent. Good growth to them therefore is bad in this specific prism. Instead they would rather the entrapped only pay the bare minimum every month, just the interest, making them the perfect customer.

For the customer however, the British public through its government, this is effectively the definition of insolvency, eventually.

Because debt can not grow faster than growth. It is unsustainable, Jerome Powell himself said. It is actually the definition of bankruptcy for a government.

And if you’re hiking taxes while cutting public spending, especially in infrastructure and tech industrialization where we have to massively invest to get an edge, growth will go down and the tax intake will go down and debt will go up and another decade will be lost with potentially awful political consequences.

That was proven over the last decade when austerity led to both stagnation and higher government debt.

The plan is to repeat that, seemingly under the orders of banks, who have successfully entrapped the government and now order it around.

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