Resolution Weekend

I just saw a video on YouTube by a gentleman who seems to be into Bitcoin. Aside from the Bitcoin part, there were interesting little news.

Bank of England has published a bail-in guide. The term of note is ‘resolution weekend’. That’s when the peoples’ bank accounts will be converted into bank stocks at some fraction of value.

I had already become aware that millionaires and billionaires are fleeing the UK by their thousands, an exodus greater than that afflicting PCR, despite PRC having vastly larger population. I was surprised at the claim that the departing assets are equal to 4% of UK GDP. Dividing the 91.8B$ cumulative wealth of the departees by 3640B$ estimated GB GDP gives only about 2.5% in mu calculator. It will be interesting to see if the UK government will go full DDR and slam the exit doors shut at this hemorrhage. They already have the hate crime reporting lines and speech crimes police (in case someone could post something UK government does not approve) so why not go for the full experience, complete with empty shops?

Meanwhile, EU has made a deal of the decade (this century is too young to claim that something even weirder would not be coming through the pipes) agreeing to: 15% export and 0% import tariffs with US, 750 billion euros worth of US fossil fuels while banning all the Russian fossil fuel imports (which had continued despite the war, including quite a lot of natural gas transiting in pipelines through Ukraine), and 600 billion euros of private direct investment to US.

Exactly what this private investment is and how EU Commission can agree to seems unclear. According to the document description page on EU side, the agreement is not legally binding. I suspect that the tariff and energy deals were a bribe to US to let EU still continue their war – I further suspect large amounts of US military gear to be included in that 0% import tariff. Also, I suspect that EU will rather soon have a resolution weekend for bank accounts as they are already talking about mobilizing funds laying in peoples’ bank accounts to fund plans that are excessive for the public purse. Pension funds are joining the arms bonanza. Bonus points if these ‘privately funded’ imports/investments will count towards the 5% of GDP funding target for non-US NATO members.

Joker in the game: EU CBDCs, denied by European Central Bank to be programmable with expiration dates (not to mention blocking or sin fees for non-approved uses, which would similarly depend on programmability.) (There are also privacy questions.) I wonder what the actual utility of EU CBDCs for the small people would be, and how CBDCs (programmable or non) would affect application of a Resolution Weekend?