FTX Meltdown Indicates Children Shouldn’t Be Used As Bagmen

Currency trading is the globalist banksters’ favorite grift. All are robbed but few can even see the crime, fewer can understand it and forget proving it across a spiderweb of jurisdictions and institutions. It’s like watching a sportsball game whose rules you don’t understand, that you are forbidden by law from playing, whose referees take turns being players and partway through, you realize the organizers have bet YOUR retirement account on the outcome. And it’s all a head fake anyway. You aren’t supposed to notice that if the ploogoroid goes through the kielbasas before Kwanzaa, then the one team takes your money instead of the other. And both teams have the same manager!

This vlog by Upper Echelon Gamers does a better job presenting the facts about FTX and Sam Bankman-Freid than I ever could. I’ll present my Kremlinology thoughts on the FTX exchange collapse… I can’t fisk articles as normal, there’s just too many and some are already memory-holed… and finish by getting into the moral dimension of the messy meltdown.

Link

There are two world powers in Current Year: the Swift system of GAE and the BRICS system of not-as-gay. I suppose there are some legacy national governments wandering around, too, but in hindsight, it’s no surprise that the devil’s way of organizing the world is turning out to be financial rather than social. Nothing says “Godless bureaucracy” like a gimlet-eyed bean counter.

For both powers, crypto… anonymous electronic currencies… is an existential threat. But how to break those encryptions so powerful that they can be safely open-sourced? They can’t just ban crypto because that same anonymity gives them the money laundering powers that make all their currency manipulations fly. They must have “crypto for me but not for thee”.

The obvious answer is gatekeeping. One cannot use crypto without going through a computer network, so there’s the weak-link middleman: the crypto exchanges that turn cash into e-coin and back. Thus, Swift manufactured the FTX exchange headed by Sam Bankster-Fraud in 2019 and BRICS manufactured the Binance exchange headed by Changpeng Zhao in 2018.

A billionaire Chinaman ideally positioned to make a mockery of China’s social credit system, is obviously a fully controlled agent of the Party. I didn’t even bother to check. Similarly, Sam went from zero to billionaire crypto “the next J.P. Morgan” in less than a year. That ain’t honest work, either.

Sam began selling FTX crypto to himself and pocketing the cash from the sale. This created a liquidity vulnerability… he didn’t maintain the cash to exchange all of the crypto he held for non-crypto… his assigned gatekeeper function.

(I assume it was Sam. It could have been his sometimes-lover always-roommate who ran the Left Hand Con while Sam ran the Right Hand Con… never go into business with your ex. But that wouldn’t change the gist of what I say here, that the older generation of Elites cannot trust the younger generation to maintain the evil empire they built.)

One wonders, and I’ll get back to this, why he even bothered to steal money… when all the plutocratic forces of Western Europe were sending entire dump trucks of money to his home. Did they forget to pay him for that level of loyalty?

Anyway, Binance noticed and triggered a margin call for FTX, meaning Sam had to come up with… numbers vary… about $2b overnight from people who had already given him that money for that exact purpose. He couldn’t and KABOOM.

In fact, kaboom so fast that I wonder if Sam planted that Coindesk article himself. But I have no proof.

I must emphasize here, that FTX’s collapse is NOT an Enron or 1980s Savings & Loan situation. It’s not a Ponzi scheme collapsing, which was my first assumption. It was fourth-generation warfare. BRICS sabotaged Swift’s ability to middle-manage the crypto markets. That’s why all the heartburn and bad press. Individual investors can get burned every day and the media won’t care, but FTX was so critical to Swift that Sam was working directly with the White House on how to regulate crypto. His name is in the visitor logs.

Before the meltdown:

h ttps://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/

Today, traditional finance leaves too many behind. Roughly 7 million Americans have no bank account. Another 24 million rely on costly nonbank services, like check cashing and money orders, for everyday needs.

“You don’t want to use cash or checks anymore. They’re so inconvenient for us. You, I mean. Hi, we’re from the government and we’re here to help you whether you want it or not, you mewling fleshbag HOW DARE YOU! HOW DARE YOU!”

The Treasury will work with financial institutions to bolster their capacity to identify and mitigate cyber vulnerabilities by sharing information and promoting a wide range of data sets and analytical tools.

Meaning FTX.

The Treasury and financial regulators are encouraged to, as appropriate, provide innovative U.S. firms developing new financial technologies with regulatory guidance, best-practices sharing, and technical assistance.

