by Daisy Luther, The Organic Prepper:
What would happen in the event of a financial Ice Age? I don’t mean with this a literal Ice Age. No worries, it will come finally, as it has been happening the last thousands of years. I don’t mean anything else than a massive event where our bank accounts are frozen in a worldwide extension.
Just imagine a scenario where your ability to make (and receive!) payments is suddenly halted. Not because there is no power. Not because a nuke exploded. Not because of an EMP attack. Not even a deadly virus spreading (again).
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Your cards become little plastic thingies in your wallet overnight, and our money, even when it is in the account and visible, we can’t use it. It has become a frozen asset inside an unbreakable glass exhibitor. And I include myself because I own a bank account up there, albeit being a non-resident.
The modern Ice Age
A global-scale bank account freezing is a hypothetical scenario that would have significant consequences for all of us. Individuals, big and small businesses, autonomous workers, farmers, NGOs, and all sorts of institutions and governments all around the world. While such an event is unlikely, it is paramount to understand the potential implications of such an occurrence. Because the odds of such terrible events are there.
In recent years no one could believe that an emergency state would be declared because of the migrants getting into the US through the southern border. Look what has been happening in the recent months. So, I would say, as a foreigner, as a bystander, as a simple outsider and external observer…yes, it can happen. Without any previous warning.
What can cause this?
The freezing of bank accounts can occur for several reasons other than a global conflict. This includes legal or regulatory action, fraud investigations, or security breaches. In a global-scale instance, there could be plenty of factors leading to such an event, including a major cyber-attack on a large banking system. Which, if you ask me, is the most likely identifiable threat. And yes, I’m sure it has happened before, but it was covered up to avoid panic. Because if panic levels climb up beyond a threshold, the catastrophic events following could be much worse than the consequences of the banking system going to a halt.
The bank run, or the funds freezing could be the result as well of a coordinated effort by governments to combat money laundering or terrorism financing, or a financial crisis that necessitates extreme measures to stabilize the global economy.
Logically, the first and immediate impact of a global-scale bank account freezing would be a disruption to daily life for individuals
and businesses that rely on their bank accounts for transactions and financial management. Many people use their bank accounts to pay bills, receive salaries and make purchases, and a sudden freeze could leave them unable to access their funds or conduct necessary transactions. The consequences of impeding access to these activities for just two weeks or one month would be unthinkable in most of the cities of the developed world.
Who would be impacted by this?
Businesses, particularly small and medium-sized enterprises, would be particularly vulnerable to the effects of a bank account freeze. They may not have the financial resources to weather a prolonged disruption to their cash flow and could be forced to close or lay off employees. Large corporations could be severely impacted, as they may have significant amounts of cash reserves tied up in bank accounts that would be inaccessible during a freeze. Frankly, it should be here where we should evaluate how vulnerable we are to a situation like this.
The freezing of bank accounts could also have a significant impact on the global financial system. Banks rely on the trust of their
customers to function, and a widespread loss of faith in the safety and security of bank accounts could lead to a run on banks and a
broader financial crisis. This could be particularly damaging in countries with weak or unstable financial systems, where a loss of
confidence in the banking system could have dire consequences for the entire economy.
Governments would also be affected by a global-scale bank account freeze. They rely on tax revenues and other forms of income to fund public services and infrastructure projects, and a freeze on bank accounts could significantly disrupt their ability to collect revenue. This could lead to austerity measures, reduced public services, and potentially unparalleled social unrest.
Everyone downstream would be affected. Something similar happened here, as our main income (oil industry) is destroyed, and whatever little money gets into the country is immediately deviated to foreign accounts of the mobsters, in Spain, Andorra, and other countries sponsoring the looting. As a result, nobody wants to make business with the government, not even local authorities.
What are the odds of it really happening?
It is important to note that a global-scale bank account freezing would be an extreme and unlikely scenario. However, a global pandemic was an “unlikely scenario” for most people back in, say, 2005, right? The world banking system would never intentionally take action to generate such a situation. However, some hypothetical scenarios could lead to a global-scale bank account freeze.
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