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For all the attention that stock markets and interest rates get, the real heartbeat of the global financial system ticks quietly in the background: the repo market.

Short for repurchase agreements, repos are short-term secured loans that underpin daily funding flows across the global financial system. Banks, dealers, money market funds, hedge funds, and insurers all rely on repos to borrow or lend cash against high-quality collateral, typically government bonds. It’s the mechanism that keeps liquidity circulating. Without it, credit markets would seize, central banks would lose control over short-term rates, and liquidity mismatches would surface across everything from derivatives desks to corporate treasuries.

Most of the time, the repo market operates quietly in the background, invisible to most. But in moments of stress (like the “repocalypse” of September 2019 or the crunch of March 2020), it becomes the centre of gravity. When repo markets break, the rest of the system feels it fast.

This primer runs through:

– Repo market basics (mechanics and visualisation)
– Why collateral is everything
– Repo’s role in monetary policy and liquidity transmission
– Historical stress events and market fragility
– Key participants in the ecosystem
– Trading strategies, from balance sheet engineering to funding arbitrage

(If you like FX basis, STIRs, or balance sheet plumbing, you’ll feel right at home. If you don’t, grab a coffee and read it twice. This is the machinery behind the curtain.)

Note: When we refer to the “repo rate”, we’re generally referencing the overnight General Collateral (GC) rate on U.S. Treasury collateral. Bloomberg ticker: USRG1T.

Understanding Repo Markets

At its core, a repurchase agreement (or repo) is a short-term collateralised loan. One party sells securities (typically government bonds) to another, with an agreement to buy them back later at a slightly higher price.

There are two legs to every repo transaction:

– Initial Sale: The seller delivers securities and receives cash.
– Repurchase: The buyer returns the securities and is repaid with a small interest payment, known as the repo rate.

From the cash lender’s perspective, the repo is a secured loan. From the borrower’s side, it’s short-term funding backed by liquid, high-quality collateral.

Repo transactions can be structured in various tenors. The most common are overnight, but term repos and open repos1 are also widely used. These agreements sit across a layered architecture—tri-party, interdealer, and bilateral—each with its own operational structures and risk conventions.

Basic Mechanics

Example: A dealer facing month-end balance sheet constraints enters an overnight repo. To manage its leverage ratio, the dealer pledges $1 billion of US Treasuries as collateral and borrows cash at the GC rate. The next morning, the dealer repurchases the securities at a slightly higher price, having secured short-term funding while temporarily reducing balance sheet usage.

Repo Seller (Borrower):

– Needs $X million in cash overnight.
– Sells $1 billion of Treasuries into the repo market.
– Agrees to repurchase the Treasuries the next day at a pre-agreed price (original notional + accrued interest).
– The implied interest, when annualised, reflects the repo rate.

Example: A corporate treasury team managing excess liquidity allocates capital into overnight repos to preserve flexibility while earning a secured return. The company lends cash to the market and receives US Treasuries as collateral, which are returned the following day.

Repo Buyer (Lender/Reverse Repo):

– Has $1 billion in excess liquidity.
– Lends into the repo market and receives Treasuries as collateral.
– Sells the Treasuries back the next day and is repaid the original cash plus interest.
– The implied interest, annualised, gives the repo rate.

In both cases, collateral is assumed to be US Treasuries. In practice, repo rates vary depending on the quality and scarcity of collateral, the tenor of the trade, and market liquidity conditions.

Repo Markets Visualised

Our good friend 

Conks is well known for his infographics, with the below providing a great in-depth view of repo market participants and trade flow routes in the repo space:

Repo Rates Versus Other Types

Understanding how repo rates compare to other short-term interest rates is critical for interpreting funding dynamics. The secured nature of repos sets them apart from unsecured lending rates and gives rise to different benchmarks with varying market relevance.

Fed Funds

The federal funds rate is the benchmark for unsecured overnight lending between US depository institutions. It represents the rate at which banks with surplus reserves lend to banks facing shortfalls, typically on an overnight basis.

By contrast, repo transactions are secured by collateral, most often in the form of US Treasuries. This collateralisation significantly reduces counterparty risk, which is why repo rates tend to price below unsecured benchmarks in times of stability.

While the federal funds target range is set by the Federal Reserve, the effective fed funds rate (EFFR) floats within that corridor and reflects actual transactions. The secured GC repo rate (USRG1T) tracks differently, anchored by the value of collateral and broader liquidity conditions in the Treasury market.