Meaning FTX will be receiving direct assistance from financial regulators. Regulatory capture is now the openly stated policy.

U.S. agencies will leverage U.S. positions in international organizations to message U.S. values related to digital assets. U.S. agencies will also continue and expand their leadership roles on digital assets work at international organizations and standard-setting bodies…

Meaning that El Salvador using Bitcoin for an official currency, is a ‘National Security Threat To the United States of America’. Because shut up.

The State Department, the Department of Justice (DOJ), and other U.S. enforcement agencies will increase collaboration with—and assistance to—partner agencies in foreign countries through global enforcement bodies like the Egmont Group, bilateral information sharing, and capacity building.

PARTNER AGENCIES IN FOREIGN COUNTRIES?!

Notice they didn’t say “foreign governments”. El Salvador is ripe for a color revolution… meanwhile and by total coincidence, its government is cracking down HARD on organized crime with ties to the CIA such as the notorious MS-13. It also just pardoned an infamous military officer who killed six Jesuits masterminding their last civil war, just to drive the point home.

The United States will continue to monitor the development of the digital assets sector and its associated illicit financing risks, to identify any gaps in our legal, regulatory, and supervisory regimes.

Heh, they said ‘regime’.

And after the meltdown:

White House on Crypto: More Oversight is Needed to Avoid ‘Harming’ Americans

By Madeline Garfinkle, 11 November 2022

h ttps://www.entrepreneur.com/business-news/white-house-calls-for-more-crypto-regulation-amid-ftx/438997

The White House said Friday it was closely monitoring the collapse of digital-asset empire FTX, citing its bankruptcy filing as proof the cryptocurrency industry required strong regulation.

Forget the words. Notice the timeline. That’s the SAME DAY that FTX filed for bankruptcy. And when you read later on how many tens of millions of dollars that FTX funneled to the White House, you won’t be surprised about the fast reaction.

Even worse than the bankruptcy, an unnamed (yet reportedly known by authorities) hacker began stealing investor crypto out of the FTX exchange after the assets were frozen. Probably Sam or one of his peers. I believe it wasn’t BRICS because the thefts betrayed the fact that such public-private exchanges were empowered to monitor and control the people using crypto specifically to avoid that monitoring and controlling. It exposed the middleman function beyond all hope of concealment. “Why is somebody transferring my crypto while I’m not allowed to? And when will I be told where it went? Don’t these exchanges authorize and record every transaction with the government? Hey, wait a minute…”

That means crypto is effectively dead in GAE. It’ll never be the currency alternative to Swift & BRICS that its supporters hoped it would be. Henceforth, the only people using crypto will be the allies of Binance’s operators, because nobody else will be given privacy from the Approved Official Exchange.

Although Bitcoin seems unaffected. Bitcoin is to crypto what a Rembrant painting is to Hunter Biden’s artwork, something that is special for entirely nontechnical reasons. So many people want Bitcoin to work, from libertarians to Third World economies, that it actually DOES work as advertised. Mostly.

[Digression: exactly that analogy. Crypto being used to launder money is directly parallel to artwork being used to launder money. Many of the acknowledged great artists died in poverty and/or obscurity, whereas Hunter Biden with <6  months’ experience was selling his paintings for “undisclosed sums” in NYC art houses despite them having all the beauty of a bowel movement. Thus does this world love what is evil and hate what is good… and now you know why ‘the experts’ are so fascinated by the concept of ‘non-fungible tokens’. It’s literal artwork-based money laundering in the digital age.]

Some details of all that may be wrong but I’m certain that I’m in the ballpark. One question, one line of enquiry remains for me, however: why did Sam steal that money in the first place? The reason GAE rulers install their children into positions of authority such as this one, is specifically because they can be trusted to not betray the family while betraying anybody and everybody else on the entire planet. It’s not nepotism. Joe Biden’s kids didn’t end up as crack whores because Daddy tried to help them. Daddy used them to run the Evil Empire that he’d spent his life constructing. When he wasn’t taking showers with his young daughter.

Mommy and Daddy taught Sam how to steal from outsiders.

Sam proceeded to steal from… Mommy and Daddy.

And he didn’t even need the money. Nobody ‘needs more money’ beyond six zeroes in the bank. He betrayed his own blood for no gain. Lots of inevitable losses, in fact.

Interesting. That suggests the motivation was personal. Although it’s possible his drug habits had passed that six-zero mark.

