Global CBDC Rollout Continues Apace
Kit Knightly
Terror attacks in Moscow, ongoing genocide in Gaza, and cancer in the Royal family are dominating the headlines.
Meanwhile, on the financial back pages, all over the world the implementation of Central Bank Digital Currencies draws nearer.
China, whose digital Yuan was the major flagship CBDC, is in the middle of an immense trial covering over 25 million people. This week they released new guidelines for tourists using CBDCs for the first time.
A journalist for the crypto-focused DLNews wrote of her experience using it, and while functionality might seem limited right now we should note that she talks up the “de-dollarization” aspect of CBDCs, aligning digital currency with the “multilateral world” plan.
Hong Kong has its own CBDC program, the second trial stage of which launched last week. They are developing the ability to use “tokenised deposits” to add $160bn to their GDP.
In Europe, following late February’s Digital Euro Conference (DEC24), the European Central Bank has announced the development of the “digital euro rulebook”.
In Sweden, the Riksbank’s e-Krona program published its final report on its CBDC pilot a few days ago. Coin Telegraph reports they working on making its CBDC available offline.
The Central Bank of the UAE announced they are launching their own CBDC pilot a few days ago.
That’s just the technical developments, saying nothing of the ongoing propaganda campaign.
As I already said, in order to appeal to the anti-Imperialist left, we’re being told that CBDCs will help the world “de-dollarize”.
Another angle is that CBDCs will help developing nations prosper. For example, BusinessMagnates.com reports that CBDCs will help “revive Latin American economies”.
All this is just from the past week. It goes on and on and on.
The only slight hold-out seems to be the US, where CBDCs remain somewhat contentious.
The e-dollar has stuttered along in progress compared to the rest of the world, with contradictory reports from officials emerging all the time.
This could be genuine opposition from US Imperialists due to the threat of de-dollarisation, it could be a natural response to a far more cash-based economy than most of the developed world, or it could be a deliberate propaganda campaign designed to promote CBDCs in anti-America quarters.
Of course, it’s an election year state-side, and Presidential candidates Donald Trump and Robert Kennedy Jr have both come out against CBDCs. While RFK jr is doubtless sincere, this would not be the first time the “deep state” has tried to discredit an opinion by having Trump endorse it.
But America or no America, the global CBDC roll-out is coming.
According to the Atlantic Council’s CBDC Tracker, 134 countries representing 98% of global GDP are currently working on their own digital currency.
While an Atlantic Council report from March 14th underlines the importance of “interoperability”:
Central banks and international financial institutions are realizing that uneven and dispersed technological advancements in digital currencies could actually create further fragmentation of the financial system, deepen digital divides, and create systemic risks. This would undercut the premise of digital currencies, which are supposed to create more efficiency in the existing system. Fortunately, there are some new models of interoperability across borders.
Interoperability isn’t just an important part of the CBDC plan, according to the Atlantic Council, it is the whole point.
Just yesterday, reported by Business Wire, SWIFT published their findings on “Seamless Introduction of CBDCs for Cross-Border Transactions”:
Interoperability is critical to Swift’s strategy for instant and frictionless transactions. The cooperative has focused its innovation agenda on interoperability between digital currencies and tokenised assets to overcome the potential risk of fragmentation, caused by the development of digital currencies on different technologies and with different standards and protocols. Swift’s solution has already been shown to enable cross-border transfers and connect CBDCs on different networks with each other, as well as with fiat currencies.
As we wrote in 2024: The Year Global Government Takes Shape, interoperability is the name of the game – there is no real practical difference between 195 interoperable digital currencies and one global currency.
Global currency is coming. It’s not on the front pages, but that’s hardly surprising.
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Independent non-governmental peer to peer crypto, silver, and gold should be the only currencies globally. Fiat currency is a proven scam and CBDC’s are nothing more than totalitarian checkmate. The people should dissolve their governments before CBDC’s can ever be rolled out, just like they should have dissolved them before the Death Shots were imposed upon the peoples of the world. It’s time to stand up, say NO, and mean it and muster whatever resistance both defensive and offensive is necessary to stop this evil beast system before it’s far too late. We are already well past the eleventh hour folks.
The people should dissolve their governments before CBDC’s can ever be rolled out..