In short, repo markets reflect the cost of secured overnight liquidity. Fed funds reflect unsecured interbank trust. The gap between the two becomes especially telling during stress events or regulatory year-end effects.

SOFR

The Secured Overnight Financing Rate (SOFR) is conceptually closer to the GC repo rate. Both are benchmarks for secured overnight borrowing using Treasury collateral. However, there are key differences.

SOFR is calculated and published by the New York Fed once daily, based on a volume-weighted median of overnight repo transactions across a broad segment of the market, including bilateral and tri-party trades. It is designed as a comprehensive, stable benchmark to replace LIBOR.

The GC repo rate (USRG1T), on the other hand, reflects live, tradeable quotes in the dealer market—updated throughout the day and directly observable on Bloomberg terminals. It represents where cash actually clears in the interdealer tri-party market at any given time.

While SOFR and GC repo typically trade in close alignment, divergences can appear during quarter-ends or episodes of funding strain, where GC repo may spike while SOFR remains more stable due to its averaging methodology.

Think of SOFR as a backwards-looking composite, while GC repo prints live at the point of execution. Both reflect secured funding, but one is a benchmark; the other is a market rate.

Bilateral vs Tri-party Repo

The structure of a repo transaction (whether bilateral or tri-party) shapes everything from margining conventions to the interest rate paid.

Bilateral repo involves a direct agreement between two counterparties. Terms are negotiated on a deal-by-deal basis, allowing for greater flexibility in collateral type, haircut, and maturity. However, this flexibility comes with increased operational and counterparty risk, as each trade must be separately managed and settled.

Tri-party repo, by contrast, introduces a third-party clearing agent (typically BNY) to manage collateral selection, valuation, margining, and settlement. This model dominates the general collateral (GC) space due to its efficiency, scale, and automation.

In normal conditions, tri-party repo typically clears at tighter spreads (lower funding costs) than bilateral repo. This is driven by operational streamlining, deeper liquidity, and the netting benefits of large dealer platforms.

However, when specific collateral is needed, such as a particular off-the-run Treasury, bilateral trades become dominant. These so-called “specials” carry a lower implied yield for the lender and a higher funding cost for the borrower, as participants compete to borrow the same issue.

Put simply, general collateral lives in tri-party. Special collateral lives in bilateral. And the cost of funding adjusts accordingly.

Collateral in Repo Markets

If there’s one concept that sits at the heart of repo pricing, it’s collateral.

In theory, repos are about funding. In practice, they’re about collateral—its quality, availability, and desirability. The type of collateral pledged in a repo not only determines the interest rate but also shapes how trades clear, how risk is managed, and where stress emerges.

Typical Collateral

The repo market runs on a collateral hierarchy.

At the top are government bonds: US Treasuries, German Bunds, and UK Gilts. These are the most liquid and lowest-risk assets available in global markets. If a borrower defaults, these securities can be sold with minimal friction, which is why they attract the tightest repo spreads and lowest haircuts. They’re the closest thing to money without being money.

Next are agency securities, issued by US government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac. These instruments carry either implicit or explicit government backing, making them broadly acceptable as repo collateral, but with slightly wider spreads and higher haircuts than Treasuries. Their liquidity profile is strong, but not bulletproof.

Further down the stack are investment-grade corporate bonds. These can be repo’d, but usage is less common and much more selective. The credit risk is idiosyncratic, and the market liquidity is thinner. As a result, haircuts are wider, spreads are higher, and each trade tends to be bespoke.

Collateral eligibility and pricing are always a function of risk appetite, regulation, and market conditions, but this broad hierarchy remains intact across jurisdictions.

The Scarcity Factor

Not all collateral is equal. But sometimes, even among equals, one bond becomes more valuable than the rest.

This is where the concept of a “special” comes in. In repo terms, a bond goes “on special” when demand to borrow it overwhelms supply. This drives its repo rate below the GC rate, sometimes dramatically so.

A negative repo rate means the lender is effectively paying to lend the bond. Why would they do that? Because the borrower needs it badly enough to make it worthwhile, typically to cover a short, meet delivery obligations, or hedge a derivative.

The most common driver of specials is short positioning. If a hedge fund is short the 10-year Treasury future, for example, it may need to borrow the corresponding on-the-run 10-year note to deliver into settlement. When many funds crowd into the same trade, the pressure on that specific bond builds, and the repo rate collapses.

