One of the world’s most powerful bankers has laid out plans for “digital cash” by touting the form of currency as a way to “push society into new equilibriums.”
The subject of Central Bank Digital Currencies (CBDCs) has been a hot topic during the 2022 International Monetary Fund (IMF)/World Bank Group (WBG) Annual Meeting.
Governments and financial institutions are increasingly warming to the idea of introducing CBDCs.
CBDCs are digital tokens that are issued by central banks and pegged fiat currency.
The tokens would completely replace traditional physical cash and be completely controlled by state authorities in a way that was never possible before.
The move would hand unprecedented power over to authorities and would enable governments to block a person from buying food if they “spread disinformation” online, for example.
As Slay News reported, Democrat President Joe Biden’s administration has been advancing the development of CBDCs.
Earlier this year, the president signed an executive order to seize control of cryptocurrencies and lay the groundwork to turn America into a cashless society.
Under Biden’s order, the federal government will work to design a functioning, centralized cryptocurrency.
Just last month, Biden’s Federal Reserve Chair Jerome Powell announced that the government-led cryptocurrency ordered by Biden will “not be anonymous.”
CBDCs are being touted by global power elites as a means to usher in a cashless society.
As plans for a cashless society continue to advance, central bankers are now promoting the idea of combining CBDCs and digital IDs.
The idea of pairing the two technologies was being celebrated at the IMF/WBG Annual Meeting this year.
Cecilia Skingsley, head of the Innovation Hub at the Bank for International Settlements (BIS), made her case for pushing the combined technologies onto a reluctant public.
Instead, Skingsley insists that CBDCs must come together with digital IDs “in a package.”
Skingsley framed this as the need to advance “digital literacy” where locking people’s sensitive data into digital ID should come first.
The entire process of digitization, which would eventually result in a “digital society,” is not without its problems.
However, Skinsley paid lip service to it by saying that the process raises “a lot of questions about data privacy.”
But, Skingsley also said this is something that politicians should decide on.
“This is not a role for me as a central banker but having a possibility to actually choose how much digital footprints you want to leave I think is a good starting point,” the BIS Innovation Hub head said in reference to privacy concerns around digital money and other related issues.
And while that sounds like Skinsley favors allowing citizens some choice, her other statements during the panel suggest that “pushing society” in the desired direction is also a good idea.
And that kind of behavior by central authorities would be “boldness” which Skinsley compared to society having to be pushed into adopting the use of electricity, or sewage systems in the past.
“I think we need to be a little bit bold here right in the sense that we shouldn’t get in the way of the private sector, but I think sometimes in history you have to push society into new equilibriums,” said the banker.
“Predecessors did that when it came to building electricity, sewage system, and the likes.
“Hugely welfare enhancing.
“Now we want to do it again with money, and it would be good for banks as well when society takes its steps.”
The United States is making progress toward the creation of a digital currency, which the administration of President Joe Biden believes would assist in enhancing the country’s position as a worldwide financial leader. It announced the issuance of a framework that outlines the regulation of digital assets, which includes bitcoin and other objects of value that exists purely in digital form.
Central bankers and bureaucrats are seizing on recent turmoil in cryptocurrency markets to push aggressively for central bank digital currencies (CBDCs). They made their case to other global elites gathered in Davos on Monday for the World Economic Forum’s annual meeting.
The BIS in Basel, Switzerland is the central bank to central banks all of which represent a giant vampire squid on planet earth. When CBDC accounts are opened directly by the public, the U.S. Treasury will be obsolete and powerless, as will our Congress that has responsibility to coin money. This means total control over currencies by one monolithic structure that sits out of reach from all governments.
It seems programs of government-issued digital money have been gaining momentum all around the world since at least 2020, and apparently, now they exist in over half the countries on the planet. The newest of these – Brazil and Namibia – announced their plans only last month. As with all globalist agendas, the push for CBDCs is always part of “the current thing”
Ajoint project between the Central Bank of Canada and the Massachusetts Institute of Technology will be researching the possibility of an entirely digital Canadian dollar, it was announced yesterday.
The government’s schemes to swindle, cheat, scam, and generally defraud taxpayers of their hard-earned dollars have run the gamut from wasteful pork barrel legislation, cronyism and graft to asset forfeiture, costly stimulus packages, and a national security complex that continues to undermine our freedoms while failing to making us any safer.
Finally, after months of pressure from entrepreneurs and venture capitalists, the White House is taking a leading role in developing US crypto regulation. Optimism surrounding the actual statement - which was released this morning - was parked last night when Treasury Secretary Janet Yellen appeared to accidentally praise the new executive order... before it was released (then hastily deleted her statement).
It’s looking increasingly likely that the US Federal Reserve and the globalist powers that be will use the dramatic rising of inflation as their excuse to bring down the US financial markets and with it, crash the greatest financial bubble in history. The enormous inflation rise since the malicious political lockdowns and the trillions of dollars in emergency spending by both Trump and Biden, coupled with the continuation of the Fed’s unprecedented near-zero interest rate policies and asset purchases of billions in bonds to keep the bubble inflated a bit longer– have set the stage for an imminent market collapse. Unlike what we are told, it is deliberate and managed .
With the metaverse at your fingertips, you can literally own nothing and be happy in your fantasy world, perhaps enhanced with a little ‘magic mushroom’ hallucinogenic for extra thrills and connections. Will your reality be where you exist in the physical universe or in the metaverse?
Britain’s Treasury and the Bank of England are weighing the potential creation of a central bank digital currency, reports Bloomberg.
As talk continues to intensify about the Federal Reserve introducing its own e-currency, what would happen to Bitcoin under such circumstances?
First it was the Fed, then the ECB, and now the BOJ: the world's central banks are quietly preparing to unleash digital currencies on an unsuspecting population in one final last-ditch attempt to spark inflation and do away with the current monetary orthodoxy which has failed to push living conditions for the masses higher (but most importantly, has failed to inflate away a growing mountain of insurmountable global debt).
During a speech yesterday, Federal Reserve Bank of Cleveland President Loretta Mester said that different parts of the Fed are researching how the central bank could offer its own full electronic currency, and that these efforts have come under greater focus due to COVID-19.
Bill Gates, a plague and central banks have converged like the perfect storm to propel the US toward becoming a cashless society and toward using digital ID’s for all personal financial transactions. The coronavirus bound these forces together, compounded them with fear to overcome inertia, and is accelerating society down the digital-currency highway.