IMO the entire nation state system is a system of jails, the leaders of the nation states are the wardens.
So how should the prisoners amend or dissolve their governments? What provision in international law exist to permit the people of one nation or all of the people to, in one go, dissolve all the governments? Important to that question is: what would replace the existing system?
Maybe it is that the system is ok but the people running it are not? In either case, procedure and legal precedence is needed.
Based on Western progress in forcing Russia to respond with its nuclear arsenal against the West, the world is about to experience the meaning of Putin’s words “What good is the world to Russia, if there is no Russia?
Privately owned MSM has lead Humans to believe they must accept either inmate status within the digital platform or bystander annihilation as witnesses to a nuclear war between the east and the west. Finding ways to change this binary seems to me to be the immediate imperative?
They should be dragged from their studios which might get their attention.
Ripple is trying to replace Swift. They also are creating the CBDCs for many nation states. They have a good chance of success, because they are many years ahead of Swift in doing interoperable CBDCs and providing the international connection between them all. They have settled their lawsuit with SEC; so it’s really close now, but the US not using a CBDC, has delayed things for some time. After the election, it will be interesting to see this progress; the world is ready and waiting.
Stablecoins like Tether or Circle can also create a defacto US CBDC in that all the on-ramps and off-ramps are KYC/reporting to the IRS. They will build in backdoors so they can be used to apply financial sanctions if they want to… like freezing protesters accounts, for example.
It’s all about CONTROL people..
what happens when the electricityis gone?
Silver, gold, platinum, and barter trade while we all die much sooner than anticipated.
Gold is King Value. Compare paper ‘value’ further to CBDC air-‘value’ What crackpot theory will be rolled out next.
Try getting on a plane with a few gold bars or better yet try chipping a piece off to pay for your dinner. Theres a big difference between an asset and a currency. Gold is an asset just like bitcoin is a digital asset. A digital currency will be rolled out and it won’t be backed by any central bank. Wait for it. Move on.
Gold and silver can both be held in small , even tiny denominations. No need to buy bullion unless you are buying it in lieu of land, buildings, and other tangible hard assets. But for currency the work, but I am advocating. Combination of physical small unit precious metals And peer to peer non- born ent or bank controlled crypto’s I.e. CBDCs which a are inherently evil.
Try hoarding your paper ‘value’ when the crisis bites and gold becomes the real value of wealth.
CBCDs are just a ‘token’ of actually nothing. Not even paper. It is a quasi-faith entrusted to the keepers of bogus ‘value’. Value is an input/output of human labour objectified as commodity form.
”All commodities are only transitory money; money is a permanent commodity.” Karl Marx – page 231 Grundrisse. Gold, qua money is making an inexorable climb to higher than £7,200.00 per ounce.
When you use your visa to tap away or when your employer deposits money into your account via direct deposit – what the hell do you think this is? Is not not a digital currency?
In effect your digital nightmare is already upon you. What you may be missing is that the fiat currency it’s pegged against is worthless. Take the US dollar. it’s being hyper inflated as they keep printing and printing – it’s become even more worthless. This will not last. It’s the beginning of the last cycle prior to the end. What else are they going do, default on the debt? Devalue the currency outright? I don’t think so.
For almost 13 years I have received a pension cheque from the federal government and they have been trying most of that time to persude me to accept direct deposit without any success. When they come out with CBDC I will retain my Luddite status just like granny..
When the TV Beverly Hillbillies struck it rich Granny said she wasn’t moving with the others by saying while sitting in her rocking chair:
“I aint’a gonna budge.”
Then the camera panned back and we saw her sitting in her rocking chair in the back of the pickup truck which was heading to California.
I think it’s time the author and most truthers learned the truth, that the earth is not a spinning ball. That there is no curvature has been demonstrably shown, multiple times. And no, “refraction” doesn’t explain it away.
Then why must the curvature be taken into account when navigating with a compass?
Currently when you use non cash methods of payment a whole lot of institutions get involved, each taking a slice off the top.This is especially the case with international transactions, especially if they involve multiple conversions from local currencies to and from US dollars. This is not only grossly inefficient but it also provides ample opportunity for politically motivated groups to interfere with the flow of commerce to implement sanctions and the like. A CBDC is designed to facilitate direct payment flows so it not only cuts out the middlemen but also reduces the opportunities for interference and fraud.