Example: March 2021. The most recently issued 10-year US Treasury note went sharply negative in repo. Hedge funds, betting on higher yields and higher inflation, had built significant short positions. To maintain those positions, they needed to borrow bonds. But quarter-end balance sheet constraints limited supply. Dealers, unwilling to lend freely, withheld inventory, tightening the squeeze. At the extreme, repo lenders were paying borrowers just to get access to the bond.

This dynamic made it more expensive to run short positions and signalled tension in the plumbing, despite no broader credit stress. The specialness eased as market positioning normalised, but it underscored how critical collateral dynamics are to funding stability.

Collateral Terms

When a repo trade is booked, the lender doesn’t fund 100% of the collateral’s face value. Instead, they apply a haircut—a discount that protects against market moves and counterparty default.

The size of the haircut depends on collateral quality:

– US Treasuries (on-the-run): ~1.00-2.00%
– Agency MBS or GSE debt: ~1.00%–5.00%
– Investment-grade corporates: 3.00% and above

Haircuts are a crucial safeguard. If the borrower defaults, the lender needs a buffer to sell the collateral without incurring a loss. In times of market stress, haircuts can be raised, sometimes abruptly, forcing deleveraging and amplifying funding pressure.

Haircuts are also where repo intersects with regulation. Under Basel III, secured funding with high-quality collateral and low haircuts is treated favourably for capital and liquidity metrics. This has led to increased reliance on repo as a preferred form of bank funding.

Why Repo Markets Matter

Because retail investors don’t interact with the repo market, its importance is often overlooked. But make no mistake, this is the engine room of modern finance. Repo markets matter for three fundamental reasons:

Core Source of Short-Term Funding

Banks, dealers, and hedge funds depend on repo to fund bond inventories, deploy leverage, and manage day-to-day liquidity. For dealers, especially, repo enables financing of government securities positions without having to unwind them, preserving market liquidity and facilitating client flows.

It also allows institutions to optimise balance sheet usage. Under Basel III and similar regulatory frameworks, secured funding is treated more favourably than unsecured borrowing. Repo markets, particularly those backed by high-quality collateral, offer balance sheet-efficient access to liquidity.

In normal conditions, repo is deep, liquid, and relatively low-risk. But its role becomes even more vital during periods of stress, when unsecured markets freeze, repo often remains the last functioning funding route.

Anchor for Monetary Policy

Repo markets are one of the primary levers through which central banks transmit monetary policy.

Take the Fed’s policy corridor as an example: by conducting repo operations (injecting liquidity) or reverse repo operations (withdrawing liquidity), the Fed nudges overnight market rates toward its target range.

– In a liquidity squeeze, repos provide reserves, lowering short-term rates.
– In a glut, reverse repos soak up excess cash, lifting rates back toward target.

Repo operations also serve as signalling tools. Adjustments in size, frequency, eligible collateral, or counterparty access can all communicate policy direction. And because repo rates influence a wide swath of short-term funding costs—from bank liabilities to commercial paper—they indirectly shape borrowing costs across the economy.

In effect, the repo rate doesn’t just track monetary policy. It helps enforce it.

Leading Indicator of Financial Stress

The repo market reflects the real-time price of cash and collateral. When tensions build—whether due to liquidity mismatches, balance sheet constraints, or collateral hoarding—repo rates move first.

– A sudden spike in GC repo can signal systemic funding stress.
– A deeply negative special rate might indicate positioning imbalances or collateral scarcity.
– A persistent divergence from central bank target rates suggests a breakdown in transmission.

Repo dislocations are often the canary in the coal mine. In 2008, the withdrawal of repo funding preceded institutional failures. In September 2019, the Fed was forced to re-enter the market as GC rates spiked above 8%. In March 2020, even Treasury repo markets buckled under the strain.

When the repo market breaks, it’s not just a footnote, but often the first crack in the dam.

Notable Stress Events

While the repo market typically operates quietly in the background, it has been a central point of stress in several major financial episodes. Below are three examples where dislocations in repo funding revealed broader fragilities across markets.

September 2019

In September 2019, U.S. overnight repo rates experienced a sudden and sharp spike, from around 2% to over 6% in a single day. Some trades even cleared at higher levels intraday.

The dislocation was driven by a temporary shortfall in cash. A combination of corporate tax payments and large Treasury settlement flows drained reserves from the banking system. At the same time, balance sheet constraints prevented large institutions from stepping in to lend.

The Federal Reserve responded by launching a series of repo operations to restore liquidity. These injections calmed the market quickly, but the episode highlighted how little excess capacity existed in the post-crisis funding system. It also prompted a broader rethink of how reserve levels interact with repo market functioning.

