MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘Google’

Google’s got a new face-tracking camera for your home. We’ve got questions

Posted by M. C. on September 9, 2019

Beyond ridiculous. They will likely sell millions.

https://www.cnet.com/news/google-nest-hub-max-a-new-face-tracking-camera-for-your-home-weve-got-questions/

By

Google Home and Nest Hub gadgets already feature microphones that are always listening for the words that wake up the Assistant (“OK, Google” or “Hey, Google”). Now, the search giant’s newest gadget for your home, the Nest Hub Max smart display, adds in a camera that’s always watching for a familiar face.

Google calls the feature Face Match, and it uses facial recognition technology to remember what you look like. After that, you can tap on the screen to see personalized bits of data like calendar appointments and Google Duo messages whenever it recognizes you.

The Nest Hub Max isn’t the first product to bring facial recognition technology — and the legal and ethical considerations that come with it — into people’s homes. Smart phones have been using the technology to let us unlock our devices and authorize purchases for years, and a growing number of smart home gadgets that use cameras are putting it to use, too, including Google’s own Nest Hello video doorbell.

Still, it’s a product that seeks to give Google a wider window into our lives at a time when the company is already facing questions about the way it handles our personal data. I wanted to take a closer look at how those privacy standards apply when you add always-watching cameras into the mix.

You’ll start with Face Match by using your phone to scan your face, which creates a “face model” that the device attaches to your user profile. After that, when you’re in front of the device and it recognizes you, you’ll see personalized details like calendar appointments and Google Duo video messages from your contacts.

I had a lot of questions for Google about this feature, and about the camera’s ability to spot a raised hand gesture in order to pause or resume playback, too. For instance: Is the camera always recording in order to process what it sees and spot familiar faces or gestures? Is it sharing everything it sees with Google’s cloud?

“If camera sensing is enabled and the camera is on (i.e., not turned off via the hardware or software switch), then the camera is continuously processing pixels to look for faces and/or gestures,” a Google spokesperson explained. “This processing is done locally on the device, and no pixels leave the Nest Hub Max.”…

Many users prefer the sense of privacy offered by a shutter that they can leave closed when the device isn’t in use, especially if they plan to keep it somewhere like a bedroom. Amazon seemed to figure that out in between last year’s second-gen Amazon Echo Show smart display, which lacked a shutter, and this year’s Amazon Echo Show 5, which added one.

When asked about the lack of a shutter, Google defended its design by downplaying the distinction between kill switch and shutter altogether.

“We’ve included a mic plus camera switch that electrically disables both the camera and mics, making it functionally equivalent to a physical camera shutter,” said a Google spokesperson….

Be seeing you

Google Chrome Silently Listening to Your Private Conversations

 

 

Advertisements

Posted in Uncategorized | Tagged: , , , , , | 2 Comments »

Trump Administration Considering Social Credit Score System to Determine Who Can Buy a Gun

Posted by M. C. on September 4, 2019

Only the start.

Apple, Google, Facebook will

Determine whether you can: Buy a gun, ammunition, vote, have a media site, get that job, own a car-home-boat, have children, buy alcohol, join an organization…

Based on: whether own a gun, whether you vote and who for, what media sites you frequent, your job, your vehicle, if you buy alcohol,the organizations you belong to …

https://www.infowars.com/trump-administration-considering-social-credit-score-system-to-determine-who-can-buy-a-gun/

You didn’t care about media spying because you had nothing to hide.

Would partner with Big Tech to use spy data from Amazon, Google and Apple.

The Trump administration is considering launching a social credit score-style system in coordination with Big Tech that would use spy data collected from Amazon, Google and Apple devices to determine whether or not an individual can own a gun.

“The proposal is part of an initiative to create a Health Advanced Research Projects Agency (HARPA), which would be located inside the Health and Human Services Department,” reports the Daily Caller. “The new agency would have a separate budget and the president would be responsible for appointing its director.”