Its likely that a CBDC won’t change anything at first for you and me because existing retail payment systems are well developed and widely deployed. Setting up what would be a competing government system would not only cause a lot of political pushback (“unfair competition”) but also require a huge investment, all to fix something that’s currently not broken. Its possible that government payments might work alongside existing card networks but it would be better to co-opt than compete.
You’re either delusional, a liar or an idiot. Pick one.
Look, I appreciate the links and the continuing coverage on CBDCs, but you’re missing a couple of extremely important facts.
1) Something like 80% of physical US dollars are circulating outside of the United States. In some places, like Zimbabwe or Belize, they are the de facto currency. In other places, cash dollars backstop local currencies, with large value exchanges (such as selling a house) being performed with paper dollars and people stashing dollars as a hedge against inflation. Likewise, most currencies cannot be exchanged abroad, so paper dollars are used for people doing business internationally.
2) The chances of CBDCs being interlinked are virtually zero. Not because of any lack of intent or desire on the part of the “elites” but because banking is a fucked up framework, in terms of technology.
Even two banks merging in the same country takes at least a decade. The complexity of their ledger systems is almost mind boggling once you understand it, and even really old legacy banks like HSBC are loaded down with layer after layer of bolted-on systems based on really old technology. The average ATM machine is using software on par with Windows 3.1 in terms of complexity, and even then, it is surprisingly non-robust and full of security and operational flaws.
Just think how difficult it is for banks to “clear” a check. Despite all the whizbang technology, banks still do overnight “batches” that must then be “adjusted” or “corrected” by human beings. Then there are all the issues surrounding different bank holidays, time zones, time changes (daylight savings time), and local regulations. Add to that things like regulatory changes and compliance issues, and it’s a fucking spaghetti mess RIGHT NOW.
CBDCs sound like they’re an easy solution – new tech being built from the ground up to be seamless and awesome and execute flawlessly. But they all have to “integrate” with existing banking systems, which is gonna make the Y2K effort look like child’s play. Of course, CBDCs in “test mode” with no interaction with a legacy banking system is a million times easier, which is why they look so promising.
Thankfully, though, going “all in” on CBDCs is never gonna happen. It’s just a fad right now the way the blockchain was a few years ago – sounds good in theory, but it’s a MFer in practice. Just ask Nigeria about their e-naira LOL
CBDCs will be the final layer for an ecosystem of multiple cryptocurrencies, but beyond the financial sector, purpose driven tokens are key for the Self-organizing Cyber-physical-social Systems where humans will be like bees in a hive, being stigmergically steered towards achievement the so called Sustainable Development Goals, trapped in the Spatial Web of 6G and beyond.
https://bc-ifsa-journal.com/p_bc_01.html
Whoever would’ve guessed it?…
https://dumptheguardian.com/technology/2024/mar/27/ai-apocalypse-could-take-away-almost-8m-jobs-in-uk-says-report
That’s 8m jobs in just the next 3-5 years, not some distant sci-fi universe.
The “solutions” are ready to be rolled out. Remember Harari said it would basically come down to drugs and computer games…. while the elite are turning themselves into gods.
They calculate 40% of the world’s population will be employed in the AI system some day.
Imagine that?
3 billion people sitting with open mouth big zombie eyes 10 hrs a day looking onto a flat screen to earn an e-buck for insect food.
“But it aint me babe, you are looking for baby, I will only let you down.”
https://youtu.be/YoagldK69U0
Chainlink (Ticker: LINK) causes this
Aadhaar
the Rise of Feudal Techno-Rationing Systems
Omidyar and Aadhaar just saying
Maimonides saw each contradiction Each species of deafness, Loud Each species of blindness, Dark All no less perplexed than the next.
The Elephant of Hindustan,and the sale of creeds; what will you teach me? Pythagoras. Nothing. I will remind you.
Typical drivel. Off-Guardian describes the horrors of what’s to come minus solutions. At best Off-Guardian is the sound of a bourgeois air conditioning unit; at worst a ruling class collaborator tasked with instilling learned helplessness and despair into the proletariat.