Global Financial Crisis (2008–2009)

During the 2008 financial crisis, stresses in the repo market emerged well before the collapse of major institutions. As concerns about credit risk escalated, repo counterparties began demanding higher haircuts, particularly for lower-quality collateral such as mortgage-backed securities, or refusing to roll repo lines altogether.

Institutions like Bear Stearns and Lehman Brothers, which relied heavily on short-term repo funding to finance large securities inventories, found themselves unable to secure liquidity. The pullback in repo availability contributed to their rapid deterioration.

This episode underscored the repo market’s role as a transmission channel for systemic risk, especially when counterparties become unwilling to accept anything but the highest quality collateral.

March 2020

At the onset of the COVID-19 crisis, the US Treasury market—typically the most liquid in the world—experienced significant stress as investors rushed to raise cash. As Treasury securities were sold en masse, repo markets also came under pressure.

Market participants faced difficulty sourcing funding for even the most liquid collateral. Dislocations appeared in both general collateral and specials markets, and some firms were forced to unwind positions due to tighter margin conditions.

In response, the Federal Reserve reintroduced large-scale repo operations alongside a broader suite of liquidity measures. These efforts helped stabilise short-term funding markets and restore confidence in Treasury market functioning.

Key Participants in Repo Markets

The repo market brings together a wide range of participants, each with distinct roles depending on their funding needs, investment objectives, and access to infrastructure. While banks and non-bank financial institutions dominate in terms of daily activity, central banks play an outsized role in shaping the structure and pricing of the market.

– Banks and broker-dealers are the primary liquidity providers in the repo market. Dealers use repos to fund inventories of government securities, manage balance sheet liquidity, and intermediate between cash providers and borrowers. These desks often sit within broader short-term interest rate trading (STIRT) teams or as part of financing units under fixed income, currencies, and commodities (FICC) divisions.

In tri-party and bilateral repo markets, dealers act as both counterparties and facilitators. On the borrowing side, they finance their own positions or source collateral for client trades. On the lending side, they provide access to repo for institutional cash investors, often matching flows across books to run “matched repo” operations that generate spread income.

– Hedge funds are also active repo borrowers. They use repos primarily to obtain leverage for directional or relative value strategies, particularly in government bond markets. For example, hedge funds executing basis or curve trades often rely on repo financing to take on large bond positions while minimising capital deployment.

Because repo transactions are collateralised, they typically offer hedge funds a cheaper form of leverage than unsecured borrowing or derivatives margin funding. This makes repo a central component in leveraged fixed-income strategies.

– Money market funds (MMFs) are among the largest repo lenders. These funds seek secure, short-term investments, and repos meet both their liquidity and credit quality requirements.

MMFs routinely provide cash to dealers in the tri-party market, receiving high-quality collateral in exchange. This function supports market liquidity and provides a key funding channel for primary dealers.

– Central banks participate in repo markets to implement monetary policy, not to meet funding needs. Through repo and reverse repo operations, central banks manage short-term interest rates and influence liquidity conditions.

Facilities like the Federal Reserve’s Overnight Reverse Repo Program (ON RRP) allow eligible counterparties—primarily MMFs, government-sponsored enterprises (GSEs), and banks—to invest surplus cash securely at the administered rate, which acts as a floor for overnight rates. Conversely, standing repo facilities (SRF) allow banks and dealers to obtain liquidity against government collateral, acting as a ceiling on funding costs.

These operations help central banks steer money market rates within their policy corridors and ensure orderly market functioning during periods of stress.

– Large corporates with substantial cash holdings may access repo markets indirectly, typically via banks or investment in money market funds. While they are not major drivers of daily activity, corporate treasurers occasionally use repo to enhance returns on idle cash while preserving overnight liquidity.

This type of participation is more opportunistic and is generally limited to the most creditworthy counterparties and highly standardised repo structures.

Speculation in Repo Markets

While the repo market is primarily transactional—serving the day-to-day funding and liquidity needs of banks, funds, and dealers—there are instances where it facilitates sophisticated trading strategies. These cases are relatively niche and often involve exploiting dislocations in funding rates or market structure.

Specials Trading

When a specific bond becomes scarce in the market, often due to heavy short interest or its status as a benchmark issue, it may trade at a “special” repo rate, meaning it clears well below the GC rate. This dynamic creates opportunities for repo desks and traders with access to that security.