HARPA would employ “breakthrough technologies with high specificity and sensitivity for early diagnosis of neuropsychiatric violence,” including Apple Watches, Amazon Echo and Google Home.

In other words, data collected from devices that spy on private conversations and closely monitor user behavior would be used to strip Americans of their fundamental rights.

“Though the proposal is starting as a voluntary data collection scheme allegedly aimed at finding warning signs of mental illness, we all know so-called “voluntary” government programs often become mandatory at the drop of a hat,” comments Chris Menahan.

According to the Washington Post, Trump has reacted “very positively” to the idea….

Be seeing you

deep state media

It’s Always About Control

 

Posted in Uncategorized | Tagged: , , , , , | Leave a Comment »

Top tech investor claims smart assistants are being used to SPY on users by Google, Apple and Amazon | Daily Mail Online

Posted by M. C. on September 3, 2019

https://www.dailymail.co.uk/news/article-7417033/Top-tech-investor-claims-smart-assistants-used-SPY-users-Google-Apple-Amazon.html

By Ralph R. Ortega For Dailymail.com

  • John Borthwick expects regulators will give more control of privacy to users
  • He warns popular smart speakers are more than listening for audible responses 
  • Tech companies collect information when ‘people passively act on the device’

Tech investor John Borthwick believes the convenience of today’s smart assistants from Amazon, Google and Apple comes at a price far higher than the cost paid for the devices.

‘From a consumer standpoint, user standpoint, is that these, these devices are being used for what’s — it’s hard to call it anything but surveillance,’ Borthwick says, warning that government regulation may be the only safeguard to user privacy.

Borthwick, a venture capitalist who started out in the technology industry with a web content studio that was bought by AOL, and who later headed tech strategy for Time Warner, tells Yahoo that he expects regulators will hand over more control of privacy to device users.

As it stands now, he warns tech companies that manufacture and sell popular smart speakers, like Amazon’s Echo, Google Assistant and Apple’s HomePod, are having much more than they’re audible responses recorded.

‘They’ve gone to those devices and they’ve said, ‘Give us data when people passively act upon the device.’ So in other words, I walk over to that light switch,’ Borthwick said. ‘I turn it off, turn it on, it’s now giving data back to the smart speaker.’

Tech companies provide an activation, or ‘wake’ command with most devices.

Amazon’s Echo, for example, will not respond until it hears a user say ‘Alexa,’ followed by a command. A similar protocol is followed with Google Assistant, and when an Apple product user requires help from Siri.

Borthwick, however, points out how the speakers are connected with other products, where surveillance is less obvious.

‘These smart speakers– I was particularly sort of disturbed by– it sounds very wonky, but the– the smart speakers are driven by an implication,’ he tells Yahoo…

Be seeing you

Angry Birds, tracking device? - Salon.com

Posted in Uncategorized | Tagged: , , , , , | Leave a Comment »

How Google Threatens Your Children

Posted by M. C. on August 7, 2019

Boycott Google by avoiding any and all Google products:…

https://articles.mercola.com/sites/articles/archive/2019/08/06/google-and-data-privacy.aspx

Analysis by Dr. Joseph Mercola

Story at-a-glance

  • More than half of American K-12 schools use Chromebooks and Google apps, allowing Google to build brand loyalty from an early age
  • Google’s primary business is tracking, compiling, storing and selling personal data. By capturing children at an early age, it will be able to build the most comprehensive personality profiles of the population ever conceived
  • By the time these children have grown into adulthood, every single preference, thought, belief and proclivity will be known about them, which will make them extremely vulnerable to manipulation
  • Google allows hundreds of third-party software developers to access the emails of Gmail users, and they’re not just using software to scan for keywords. In some cases, employees are actually reading the emails
  • By default, Google Chrome allows any and all tracker cookies to follow your every move online

Google is without a doubt the largest and clearest monopoly on the planet. It dominates online searches and advertising,1,2 which in and of itself leads to automatic bias. As noted by Google’s founders Sergey Brin and Lawrence Page in their 1998 paper,3 “The Anatomy of a Large-Scale Hypertextual Web Search Engine,” “… [W]e expect that advertising funded search engines will be inherently biased towards the advertisers and away from the needs of consumers.”