So I read the comments and I feel worse. Most people don’t want a workers revolution that would actually set us free from ruling class tyranny once and for all. No, that’s too revolutionary and beyond most people’s intellectual capabilities.
Let’s instead [surrender willingly to the ruling class and become their slaves] and follow capitalist psycho Katherine Austin Fitts’s advice and become a bag lady surviving day to day by growing food on the land we don’t have, and by trading with our gold and silver coins that we don’t own.
Catherine *
How exactly do you propose to have a revolution with a comatose population? Most of the awake are in survival mode after the covid nightmare.
How do revolutions happen? Desperation usually. When poverty forces children to prostitute themselves and women sell their teeth and their hair for a meal (French Revolutions) then revolution becomes the only option. Most people are selfish so it has to reach that level of depravity first before anything changes.
See the downvotes my comment has received; selfish simpletons who believe that digital currency will be just another form of currency – it won’t. CBDC represents an unprecedented change in labour relations. It means that if you work hard and behave you can eat food and sleep in a bed. It’s not about money, it’s about slavery.
Why are you here, commenting. Let us know?
Here is a brief “explainer” video by evil conspiracy terrorist Richard Hall about the function and rollout of CBDC, which I think might be a viable introduction for many normies:
https://odysee.com/300_01b:b
1 Timothy 6:9-11
9 Those who want to be rich, however, fall into temptation and become ensnared by many foolish and harmful desires that plunge them into ruin and destruction.
10 For the love of money is the root of all kinds of evil. By craving it, some have wandered away from the faith and pierced themselves with many sorrows.
11 But you, O man of God, flee from these things and pursue righteousness, godliness, faith, love, perseverance, and gentleness.…
I do not consent!
We’ve gone the other direction out of self-protection. A dozen hacks/mischarged transactions in two years and using cash is the only way to stop the small crooks, the big corporate crooks and the bankster crooks who when they have CBDC’s will run us like farm animals.
Ditto!
I take it this is not a Palestinian baby – otherwise “Next Week” would be a mere pipe dream.
Just for a counterpoint: nothing happening on a planet which has become 100% wired for a flow of information can ever be entirely “irrelevant” to anyone within earshot of this information.
We tend to evaluate everything’s effect on us exclusively by what it does to our economic well-being.
Fast genocide in Gaza, and slow genocide in Haiti, e.g., will actually help “enrich” all of us in that it will open up trillions of US dollars of gas and oil to the West. But I submit that what it does to our psyches and our “souls” will severely cripple us – and cancel out any economic gain.
Niko……you are the best!!!!!!!!!!
Paving a Digital Road to Hell?
100-page report
Thank God Off Guardian still has its head on straight. It knows what matters. Giving up the last two bits of privacy people have just in order to avoid carrying paper money is a no-win situation.
God damn it I WANT my last two bits of privacy. So what if a few kids are killed by NATO at a concert in Russia? or if another 30,000 Palestinians are blown up? What are these trivials compared to giving my dick size to the world’s Central Bankers?
Priorities reign supreme!
If you want to give your dick size to the world’s Central Bankers, no-one is stopping you.
Are you completely missing the point?
Yes, privacy is an element of it but it is minor in comparison to the control CBDC’s offer. Since, the plan is to eventually abolish cash, then with CBDC’s every transaction you undertake can be monitored and restricted. You will be locked into the system and its control mechanism.
There will be no freedoms, no protests (unless sanctioned) and no dissent. Anyone, in breach of the rules can be cut off from the monetary system. They can be made homeless and quite literally starved to death as they have no means to pay bills or buy food. No one will help you for fear of losing their social credit score points at best or being similarly cut off at worst.
Unless, you plan to go off-grid, live in the wilderness, are self-sufficient or are part of a barter community you will accept the new system or be ostracized from society.
It is game over and checkmate should CBDC’s be implemented and cash banned.
So, yes, Off-G is right to make this subject a priority.
Excellent comment…should be pinned.
One thing I don’t understand is whether digital currency would actually be worse for the poor or for the mega-rich criminal class. Somehow I think people who don’t have much anyway might actually benefit and the people who are really worried about the impact of digital currency are the trillionaires making money nefariously who won’t be able to hide it any more. I suspect those people are pouring a lot of money right now into persuading us all that accountability is an invasion of our privacy. So excuse me if I reserve my judgement on this issue.