Example: A trader anticipates that a newly auctioned Treasury note will become “special” due to elevated short demand or benchmark index inclusion. They acquire the bond in the cash market and simultaneously lend it out via a repo agreement. If demand rises and the repo rate on that specific bond falls, the trader benefits from the spread between GC funding and the now-lower special rate, effectively earning a premium for supplying the scarce collateral.

This approach does not involve directional risk on rates or prices. It is purely an attempt to monetise the collateral premium embedded in specials pricing.

Basis Trading

Repo markets also play a supporting role in basis trades, where traders arbitrage the price difference between a cash bond and its corresponding futures contract. This typically involves buying the underlying bond and selling the futures contract short.

To execute the bond leg, traders need to fund the purchase, often done through repo. The repo provides efficient, secured financing and reduces the cost of carry, which is a key component in determining the profitability of the trade.

The repo rate directly impacts the implied basis and can influence trade entry levels. While the strategy itself is not about the repo market per se, successful execution often depends on reliable access to repo funding at known rates.

Conclusion

Repo markets form the foundation of modern market liquidity. They enable institutions to finance positions, manage balance sheets, and transmit monetary policy efficiently. When functioning normally, the system remains largely invisible, facilitating trillions in daily flows with little disruption. But when cracks appear, the effects are felt quickly and broadly, exposing just how critical this market really is.

Whether through stress events, dislocations in collateral, or subtle shifts in repo rate dynamics, the repo market offers a real-time lens into the financial system’s liquidity conditions. For those involved in trading, risk management, or macroeconomic strategy, understanding repo is not optional—it’s foundational.

It is important to understand that the troubles, degeneration, depravity, hate and racism introduced into our country over the last 60 years have not happened accidentally, but have been the result of a carefully co-ordinated campaign. The Counter Revolution refers to this campaign as the “International Agenda”.

The International Agenda works to establish a world-wide totalitarian dictatorship imposing “Global Tyranny”.

The master-mind and driving force behind the International Agenda is a predatory and parasitic international grouping that has infested humanity for very many years. The Counter Revolution refers to this international grouping as the “International Hierarchy”.

The Global Tyranny to be imposed by the International Agenda results in the following:

*  The destruction of all nation states and all democracy.

*  The destruction of all present civilisation (particularly Western civilisation) with the annihilation of all existing social and economic conditions.

*  The establishment of international, centralised, digital control systems run by AI algorithms (the “Infrastructure of Slavery”) which minutely monitor and control the following, on behalf of the International Hierarchy: all economies in the world; all global finance, all global energy, all global resources and all global property; every human being in the world, with total control of all their activities, emotions and thoughts.

The International Agenda is a long-standing process and has taken different forms over several centuries. It started in 1776 with the Rothschild-inspired Bavarian Illuminati, then continued in the form of Communism and Socialism from the 1840s, the Frankfurt School in the 1920s to 1970s, and now in the form of Global Tyranny with the Great Reset, Sustainability and the UN Emergency Platform with One Health.

The International Agenda is the direct opposite and rejection of all humanity’s religious, spiritual and moral teachings and in particular the Universal Spiritual Laws. It is a phenomenon of astonishing wickedness. It has torn down the structures of decency and humanity which were the crowning glory of British civilisation, and that had been painfully built up over centuries.

It is a process of deliberate and organised evil which is unprecedented in the known history of humanity. It is creating a hell on earth to destroy all present civilisation. None of the deliberate degeneration and destruction caused by the International Agenda would have been possible without the active support of the toxic British Ruling Elite, who are completely controlled by the International Hierarchy.

The International Agenda is currently led in Britain by Keir Starmer who is a deeply dedicated Trilateral Commission man. He is directly controlled by the International Hierarchy and he is very dangerous to the people of this country.

The International Agenda is implemented in Britain in the following way:

*  By destroying British civilisation and the British nation.

*  By making white people a minority in their own homeland.

*  By transferring control of the country to Muslims.

*  By creating racial division and racial conflict in British society, where there had been none before.

* By decades of White Replacement. With overwhelming and destructive mass immigration of non-assimilable Muslims (whose loyalty will only ever be to Islam and who will never wish to be British) thus creating a terrible and fatal division in the country with the specific intention of destroying British cultural identity, social cohesion and national unity, as planned by Count Richard Coudenhove-Kalergi.

With Elite encouragement of the “Islamic” Culture of Conquest, Non-White Privilege, Hate Crimes affecting only white people, and enforced “multiculturalism”, “diversity” (ie the exclusion of white people) and racial quotas. With a malicious and outrageously unfair definition of “racism” whereby white people are penalised as “racists” and guilty of “hate” if they make any comment about any characteristic of non-whites, or the behaviour, culture, religion, clothing, language, practices or way of life of non-whites (even if not critical).