Google has also infiltrated many other areas of our day-to-day lives, having acquired dozens of other companies4 you might not realize belong to Google or its parent company, Alphabet.

Among the most well-known are YouTube, the largest video platform on the web, and Android, one of the most popular operating systems worldwide.5,6 Google also has significant influence over urban development,7 health care8,9 and childhood education.

Google has become ubiquitous in American classrooms

Google’s influence over young children has been a concern for years. As noted in a 2014 article10 in the International Business Times, “How Google Took Over the American Classroom and Is Creating a Gmail generation”:

“Google apps, services and increasingly, Chromebooks, have become ubiquitous in the American classroom and it’s not hard to understand why: they require no expensive hardware, they never need to be updated, and they’re free, an important consideration for cash-strapped districts …

South Carolina’s Richland School District 2 boasts 22,000 Chromebooks, which covers a student populace nearing 27,000, who also use Google Apps.

That makes for a sizeable student population that will become accustomed to utilizing Google services … ‘Education is at the core of Google’s mission — to remove the four walls of the classroom and make the world’s information accessible to all students,’ a Google spokeswoman said.”

Google will know everything about your child

However, for all its conveniences, Google poses a very real threat to all these children. As noted in a 2017 article11 in The New York Times — which details the strategic moves that allowed Google to take over the American classroom — “schools may be giving Google more than they are getting: generations of future customers.”

In 2012, less than 1% of the tablets and laptops used in the U.S. school system were Google Chromebooks. By 2015, more than half the devices sold to K-12 schools were Chromebooks, equipped with a free suite of Google apps and education-specific programs.12

When you consider Google’s primary business is tracking, compiling, storing and selling personal data, by capturing children at an early age, it will be able to build the most comprehensive personality profiles of the population ever conceived — and there’s no opt-out feature for this data gathering.13 As reported by The Washington Post in 2015:14

“… [I]n a filing with the Federal Trade Commission, the Electronic Frontier Foundation (EFF) argued Google is tracking nearly everything students are doing when they are signed into their Google accounts and, in some cases, using that information to build profiles and serve them targeted ads in certain Google programs.”

By the time these children have grown into adulthood, every single preference, thought, belief and proclivity will be known about them, which will make them extremely vulnerable to manipulation, not only through targeted advertising15 but also through what might be called customized censorship or targeted social engineering — in essence, the strategy of tailoring the information any given individual can see in order to shape and mold their prejudices and ideas. The Washington Post writes:16

“Google makes $30 per device by selling management services for the millions of Chromebooks that ship to schools. But by habituating students to its offerings at a young age, Google obtains something much more valuable.

Every year, several million American students graduate from high school. And not only does Google make it easy for those who have school Google accounts to upload their trove of school Gmail, Docs and other files to regular Google consumer accounts — but schools encourage them to do so …

That doesn’t sit well with some parents. They warn that Google could profit by using personal details from their children’s school email to build more powerful marketing profiles of them as young adults …

Unlike Apple or Microsoft, which make money primarily by selling devices or software services, Google derives most of its revenue from online advertising — much of it targeted through sophisticated use of people’s data …

‘Unless we know what is collected, why it is collected, how it is used and a review of it is possible, we can never understand with certainty how this information could be used to help or hurt a kid,’ said Bill Fitzgerald of Common Sense Media, a children’s advocacy group, who vets the security and privacy of classroom apps.”