Interesting point, after all the two years of covid they managed to cut and our expenses the way they wanted without CBDC at all. Obviously the CBDC will make their work easier and more effective.
Since it’s the mega-rich criminal class who are behind the introduction of cbcd and every other aspect of the GR I think your question is naive at best
Not necessarily. There could be mega-rich players who are sickened by the true evil of the drug- and people-traffickers and want to take them down. It doesn’t seem to occur to people that ‘the elites’ are not just one catch-all gang of scumbags but several factions one of which are currently attempting to expose the nefarious players. After all, only the mega rich would have the wherewithal to bring them down. Naive maybe but it makes sense to me.
Name some names, fool. The mega-rich who are sickened … do you enjoy being laughed at?
I have wondered the same thing.
What happens to all of the people that make LOTS of money in cash?
I guess it will put an end to the “mafia”, drug dealers, weapons dealers, et al ?
Or will there be some type of underground dealing?
Digital currency is only a question for the bankers of controlling the money flow.
Carsten/BIS says they still dont know how and when $100 is used and spent. They already know the international flow of illegal weapon and drug money.
Its about 100% total control of money flow. With this control they can control any purchase behaviour and manipulate any market and any price and any stock and any bond.
Only approved terrorists will be able to buy materials for bombs, travel abroad, etc.
Since humans first discovered the sheer delight of separating themselves into “haves” and “have-nots” there have been attempts to corral everything into the clutches of the “haves.” These ploys have worked sometimes, but not always. It seems to have always been the way that the bigger the reach, the bigger the failure.
I submit that their 11th Hour grab with CBDCs will also fail. Remember how many in this very forum predicted that the COVID Passport system would place millions if not all into a digital prison? Didn’t quite happen did it?
“The difficult we do now, the impossible takes a little longer” saith the US Air Force. But even they refuse to tackle the flat out insane.
Do you know who will benefit most from the insane CBDC ploy? The ghetto dwellers, who already can lose everything – including their lives – to the machinations of police et al. And, guess what? Nothing digital needed to accomplish that!!!!!!!!!!
Go off-grid. Live in the wilderness. Be self-sufficient as is reasonable. Be part of a barter community. More folks than you think are doing just this. (PS Ida Akuen foresaw this.)
Or else live in your festering cities and suck it up. You don’t/won’t need cash. City dwellers, focus on defeating Zionism. Don’t pay for Israeli avocados with you plastic,
Do you wanna be poor with a big one or rich with a mini one. Your choice.
Truthfully, I may have boasted just a bit when I implied the central bankers didn’t already know my dick size. There really isn’t much of anything they don’t already know about us; so I admit I was being a bit rhetorically fanciful and I do apologize.
lol – that didn’t get the response you were expecting did it! You didn’t read the room at all. Pathetic trying to score points with a phony dichotomy (like we can’t care about murder AND cbdcs? We have to choose?). Even more pathetic to try and fail
Au contraire: my comment got the response I expected. I know this forum very well. And I know very well the mindset. And I know that anything that deviates from the acceptable ideology will be trashed.
However, there really are people on this planet who get their ideas from their own understanding of things rather than from a public trough.
It’s the CENTRAL BANK that is the enemy. Digital currency has it’s uses and it’s been around for years. De-centralising the economy is absolutely essential to stopping totalitarianism: without a total there can be no ism. Local independent banks are a viable alternative to slavery even though they are not strictlt utopian.
DeFi is a trap. Blockchain and DLTs in general are the backbone of Cyber-physical-social Systems to manage social organisms.
……………..
Catherine Austin Fitts is probably the most eloquent critic of CBDCs in the Covid sceptic sphere, yet she too has endorsed Kennedy unreservedly.
Why would anyone regard Kennedy as ‘sincere’ ? If they genuinely believe hims so, then they must think him sincere on his vies of Gaza, and be fine with his friendship and acquiescence to characters like Schmuley. Should we fear them ?
https://www.unz.com/article/fear-of-the-jews-and-the-jewish-god-of-terror/#comment-6485013
Can you point at any feasible other better candidate?
