More than 3,000 major bank branches have been shut down over the past year by Bank of America, Wells Fargo, US Bank, and Chase. Not that you would ever notice this trend by watching the so-called “news.” The media has been all but ignoring this alarming trend, which now seems to be accelerating.
You have to look at foreign newspapers these days to find out what’s happening in America since the mainstream media will be giving Joe Biden a tongue bath for the next year in hopes of getting him reelected. The Daily Mail in London reported that between October 1 and October 7, 54 bank branches in the US were shut down.
Bank of America shut down 21 branches that week, and Wells Fargo shut down 15. US Bank closed nine branches, and Chase closed another three. These shutdowns tend to be in “lower performing” parts of cities, so the poorest Americans are finding themselves unable to access basic banking services locally. They have to drive further away from home just to deposit or cash a check.
As online banks, fintech firms, and Big Tech companies are increasingly offering banking services (think PayPal and Google Wallet), the biggest banks are facing more competition than ever before. Unfortunately for consumers who rely on banks, this pushes us all one step closer to a central bank digital currency (CBDC), which many financial experts believe will usher in a new communist takeover of most countries on earth.
A CBDC is, after all, the ultimate form of a social credit system like China has in place already. Make the government mad by posting something critical online, and you’ll find yourself cut off from all your digital money.