quote:
No, they’re not. I’ve read through the thread, and their point seems to be that pictures of the bank are not proof of a conspiracy. They are asking those who are asserting a conspiracy - regarding this bank - to explain what it is.

Yes they most decidedly are. The premise underlying their argument— whether they are aware of it or not — is that the regulatory apparatus in Washington D.C. has legitimacy: it does not.

And the foundational reason is our nation’s entire financial industrial complex is a giant Ponzi scheme writ large: our nation’s print-on-demand monetary system issues securities (i.e. prints “money”) whose value is based solely on infinite debt-financing. In short — and mixing metaphors — it is house of cards built on quick sand.

The problem here is the UniParty® exists to perpetuate the Deep State over all other concerns and the Deep State exists to perpetuate our nation’s print-on-demand monetary system over all other concerns. Now of course these tools will ridicule this as baseless conspiracy mongering or simplistic thinking and I could care less.

By any objective measure, the current trajectory is simply unsustainable. At some point gravity is going to take over and it is not going to be a soft-landing for any of us.

This post was edited on 11/26/22 at 10:20 am

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Posted by Toomer Deplorable

Team Bitter Clinger

Member since May 2020

17738 posts

Posted on 11/26/22 at 10:16 pm to GhostOfFreedom

The curious case of FTX and Farmington State Bank….

….In bankruptcy filings, crypto exchange FTX revealed a curious connection to stablecoin Tether through a small bank in rural Washington. Farmington State Bank is in fact the 26th smallest bank in the US, out of over 4,700. Until this year, it employed three people.

The bank was first formed in 1929 in a sleepy town named Farmington, hugging the Idaho border. It’s home to just over 100 residents, and features zero restaurants, hotels, or pharmacies — it doesn’t even appear to have an ATM.

The fact that Farmington State Bank somehow finds itself embroiled in the largest cryptocurrency fraud in history is puzzling, disconcerting, and totally out of place, to say the least.

….Farmington has an unsecured website built on WordPress. The bank is one of only four businesses listed in the directory — along with a sawmill, buckskin outfitter, and a lentil processing plant.

It could very well be that the reason Farmington State Bank was able to weather the great depression while so many other small banks failed is precisely because of its rural roots. The bank’s president, John Widman, bragged about not offering credit cards, having more deposits than loans, and being a hobby farmer. This was in 2010.

…. In 2020, a company named FBH purchased Farmington State Bank. FBH’s chairman is Jean Chalopin, who also chairs Deltec Bank and Trust — one of the main banks for both Alameda Research and Tether. Chalopin joined Farmington’s board of directors.

Shortly after the purchase, the bank pivoted to deal with cryptocurrency and international payments. But due to Farmington State Bank’s ‘backwards’ traditions of not taking on risky loans or — and this is truly mind-boggling — even being a part of the Federal Reserve System, it couldn’t move money anytime after the purchase.

This is when it sought Federal Reserve approval — and got it.

….On June 30, 2021, Mary Daly welcomed the bank to the Federal Reserve System, hopefully forcing it to undergo a series of rigorous tests and examinations to confirm it meets all standards necessary.

Farmington State Bank, which for over 100 years hadn’t found a need to become a part of the Federal Reserve System, was now its newest member.

….No one is able to ascertain what the $11.5 million investment from Alameda Research was for, no one can explain why a small, rural bank in southeastern Washington state would be used to move millions of dollars by Alameda, and no one can fully explain the connections between Farmington, Deltec, FTX/Alameda, and Tether.

Not to mention, it remains unclear how a Bahamas-based company like FTX, with ongoing investigations by top financial watchdogs, was able to purchase a stake in a federally approved bank.

It seems Sam Bankman-Fried’s complicated web is only beginning to untangle.