Google teaches children to trust the least trustworthy

While most adults are now at least somewhat aware that Google is spying on their every move and selling their personal data, children are simply too young to understand the long-term ramifications of this pervasive data gathering. (To get an idea of the kind of information tracked and stored, see “What Kind of Information Does Google and Facebook Have on You?”)

Children are extremely vulnerable to influence of all kinds, and Google is taking full advantage of this…

Boycott Google by avoiding any and all Google products:

Stop using Google search engines. Alternatives include DuckDuckGo32 and Startpage33

Uninstall Google Chrome and use Brave or Opera browser instead, available for all computers and mobile devices.34 From a security perspective, Opera is far superior to Chrome and offers a free VPN service (virtual private network) to further preserve your privacy

If you have a Gmail account, try a non-Google email service such as ProtonMail,35 an encrypted email service based in Switzerland

Stop using Google docs. Digital Trends has published an article suggesting a number of alternatives36

If you’re a high school student, do not convert the Google accounts you created as a student into personal accounts.

Be seeing you

 

How Google and Amazon are 'spying' on you | Daily Mail Online

 

 

 

 

 

Posted in Uncategorized | Tagged: , , , , | Leave a Comment »

Tulsi Gabbard sues Google over post-debate ad suspension – POLITICO

Posted by M. C. on July 26, 2019

Gabbard is the only anti-war candidate.

I am glad she didn’t complain about the CIA…

https://www.politico.com/story/2019/07/25/tulsi-gabbard-sues-google-account-suspension-1435405

SAN FRANCISCO — Democratic Rep. Tulsi Gabbard’s presidential campaign is suing Google in a California court, charging her free speech was violated when the tech giant blocked her ad account in the hours after the first Democratic presidential debate.

Gabbard, a Democrat from Hawaii who has called for the breakup of big tech companies, was among the top search topics on Google during and after the debate. Gabbard’s campaign decided after the debate that “now is the time we can get our message out there by buying search ads,’’ said attorney Brian Dunne, who is representing Gabbard. But “just as her Google traffic was spiking, her Google ad account was taken offline,’’ he said.

 

 

Posted in Uncategorized | Tagged: , , , | Leave a Comment »

NEW: GOOGLE INSIDER: Google “is bent on never letting somebody like Donald Trump come to power again.”

Posted by M. C. on July 24, 2019

James O’keefe and Project Veritas strike again!

Pardon the crap twitter presentation. I don’t do twitter, don’t care about twitter, don’t want to be bothered about twitter.

I think you get the idea.

Jun 24

NEW: GOOGLE INSIDER: Google “is bent on never letting somebody like Donald Trump come to power again.” Watch the full video —

 

 

Senior Google Engineer: “I just know how algorithms are. They don’t write themselves. We write them to do what we want them to do.” Google’s algorithms are deliberate — are they politically biased?

 

 

FULL STORY:

 

 

A google senior software engineer goes on record to challenge his company’s assurances that it isn’t politically biased. Great job !

 

 

So which is it? Did tell the truth when he went before Congress? Another exec, Karan Bhatia told there were no “black lists” at Google/YouTube. Veritas exposed these black lists earlier this month. IS GOOGLE TELLING THE TRUTH UNDER OATH? 🤔🤔

 

 

⚡️Meet : a current Google engineer who is blowing the whistle on political bias. FYI — Google testified before Congress and said there is no political bias at Google. Coppola says, “I’m just so sure that’s not true.”

 

 

*Current* *Senior* Google Engineer goes Public, *On Camera* 🤯 “It’s a time to decide, do we run the technology, does the technology run us?” Good on giving these whistleblowers a voice

 

 

Bravo & for forcing open the Big Tech whistleblower floodgates. Another Google insider’s bombshells…incoming!

 

 

⚡️GOOGLE ENGINEER BLOWS WHISTLE: “Are we going to just let the biggest tech companies decide who wins every election from now on?”