No I cannot.
I am not sure of your point in asking.
Did you read anything about Schmuley ? Are you in any way interested in the substance of my comment ?
Another mark against Kennedy’s supposed ‘sincerity’ from E Curtin:
‘I read in Life Undercover, a memoir by RFK, Jr.’s presidential campaign manager, daughter-in-law, and former CIA spy under nonofficial cover in the Middle East, Southeast Asia, and North Africa, Amaryllis Fox (Kennedy), that CIA work is “soulful work.” I didn’t know this. I thought its job was to spy, kill, and foment chaos for its Wall St handlers (with certain exceptions being some analysts who gather information). I recall former CIA Director Mike Pompeo saying, “I was the CIA director. We lied, we cheated, we stole. It’s – it was like – we had entire training courses. It reminds you of the glory of the American experiment.” Or as my friend Doug Valentine, an expert on the CIA, puts it, the CIA is “Organized Crime,” not a bunch of soul-force workers out to feed the hungry and clothe the naked.’
We have in Kennedy a candidate with a CIA handler as campaign manager who cosies up to blatant, genocidal supremacists. This is the ‘alternative’ radical candidate, the one that this article regards as ‘sincere’.
So you use your own and our time to raise your finger and point out all the failures, errors and dark spots everybody have without pointing at any preference.
Politics is the art of the feasible. Politicians have to talk with everybody and any influential group to get hold of the overall situation.
So my point is you dont have a grip of the basic situation.
Many would say that Kennedy (and Trump and Biden) are wasting your time, not me. I get it that you believe in Democracy TM, but many would say that it is simply not feasible to enact any real change of course for the US or by extension the Western world through the cartoon on electoral politics in 2024. We live in a kind of tyranny whereby demands of “well who would you vote for instead?” are laughably meaningless.
My comment followed on from that of Mastershock. Can we say that Kennedy is ‘doubtless sincere’ about CBDCs (or anything) ? Information suggesting so, or suggesting otherwise contributes to political debate and I thought that was the purpose of the BTL comment section,
I don’t have a US vote, but in my next election I will deface the paper as an act of de-legitimization.
It’s perversely exhilarating the way RFK Jr. is trashing the limited good that was attempted by and accredited to his ancestors.
I attribute it to a trashed sense of smell due to cocaine addiction. RFK Jr. has long since lost the ability to smell bullshit, or even just plain stinky shit.
Ha. Yeah. I have known people who have developed nose problems too.
I ‘smell’ no evidence of genocide in Gaza – RFKjr
(((blinders on)))
RFK doesn’t “smell” and geno cide in Gaza.
In the real world this is has been implicated for the last 15/20 years.
within the U.K, thoses really in need like British family’s or women in refugees (women only hostels) and disabled people.
thoses who have come out of long term hospital have had a living grant given to them as CBDC under the older banner still in play as funds allocated to be spent in a certain place only via a voucher system )( as the poor unfortunates are to stupid and will spent it on drugs or drink to be trusted with real money). thats the politicians words. You have a certain amount of time to spent it and it used to cost within the U.K up to £5 using a pay as you go phone to activate the living fund vouchers = CBDC.
USA has FOOD stamps.
#Oz the same.
Msm Alt media screaming CBDC is like Donald trump saying he was drained the swamp it all theater and they do not give a fuck.
were you been Msms alt media the last 15-20 years when the most venerable in society needed to have there story told.
All of a sudden your fake caring as it is now near your donation screams door.
Debt Monetization→ Runaway Inflation→Destroy Currencies → Impoverish Population → CBDCs
This is The Ruling Class, through central banks (debt monetization), deliberately causing runaway inflation (“problem”) to destroy their respective currencies, to impoverish the population/create desperation (“reaction”) at which point they’ll introduce CBDCs (“solution”).
Which is why every single government in the world implemented identical socially/economically destructive “public health” policies during the scamdemic and every central bank is in some phase of trialing CBDCs: to “build back better” (digital slave system) out of the wreckage.