And even MORE interesting, is that his parents are wondering too. To judge from the media asking the question on their handlers’ behalf:

How is SBF coping with losing $16 billion and the possibility of prison? He’s playing video games and posting cryptic tweets

h ttps://finance.yahoo.com/news/sbf-coping-losing-16-billion-125231502.html

By Chloe Taylor for Fortune Magazine, 15 November 15, 2022

For most people, the prospect of bankrupting a company, losing a multibillion-dollar fortune, and a potential prison sentence would be a major source of stress.

Yes, which makes playing video games in order to tune out the world understandable. But what’s this about cryptic tweets?

Is Sam enjoying the fallout he caused?

But Sam Bankman-Fried, the former boss of collapsed crypto behemoth FTX, has said he isn’t losing much sleep.

In an interview with the New York Times on Sunday night, Bankman-Fried was said to be “surprisingly calm” amid the fallout of FTX’s—and his own—downfall.

“You would’ve thought that I’d be getting no sleep right now, and instead I’m getting some,” he told the Times on Sunday. “It could be worse.”

“People can say all the mean things they want about me online,” he told the Times. “In the end, what’s going to matter to me is what I’ve done and what I can do.”

Emphasis mine.

On Monday, he began drip-feeding a message, beginning with the word “what” followed by the letter “H” in a separate tweet. Over the course of the next day, he added to the Twitter thread to spell out “What happened,” with the latest tweet—posted Monday night—reading: “Not legal advice. Not financial advice. This is all as I remember it, but my memory might be faulty in parts.” It is unclear what he is referring to, or whether he plans to add more to the thread.

“I’m making it up as I go,” Bankman-Fried told the Times on Sunday when quizzed about his newfound penchant for composing enigmatic tweets.

Asked by the Times whether he was planning a series of cryptic tweets, he responded: “Something like that.”

“I’m improvising,” he added. “I think it’s time.”

Move over, Anthony Epstein. Scratch that. Move over, HEATH LEDGER’S JOKER. Sam really is enjoying the collapse. He’s taunting people. Giving high-level interviews at crisis moments in which he explains how much he doesn’t care and how he sleeps fine while his company burns. That’s not the way that I would reassure nervous investors… but maybe that’s also why nobody ever trusted me with $30,000,000,000.

Seriously! “Hey kid, stop ignoring me and accept this check for $8bn already! I’m talking to you, kid!” THAT IS WHAT HAPPENED.

Morning Coffee: How a “gang of kids” at FTX in the Bahamas ran wild.

h ttps://www.efinancialcareers.com/news/2022/11/sam-bankman-fried-ftx-bahamas

By Sarah Butcher, 11 November 2022

Who will help Sam Bankman-Fried raise $8bn? Maybe not Richard Handler, the CEO of Jefferies, who says he reached out in the summer only to be rebuffed… The FT reported yesterday that SBF [meaning Sam, he’s better known by his initials] seems to be running the entire fundraising process by text message himself. “He doesn’t have a guy,” said one investor.

Handler is a New Jersey bankster with a reputation for privacy and a history of rescuing distressed companies. His offering cash to Sam suggests that Sam’s thefts had already been noticed by internal auditors, and Handler was trying to prevent what eventually happened.

Given that SBF is an unconventional person who plays League of Legends during investor meetings and who’s never had any trouble raising money in the past, this isn’t surprising. If you’ve always been everyone’s darling, you don’t need a professional matchmaker.

How was it not a red flag, that the CEO of the second-largest currency exchange in the global industry played video games during investor meetings? Why did Sam even go to such meetings, if he needed them that little and cared nothing about snubbing the powerful?

Ockham’s Razor says that like Paul Pelosi Jr standing in the corner of those high-level, as in DEFCON-2, meetings between Nancy and the Taiwanese government, he was simply not a participant until the phrase “and then my son here will represent me in my absence, and he’ll bring my cut when he visits home.”

Hugs and kisses from Mommy Shark.

The more that emerges about FTX, the more it’s becoming apparent that a lot of people there were big on aspirations but short on experience. As we reported yesterday, Constance Wang, the COO of FTX previously spent two years on the Credit Suisse analyst program; Caroline Ellison the CEO of Alameda Research (the FTX-owned market maker whose apparent $10bn loan from FTX set this whole thing running) previously spent around a year and a half at Jane Street. “The whole operation was run by a gang of kids in the Bahamas,” a person familiar with the matter told CoinDesk.