With removal of white people from employment, education, training, the media and advertising on grounds of race and replacing them with non-whites. With the creation of racial conflict and Anti-White Hate. With the intended extinction of the white race under the Kalergi Plan by Elite promotion of miscegenation of whites with blacks. With officially encouraging, organising and funding a deliberate flood of huge numbers of illegal military-age male African and Muslim mercenaries into the country—these mercenaries, who even now greatly outnumber the British Army, are clearly intended to be used in due course by the Elite to crush any opposition by white British people with all necessary brutality and savagery (as the Elite know that they could not rely on white soldiers or white policemen being willing to fire on their own race and countrymen).

* By causing self-hate and self-doubt in white people (“Malicious Criticism”); all their sense of identity and belonging was to be completely destroyed; they were to be made to believe that their existing and traditional values of what is right and what is wrong were out of date, unimportant, unacceptable, and even wicked; nothing about white people was ever to be admired, appreciated, built up or praised—all was to be criticised and destroyed; everything white people valued and treasured was to be given a label of accusation; everything decent, honourable and true in white societies was to be made to appear dirty and shameful, and was degraded, destroyed and discredited; ordinary, decent white people were to be made ashamed of themselves, their way of life, their culture, their heritage, their history, their society and their country which, they were told, were morally corrupt and rotten with “hate”, “racism”, “white privilege”, “white supremacism” and “xenophobia”. This attack on white people was devised and organised by the Frankfurt School on behalf of the International Hierarchy.

*      By bribery and blackmail. Colossal funds from billionaires, think tanks, Foundations and other International Hierarchy institutions and organisations form a vast system of rewards, incentives, “philanthropy”, employment, lucrative deals, advantages, payoffs, bribery, “funding”, threats, coercion, intimidation, intensive lobbying and campaign finance which are used to entrap many people in the British Ruling Elite as individual career advancement so often depends on compliance with the International Agenda. Brownstoning blackmail operations are also used.

*  By controlling all sources of information and opinion.

*  By creating fear of fake world crises, such as non-existent man-made climate change.

*  By causing intense fear of contagious diseases, and injecting the population with a poisonous “vaccine” which included (without the knowledge or consent of the people) self-assembling nanotechnology capable of transmitting personal data and receiving potentially mind-manipulating impulses via 5G.

*  By imposing international centralised digital control systems run by AI algorithms which minutely monitor and control all the activities, emotions and thoughts of every human being (the “Infrastructure of Slavery”).

*  By causing economic collapse and collapse of the financial system.

*  By causing world-wide shortages of food with the destruction of food production and sabotage of food installations, making all people dependent on lab-grown fake “meat” and material made of insects supplied by International Hierarchy-controlled corporate monopolies.

*  By causing disruption and reduction of energy supplies.

*  By replacing spiritual awareness and traditional uplifting values of integrity, honesty, decency and selfless kindness to others—with the promotion and glorification of personal self-aggrandisement, domination of others, and the selfish manipulation and exploitation of others, and with the promotion of the “Destructive Values” (aka political correctness or woke) which are poisonous political values and concepts designed to destroy society.

*  By requiring recruitment, selection and promotion to be on the basis of Non-White Privilege, Female Privilege, Homosexual Privilege and Transgender Privilege—and not on merit or ability.

* By destroying everything that unites white people including nationhood, religion and all existing structures, allegiances, group links, identities and loyalties in white society (cultural, social, political, spiritual, and now even relating to gender) so all the cohesion and glue that bound white society together was melted, and white people were made rudderless and disoriented.

*  By destroying the white family and dividing white women from white men with institutionalised Female Privilege and Female Supremacy.

*  By creating filth, degeneracy and depravity with official promotion of rampant homosexuality, sexual perversion, and the wickedness of gender confusion and transgenderism.

*  By the deliberate lies, deceit and co-ordinated propaganda of the corrupt and controlled establishment media.

*  By the tragic corruption, politicising and ruination of the education system, which was made into a mere brainwashing and indoctrination process of misinformation and political propaganda, specifically designed to prevent independence of mind, initiative and self-reliance in white children and to actively stunt their intellectual development, knowledge and skills—so the white race is progressively degenerated and unable to compete with non-white countries.

* By prohibiting traditional and familiar words and modes of expression, and insisting on the use of other politicised words (“Control by Language”).