 

 

NEW: Current Sr. Google Engineer Goes Public on Camera: “Are we going to just let the biggest tech companies decide who wins every election from now on?” — SEE FULL:

Posted in Uncategorized | Tagged: , , , | Leave a Comment »

Peter Thiel says FBI, CIA should probe Google

Posted by M. C. on July 15, 2019

No honor among thieves.

https://www.axios.com/peter-thiel-says-fbi-cia-should-probe-google-9846a042-e689-49bc-bdc7-595988ce5d8c.html

Peter Thiel, billionaire investor and Facebook board member, on Sunday night said that Google should be federally investigated for allegedly aiding the Chinese military.

Why it matters: Thiel is the tech industry’s highest-profile Trump supporter, and one of the most powerful players in Silicon Valley.

Thiel spoke at the National Conservatism Conference, a new event that bills itself as being focused on Trump-era nationalism, with part of his speech focusing on “three questions that should be asked” of Google:

“Number one, how many foreign intelligence agencies have infiltrated your Manhattan Project for AI?

Number two, does Google’s senior management consider itself to have been thoroughly infiltrated by Chinese intelligence?

Number three, is it because they consider themselves to be so thoroughly infiltrated that they have engaged in the seemingly treasonous decision to work with the Chinese military and not with the US military… because they are making the sort of bad, short-term rationalistic [decision] that if the technology doesn’t go out the front door, it gets stolen out the backdoor anyway?”

He also added that those questions “need to be asked by the FBI, by the CIA, and I’m not sure quite how to put this, I would like them to be asked in a not excessively gentle manner.”

Thiel did not specifically mention Facebook, but it likely will be mentioned by later speakers at the conference, including Fox News host Tucker Carlson, who has agitated against big tech on the air, and Sen. Josh Hawley (R-Mo.), who is seeking to strip major web platforms of certain legal protections.

Be seeing you

zuckschumer-640x480

Posted in Uncategorized | Tagged: , , , | Leave a Comment »

A Complete List of Alternatives To The Google Search Engine – Collective Evolution

Posted by M. C. on July 8, 2019

https://www.collective-evolution.com/2019/07/07/news-a-complete-list-of-alternatives-to-the-google-search-engine/

In Brief

  • The Facts:Using Google as a search engine is no longer giving you access to unedited truth. As admitted by Google exec Jen Gennai, you will sew what Google wants you to see.
  • Reflect On:Is it time to swap search engines and give yourself access to a wider perspective? How much will this affect what you think is true or real in our world? How might this completely change the decisions you make in your life?

We are living in a very interesting time, one in where we have a ‘ministry of truth’ that is quite Orwellian. This ministry of truth is deciding what’s real and what’s not for people, and they hold a tremendous amount of power and resources. Google is part of this ministry, and they are playing their part in censoring, demonetizing, and hiding information and platforms that does not suit the plans, agendas and the wants of the people that run Google and who are tied to.

One of the most recent examples I wrote about was with regards to one of the top natural health/health awareness websites in the world, Mercola.com. They like many others including Collective Evolution, have been censored by Google as well as their other social media platforms for simply sharing information. No matter how solid the evidence or sources are, it’s simply being censored because of what the information implies and because of the consequences it may have for those in power, and whose powerful interests that information may threaten.

Have we really got to the point where simple information can be censored just because it is threatening? Why do we have to have global elitists determining what is real and what is fake for the population? Is the population not capable of doing this on their own? Who are these ‘fact checkers?’…

Alternatives To Google & Why

All this said, when you search for things on Google, you will see what Google wants you to see, and it WILL shape the narrative by which you see your world. It will also push you to search for certain things over others.

Here is a great example. When you type in “vaccines cause a”, nowhere in the list do you see autism, even though that is one of the most searched terms on the subject. Instead, you see a very different list, see below.

Another great example would be anyone trying to search about the Hillary Clinton email scandal.

If you type in “hillary clinton email” you get no suggestions at all

But if you tested that against “donald trump email” you get normal suggestions.