They were chosen for loyalty, not competence. Eh, the techies had to be competent, which explains why nobody is talking about their work history at Fink Bank. But as we’re about to see, they were compromised in other, kinkier ways.

The key players at FTX appear to be nine people who live together in the luxury Bahamian penthouse owned by the firm. They include SBF, Ellison, chief technology officer Gary Wang, and FTX director of engineering Nishad Singh. Coindesk says that all are or used to be in relationships with each other. Ellison previously dated Bankman Fried.

Sam had the wealth to live anywhere in the world, in any living situation he wished… and he chose to live in a never-ending, drug-fueled, bisexual orgy. I am summarizing several accounts with that statement.

Just how much evil did his parents teach him? Or do to him? And why did they expect that such a chaotic personal life would not affect his highly controlled work life?

Silicon Valley poured money into FTX. Within seven months of launching a fundraising program in summer 2021, it raised more than $1.9bn from more than 70 investors.

They didn’t do that because they trusted Sam. He was a nobody. They did that because they trusted Sam’s handlers, his parents, who in turn trusted that their son wouldn’t fail them no matter how degenerate his conduct. Oops.

Hedge funds had preferred working with FTX over Binance.

Blackrock for certain. Also, FTX is… was a full corporate partner with the WEF.

Also, FTX was the designated crypto exchange for the Ukrainian war effort.

Also, FTX was the designated crypto exchange for the Democrat Party.

h ttps://www.theblaze.com/news/ftx-sam-bankman-fried-democrats-ukraine

Before his cryptocurrency exchange collapsed, Bankman-Fried was a major financier of the Democratic Party.

MarketWatch reported, “SBF contributed more than $5 million to Joe Biden and groups supporting him during his 2020 presidential campaign. He said he was motivated by Biden’s ‘generic stability and decision-making process.'”

Bankman-Fried gave Democrats nearly $37 million in the 2021-2022 election cycle, according to OpenSecrets. SBF was the second-biggest individual donor to the Democrats, only to be surpassed by $128 million from George Soros.

In May, Bankman-Fried said he expected to donate “north of $100 million” to Democrats in the 2024 presidential election, but vowed to have a “soft ceiling” of political spending of $1 billion if former President Donald Trump ran again.

Also, FTX was the designated crypto exchange for distributing billions of dollars from Congress’ new funds for preventing the next epidemic… to the charity run by Sam’s brother. As if epidemics happen only if the correct people don’t get paid regularly. Ahem.

This is a severe blow to Swift. All of the usual-suspect plutocrats went all-in on FTX being their gatekeeper/money launderer/Federal Reserve Of the Future. It’s also a mortal fundraising blow to the Democrats currently in the halls of power. Not only is the spigot off, but the spigot’s ledgers have been opened for inspection. This one ain’t gonna fit in the hole next to Hunter Biden’s laptop.

Which leads us to the moral implication of the FTX collapse. Namely, that Elites can no longer trust their children with the ‘family business’. How was BRICS able to take out FTX? Because Sam was stealing from his own parents (and certainly Tribe) who set up FTX then installed him to operate it.

Whether by stupidity, neglect or retaliation, the Elites’ own kids will destroy all that they have built. One wonders if the Elites will care because they’ve succeeded in their goal of living fat and happy to within tripping distance of their grave, but to judge from the noises they’ve been making, the discovery that “my son might steal from me after all, even without a reason, even if he’s Tribe” is a surprisingly painful revelation.

Maybe you Elites should have built a home and a son instead of an empire and a bagman.

For a closing thought, one cannot help but notice that this meltdown occurred literally one day after the American midterm election. The election was Nov. 8 and the Coindesk article that exposed the vulnerability was Nov. 9. I don’t understand the significance of that timing but there are no coincidences.

Global financial giants and the New York Fed are rolling out a digital dollar test run as crypto reels from FTX’s crash

h ttps://markets.businessinsider.com/news/currencies/digital-dollar-wall-street-banks-new-york-fed-ftx-crash-2022-11?miRedirects=3&op=1

By Brian Evans, 15 November 2020

Some of the biggest players in the financial industry are launching a digital dollar pilot program while the crypto sector reels from FTX’s collapse.

About a dozen global giants, including Citigroup, HSBC, Mastercard and Wells Fargo, announced plans on Tuesday to test use of a digital token for 12 weeks in conjunction with the Federal Reserve Bank of New York, with the intention of examining how effective a digital currency is in speeding up payments.

Somebody’s timetable just got accelerated?