*  By an official terror campaign against free speech (including de-banking).

*  By politicising and militarising the police.

*  By breaking down the Rule of Law with a politicised judiciary and unfair two-tier anti- white administration of justice.

*  By creating social decay, confusion, degeneracy, demoralisation, weakening, division, conflict, financial insecurity, resentment, fear and hate in countless different ways to divide people and set them against each other.

* By destroying democracy and preventing any democratic opposition to the fraud and cheat of a Uniparty.

*  By destruction of the democratic nation state enabling rule by unrepresentative and undemocratic international institutions, and by “International Law”.

*  By causing national suicide by fraudulent Net Zero Carbon.

*  By Climate Engineering and airborne spread of toxic materials and nanotechnologies.

* By deliberately de-industrialising Britain under internationally controlled Monopoly Capitalism.

*   By the deliberate destruction of the British armed services.

* By intentionally provoking international and military confrontation, even nuclear war. The Left-Right paradigm is a sham. The International Agenda’s policies for advancing the International Agenda and the dictatorship are the so-called “Left-wing” policies. They are coordinated and methodical policies of breakdown and disintegration, dressed up in the camouflage of Social Equity. On the other hand, virtually all so-called “Right-wing” policies are merely feeble ad hoc reactions to the International Agenda’s policies, and do not form any coherent stand-alone philosophy on their own. The Left-Right paradigm is simply a sham, and in reality meaningless. The only real issue now is between on the one hand those who promote the International Agenda, and on the other hand those who are resisting and reacting against it.

The only way of stopping the International Agenda is by removing the current British Ruling Elite from all positions of power, authority and influence in the country by constitutional reform, and specifically by the introduction of the New Parliamentary System.

Aside from economic collapse scenarios, many countries are in the process of eliminating physical cash and coins. Instead, everyone has an account that holds their money. You cannot purchase goods or services without access to government-based cryptocurrency. Even if the currency itself is still backed by faith in the government, you have to use this electronic system.

The result is multiple problems that could leave you in a situation where you have the money in the bank to pay your bills and purchase goods and services, yet you cannot do so.

These threats include:

Attacks Sponsored by Foreign Governments

These hacks usually affect the bank or primary clearinghouse rather than a specific person’s account. You may be unable to purchase goods or services for hours or days. While this is inconvenient, it isn’t as bad as a full collapse, where the banks close for good.

There’s only so much you can do about this kind of hack other than make sure you can go two weeks without buying anything at any given time. It is also essential to keep a paper-based address book with phone numbers and account information so that you can contact utility companies or others who may be expecting payments from you while the bank or clearinghouse is down.

Let’s say you can connect to Wi-Fi independently of the SIM Card. Your phone app may not work with Wi-Fi. This is why I recommend having an app on your phone that doesn’t use the SIM card to dial out on Wi-Fi so that you can make the necessary calls. 

The secrets of a woman who decided to live in the wilderness!

By watching the video below you will come across: 40 Bizarre Home Remedies Our Grandparents Taught Us That Actually Work

Attacks Sponsored by Non-government Groups

If the hacker was able to steal money from your accounts, it could take weeks to years before you recover the money. In the short term, you will have to shut down credit cards and so on, then wait for new ones to come in the mail. You may also have to manage restoring devices and regaining access to your accounts.

Here again, make sure you can go at least 2 weeks without buying anything so that you can manage your basic necessities.

Merchant Category Codes and Social Credit Scores

Merchant Category Codes are unique identifiers that put different products into separate categories. For example, food has one set of numeric identifiers, while clothing has other identifiers.

Even without looking at your receipt, the bank and transaction clearinghouse may have some ideas about what you bought. The transaction cost can then give some estimates about quantity and item type. One day, data from all banks and clearinghouses may pool into a central government computer.

Social credit scores work like your financial-based credit scores. Consider how your financial credit score enables businesses to “reward” you with credit or better interest rates if you pay your bills on time and have an optimal debt-to-income ratio. Your social credit score looks at how you act in society. For example, China has a system that rewards things like donating blood.

This same system “punishes” people who drive drunk or engage in other activities that aren’t “beneficial to society.” People with good social credit scores may get tax breaks, an increased chance of getting a promotion, or other benefits. 

When vaccines became available for COVID-19, governments worldwide were concerned because people hesitated to embrace mRNA vaccines. This led to people not complying with recommendations to get vaccinated. Social credit scores can be paired with cashless systems that will block purchasing from specific merchant category codes. It could become possible to deny people the ability to buy food, gas, and other essentials if they aren’t vaccinated.

