Skip to comments.And So It Begins: Digital Currency Becomes Possible in our Future
Posted on 12/17/2022 5:54:23 PM PST by george76
In mid-November, while the whole world was focused on the Ukraine crisis, the US midterms or whatever other “big story” the media decided was more important, a truly momentous shift took place in the global financial system. It might seem like a small step on the surface, but it has the potential to bring about a real and possibly irreversible sea change in the way we use money; or better said, the way it uses us.
As Reuters reported on the 15th of November, “Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York. Citigroup Inc , HSBC Holdings Pl, Mastercard Inc and Wells Fargo & Co are among the financial companies participating in the experiment alongside the New York Fed's innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said. The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.”
Shockingly enough, essentially zero attention was paid to the story. Most media outlets mentioned it in passing and offered little to no context that would make the unsuspecting reader aware of the implications of this development. There was no mainstream discussion or debate about what this means or about how it can affect the average citizen, and no politicians, Fed officials or other institutional figures called any attention to it and argued either for or against it. There was one notable exception, though, one high-profile individual that noticed what could mark the start of a tectonic shift and thought the rest of the world should notice too: Edward Snowden.
The aforementioned context that should have been provided to the average news reader that is not necessarily familiar with the concept of CBDCs (Central Bank Digital Currencies) would include at least a brief explanation what they are, what purposes they serve and how they compare to existing fiat paper money. As I outlined in previous articles, the stakes are too high for people to ignore this development. Whoever controls the money, controls everything and the rise of CBDCs threatens to make that control absolute, closing whatever little “loopholes” of freedom may still exist today.
To most citizens, savers and taxpayers, the transition to a digital dollar might seem harmless, or even beneficial, given that most of the population today associates digitalization with convenience and speed. Indeed, if one doesn’t understand the ins and outs of monetary history, of fiat money and of digital currencies, this concept appears totally innocuous. But even for many who do understand these things, it might seem like such a step would really make no difference. Junk money is junk money after all, be it physical or digital, it’s still backed by nothing, right?
Well, that is right indeed, but there’s a lot more to it. While the currency itself will continue to be worthless, its digital form will come with a bunch of perks and advantages for central planners. As Eswar Prasad, professor of trade policy and economics at Cornell University, puts it:
One should recognize that the CBDC creates new opportunity for monetary policy. If we all had CBDC accounts instead of cash, in principle it might be possible to implement negative interest rates simply by shrinking balances in CBDC accounts. It will become a lot easier to undertake helicopter drops of money. If everybody had a CBDC account, one could easily increase the balance in those accounts.
What this essentially means is that any choice that remains and any degree of financial sovereignty that is left in the present system could be easily wiped out by CBDCs. And its not only financial freedom that’s at stake: these centralized digital currencies can be used by governments to monitor, to control and even to directly punish dissenters, by blocking transactions, freezing their accounts or seizing they assets. Some might find that farfetched, but those are probably the same people who thought that China’s “Social Credit System” was implausible too, right up to the moment it was actually implemented.
One of the perks, for the planners, is perpetual negative interest rates to keep us from building a savings.
Thanx for shining the light on the CBDC
bye bye freedom
Where is that “and so it begins” drinking game ping list?
Make sure you’re a registered Democrat. Just saying.
My guess would be that there will be tiered multipliers. So Joe and Sally Sixpack get a .937 multiplier to their base because they eat meat, buy guns, and are registered to the out of favor political party.
Tawny and Timmy Twinkles get a 1.017 multiplier because they are a same sex union and donate heavily to climate change groups.
Bob and Mary Troughfeeder work for state agencies and get a 1.125 multiplier because they are government officials.
That's how it will go down.
And so it begins... Always ends in a nothing burger.
Aamerican people now understand that the First Amendment calls for them to:
Bow down!... Obey!... Snitch!...
Using my digits via sign language.
And computer language of ‘0’s and ‘1’s.
If you see my digit, that is a 1.
That means NO in computer talk.
I personally really enjoy the convenience and speed of digital money (Apple Wallet, Apple Pay, PayPal, sometimes Zelle). I rarely use cash any more. If I get $300 from the ATM machine, it now lasts me a couple months.
But the ease that it allows the bastards to implement social credit scores scares the hell out of me.
Not in my future, Claudio.
I just read your post and I can’t help wondering why you, as an intelligent person, didn’t figure this out.
We are so caught up in the new and amazing toys we have to play with, it sometimes clouds our minds to the long term results that these geniuses are “pushing” us into using and accepting and loving.
Maybe those people have bad intentions.
what does cbdc do that we cant do now
with a debit card?
But what do I know. I don’t even own a Smart Phone.
But I am not eating bugs and I am shocked at how fast and successful these high tech companies are actually are able to “control” us.
I believe that most companies and people implementing these cashless transfers are doing so because it is a desirable service people want. The problem is the nefarious globalists and WEF types bending it to global communism.
What are you suggesting. That the 6 billion people using these systems all revert to cash? That just isn’t going to happen, Maris.
Is it possible to erect safeguards that would stop them from coopting the systems for their nefarious ends? There is a lot of discussion on how to stop AI from taking over the world and wiping out useless humanity. You don’t see much discussion on how to avoid digital currency systems from effecting the same nefarious ends.
The sad thing for me is, POF, that I KNOW I have not an ant’s influence on any of these things, but, as all older people think, they long for the day when it was more “simple” less scary concerning personal health, however, if the new acceptance of all things high tech, it may, just may be a little dissappointing.
My intentions are good, even if my defense is NOT.
And yet there are still people who think that the Mark of the Beast will not come.
It will absolutely come.
Combine this with COVID-19(84) tyranny and you’ve got quite the foundation.
Have you often wondered, when reading the Bible, how Christians will be stopped from buying and selling goods, and how people would submit to a “mark” in order to have access to food? People will do a lot of things they would prefer not to do in order to feed their children or their elderly relatives. It doesn’t seem that such a thing would be possible in a free nation.
However, I think we now know how Satan and his minions will accomplish their goal. And, Satan’s minions include many of our government representatives.
Yes Satan has created quite a plan.
I, ummmm, did not see a “pandemic” used to condition the sheep 🐑🐑🐑.
“Yes Satan has created quite a plan.
I, ummmm, did not see a “pandemic” used to condition the sheep 🐑🐑🐑.”
Neither did I, but you have to admit, it was a demonic plan and worked well for those who believe in themselves, rather than a benevolent, loving, and all-knowing God.
It is a good think that vengeance is “His”, for I would not have as much patience, mercy, or forbearance.
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