As per an admission from Google executive Jen Gennai, this is because Google is trying to draw a line in the sand and tell people what’s right and what’s wrong in our world. You can learn more about her statements here...

 

Here are ten alternatives to Google search:

  • StartPage – StartPage gives you Google search results, but without the tracking (based in the Netherlands).
  • Searx – A privacy-friendly and versatile metasearch engine that’s also open source.
  • MetaGer – An open source metasearch engine with good features, based in Germany.
  • SwissCows – A zero-tracking private search engine based in Switzerland, hosted on secure Swiss infrastructure.
  • Qwant – A private search engine based in France.
  • DuckDuckGo – A private search engine based in the US.
  • Mojeek – The only true search engine (rather than metasearch engine) that has its own crawler and index (based in the UK).
  • YaCy – A decentralized, open source, peer-to-peer search engine.
  • Givero – Based in Denmark, Givero offers more privacy than Google and combines search with charitable donations.
  • Ecosia – Ecosia is based in Germany and donates a part of revenues to planting trees….

Be seeing you

zuckschumer-640x480

Posted in Uncategorized | Tagged: , , , | Leave a Comment »

Google Just Scrubbed Natural Health Websites From Its Search Results – LewRockwell

Posted by M. C. on June 28, 2019

https://www.lewrockwell.com/2019/06/no_author/google-just-scrubbed-natural-health-websites-from-its-search-results-whistleblower-explains-how-and-why/

By Sayer Ji
GreenMedInfo

Earlier this month, in one devastating algorithmic stroke, Google removed many of the top natural health and health freedom websites from their organic search results — some losing as much as 99% of their traffic. In fact, the term “organic” should no longer be used to describe Google’s referral traffic, as a jaw-dropping undercover investigation by Project Veritas reveals: Google surreptitiously manipulates its search results and auto-suggestions to conform to a very specific set of sociopolitical and economic agendas intended to manipulate elections and promote private interests.

We live in amazing times, albeit intense, filled with incredible darkness and light.

But thanks to the power of the internet, we have a level of freedom of information never enjoyed before by any previous generation on Earth — and that information is the very life’s blood of democratic ideals, and the necessary ingredient for informed consent and health freedom, our primary advocacies.

But what happens when the gate-keepers of the content that flows through this incredible invention, like Facebook and Pinterest, censor and shadow ban certain of its users or content, or their ability to send you messages via email service provider platforms like Mailchimp, as we’ve recently experienced on GreenMedInfo.com? Where do we go for information then?

Why not skip the social media filtering and email platform censorship and go back to using Google, you might ask. Aren’t they the very archetype and modern-day oracle of fairness, having become synonymous with looking for and finding objective answers.

After all, wouldn’t you expect that if you typed in turmeric research, GreenMedInfo.com would come up on the first page, given we have the world’s largest, open access resource on the topic which curates over 2,700 peer-reviewed studies relevant to over 800 diseases, on the topic? Whereas a few years ago, our search traffic was growing, today it’s as if we don’t exist on the internet any longer (unless you specifically search for us by name).

Instead, today, you find first page google results on turmeric like: “Turmeric May Not Be a Miracle Spice After All” from Time.com, or “Turmeric: Uses, Side Effects, Interactions, Dosage, and Warning” from WebMD.com, which overlook much of the research we have gathered, and make turmeric sound like it’s just another drug that you have to be very careful to take.

Apparently, this is entirely by design! On June 3rd, in fact, Google rolled out its latest core algorithm change, which obliterated the organic search results for the majority of the top sites in the natural health and health freedom advocating sector of the internet. Sites like DrAxe.comKellybroganmd.com (stats depicted in the image below), and Naturalnews.com saw most of their traffic removed overnight…

Be seeing you

After 5 Years, Now Google Ready to Comply with China's ...