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Many of these signs point to an increased risk of the government preparing to declare martial law.

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When you can’t use cash, pressure campaigns like this will be almost 100% effective because you will have to comply or do without the necessities of life.

The only way to outlast a pressure campaign like this is to have a stockpile of food and other essentials that will last until the pressure tactics are stopped.

Moving Away From Hard Cash to Fiat Cryptocurrency

At first, you might think merchant credit codes will only come into play when the government seeks to limit, slow down, or prevent purchasing certain goods and services. The problem is that modern networks aren’t safe from hackers, including those who seek to disrupt trade for ethical reasons.

For example, the Internet Archive was recently targeted by a hacktivist group, Blackmeta. They claim they attacked this non-profit library site because it is based in the USA and, therefore, is aligned with Israeli activities. Ironically, the Internet Archive has been locked in multiple court battles with publishers that may be far more aligned with Israel. These publishers, in turn, are trying to shut down the Internet Archive because when people don’t buy from the publisher, it cuts into their profits.

Now imagine this kind of situation happening with the information stolen from the Heritage Foundation, and then used to target more granular data in banks and merchant clearinghouse systems. You could very easily see transactions declined for what appears to be “government” or other legislative curbs, when in fact, it’s some group attacking you because of a “social credit score” known only to them.

If you want to buy something right now, you can just put your credit card away and use cash. This won’t be possible once the only fiat currency available is electronic in nature. No matter how much you want to look at the potential for excess government imposition, the fact remains any group with sufficient skills and interest can cause serious problems.

AI-Based Curbing Impositions

AI can keep track of billions of records and patterns of activity. This includes determining if what you buy is “normal” for your location as well as for you as a consumer within a particular category. 

Right now, that’s likely beyond the implementation of the cashless centralized government cryptocurrency systems.

At some point, though, someone on something like the “no-fly list,” etc., could wind up unable to buy certain items or in certain quantities and not realize there is a curb based on a government-based list. Considering how many lists there are, it may be difficult, if not impossible, to resolve the problem and purchase goods in a timely manner.

This includes lists that may be compiled based on estimated political slant. Consider that even now, traffic cameras can match license plates with bumper stickers and yard political signs to determine your likely preferences.

When you factor in non-governmental groups, the situation gets even worse. Technologically speaking, it’s within the scope of foreign agents and hacktivists to bring together limits on how you spend your money and non-financial activities.

As we are seeing in various hacks, there is certainly a “social credit score” being applied to businesses that can be scaled to target individuals who may want to purchase extra supplies to manage an emergency.

Use Multiple Banks to Store Your Money

Right now you can protect your money while it is still in your control. First, it is very important to keep your money in different banks. Even if one goes down, the others may still be functioning.

This applies to credit and debit cards. If you have only Visa cards, ensure you have at least one Mastercard. You can do this with prepaid cards as well as more permanent accounts.

This method won’t work if every transaction must go through a centralized clearinghouse that includes every possible bank or other institution. At this point, it’s impossible to say whether that kind of system exists and how various groups would use or misuse it.

Second, if you routinely buy from certain stores, you can purchase gift cards and have the money ready and waiting in your account. If you cannot access your bank account, you can still buy from that store. This won’t necessarily prevent you from running into rationing or other limits that may be imposed by the government through the store or at the store level. 

Bartering: An Alternative to Using Fiat and Non-Government Currency

Preparing for small—and large-scale disasters is essential for your well-being and that of your family. You can still use bartering, provided you have a clear sense of the value of what you will offer and whether or not the other party needs what you have.

Make consistent contacts with small or local farmers and others who may be willing to take something in exchange for food. The trade could be anything from assisting with mechanical repairs to making garments. Everything will depend on the relationship you develop and the situation.

You can make barter arrangements for just about anything from tangible goods to training in various skills. Look for small businesses and local groups, as they may be more open to these kinds of arrangements. Spending a few dollars extra and supporting these people now may be very useful later on.

This is also a good time to form relationships with established flea markets and others with different kinds of products. These people may be very helpful when you find a way to barter for tools or other goods that you can no longer purchase using money. Here again, you have to know what their needs are and how you can meet them.

As hacks on banks, hospitals, water purification plants, and the government itself become more common, it should be obvious that a cashless society can pose significant risks if you aren’t prepared. Taking a few simple measures now may help you get through these situations as painlessly as possible.

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