 

 

Posted in Uncategorized | Tagged: , , , , , | 3 Comments »

Banks Will Soon Be Obsolete | The Nestmann Group

Posted by M. C. on June 26, 2019

Facebook, Amazon, Google, and Apple haven’t exactly done a great job of protecting user data. But traditional banks aren’t doing much better – a recent study from security consultancy Positive Technologies revealed that more than half of banks with an online presence allow fraudulent transactions and theft of funds.

There will be nothing crypto about your spending habits. The government and the ankle grabbing digital banks will make sure of that.

https://www.nestmann.com/banks-will-soon-be-obsolete

By Mark Nestmann

Last week, social networking giant Facebook announced that it plans to create what it calls an “alternative financial system” based on a cryptocurrency called the Libra. The crypto will be backed by a basket of currencies to keep its value stable.

Pundits immediately pronounced that the Libra could represent the beginning of the end for traditional banking. But while Facebook’s plunge into this space is the most ambitious effort by a Fortune 500 company to profit from the crypto market, the company hasn’t exactly done a stellar job of protecting user data. That makes me skeptical of its ability to safeguard your money.

Last October, Facebook announced that hackers had compromised more than 30 million accounts by taking advantage of vulnerabilities that have now been patched. A month later, researchers uncovered a vulnerability in Facebook Messenger that hackers could use to reveal the identity of the people with whom you exchanged messages. And who can forget the seemingly innocent quizzes that were used to gain access to 50 million Facebook accounts in an effort to affect the outcome of the 2016 presidential election?

It’s one thing to load photos of your cat doing stupid tricks onto your Facebook account. It’s quite another to trust the company with your money. Although Facebook says that Libra’s governance model will ensure “separation between social and financial data,” I suspect Libra will appeal mainly to people who don’t have bank accounts and have no practical way to open them. Facebook cited a figure of 1.7 billion adults in this category, with nearly half of them living in Bangladesh, China, India, Indonesia, Mexico, Nigeria, and Pakistan.

Still, the launch of the Libra is a proverbial shot across the bow for the banking industry. And it couldn’t come too soon.

Our global financial system is built on the flawed foundation of a poorly understood concept called fractional reserve banking…

The biggest risk of fractional reserve banking is, of course, the “bank run.” If a bank lends out too much of the funds on reserve and everyone wants their money at once, the bank won’t be able to pay everyone. Deposit insurance schemes evolved in the 20th century to shield bank customers from this possibility. As a result, bank customers in most countries treat their deposits, including those that are uninsured, as if they’re 100% backed by actual reserves.

Then came the 2013 Cyprus financial crisis and the collapse of the country’s banking system. In exchange for a €10 billion bailout from the European Central Bank, Cyprus agreed to force uninsured depositors to submit to a “bail-in.” Instead of getting their money back, depositors holding uninsured accounts that exceeded €100,000 received stock in the failed bank. Uninsured depositors at the worst-capitalized bank that failed lost all their money.

Bank regulators around the world quickly took notice, and by the end of 2014, decided to extend the bail-in model worldwide. Deposits in banks that are “too big to fail” will be “promptly recapitalized” with their “unsecured debt.” This avoids the taxpayer-funded bailouts that proved so politically unpopular during the 2008–2009 financial crisis.

And the largest chunk of unsecured debt is your bank deposits. Insolvent banks will recapitalize themselves by converting your deposits into stock…

Facebook, Amazon, Google, and Apple haven’t exactly done a great job of protecting user data. But traditional banks aren’t doing much better – a recent study from security consultancy Positive Technologies revealed that more than half of banks with an online presence allow fraudulent transactions and theft of funds. But security is likely to gradually improve, and the tech giants will provide much-needed competition for what was for many years an effective payments monopoly by fractional reserve banks.

I look forward to the day when the fractional reserve banking system takes its last breath.

Be seeing you

mark of the beast

The Mark of the Beast

 

 

Posted in Uncategorized | Tagged: , , , , , | Leave a Comment »