The system of public credit, i.e., of national debts, whose origin we discover in Genoa and Venice as early as the Middle Ages, took possession of Europe generally during the manufacturing period. The colonial system with its maritime trade and commercial wars served as a forcing-house for it. Thus it first took root in Holland. National debts, i.e., the alienation of the state – whether despotic, constitutional or republican – marked with its stamp the capitalistic era. The only part of the so-called national wealth that actually enters into the collective possessions of modern peoples is their national debt. Hence, as a necessary consequence, the modern doctrine that a nation becomes the richer the more deeply it is in debt. Public credit becomes the credo of capital.
The public debt becomes one of the most powerful levers of primitive accumulation. As with the stroke of an enchanter’s wand, it endows barren money with the power of breeding and thus turns it into capital, without the necessity of its exposing itself to the troubles and risks inseparable from its employment in industry or even in usury. The state creditors actually give nothing away, for the sum lent is transformed into public bonds… the national debt has given rise to joint-stock companies, to dealings in negotiable effects of all kinds, and to agiotage, in a word to stock-exchange gambling and the modern bankocracy.
At their birth the great banks, decorated with national titles, were only associations of private speculators, who placed themselves by the side of governments, and, thanks to the privileges they received, were in a position to advance money to the State. Hence the accumulation of the national debt has no more infallible measure than the successive rise in the stock of these banks, whose full development dates from the founding of the Bank of England in 1694. The Bank of England began with lending its money to the Government at 8%; at the same time it was empowered by Parliament to coin money out of the same capital, by lending it again to the public in the form of banknotes. It was allowed to use these notes for discounting bills, making advances on commodities, and for buying the precious metals. It was not long ere this credit-money, made by the bank itself, became. The coin in which the Bank of England made its loans to the State, and paid, on account of the State, the interest on the public debt. It was not enough that the bank gave with one hand and took back more with the other; it remained, even whilst receiving, the eternal creditor of the nation down to the last shilling advanced. Gradually it became inevitably the receptacle of the metallic hoard of the country, and the centre of gravity of all commercial credit.
With the national debt arose an international credit system, which often conceals one of the sources of primitive accumulation in this or that people.
As the national debt finds its support in the public revenue, which must cover the yearly payments for interest, &c., the modern system of taxation was the necessary complement of the system of national loans. The loans enable the government to meet extraordinary expenses, without the tax-payers feeling it immediately, but they necessitate, as a consequence, increased taxes. On the other hand, the raising of taxation caused by the accumulation of debts contracted one after another, compels the government always to have recourse to new loans for new extraordinary expenses. Modern fiscality, whose pivot is formed by taxes on the most necessary means of subsistence (thereby increasing their price), thus contains within itself the germ of automatic progression. Overtaxation is not an incident, but rather a principle.
– Karl Marx, Capital Volume One, Chapter 31, Genesis of the Industrial Capitalist
The oligarchy engages in the kabuki theatre of electoral democracy to gain control of the nearly limitless spigot of public wealth. Even if this wealth dries up, it can always drown the nation in usurious debt.
A ‘carrot’ to get the public warmed-up to the idea of CBDC – other than UBI which I mentioned in another comment – is the idea of running CBDC parallel to the current currency paper currencies.
There have been proposals to penalise holders of bank deposits with a negative interest rate (minus 3-5 percent p.a). This idea was to encourage the public to switch their dollars, euros, pounds et al to CBDC’s.
It was recognised that this could cause bank runs as people would withdraw the deposits in cash from their banks. Therefore, it was decided that this could only work if cash was outlawed or penalised heavily. Then anyone with bank deposits in the current system, would only be able to spend it digitally, pay high fees for cash or switch to the CBDC to avoid the penalties.
Of course, another method to incentivise CBDC usage could be to offer interest to CBDC deposits while offering less or zero to those of the current system.
The 2019 IMF article below proposes a cash and e-money dual system, using negative interest rates to “promote spending” and “stimulate the economy”. Although, it does not mention CBDC specifically, it is easy to see how the e-money proposed could be CBDC.
https://www.imf.org/en/Blogs/Articles/2019/02/05/blog-cashing-in-how-to-make-
negative-interest-rates-work
Overall, to me at least, it seems that the switch to CBDC will use nudge techniques, incentives and be undertaken using a softly, softly approach.
However, this would change to a ‘stick’, if there was a controlled demolition of the current financial system and the only alternative offered was CBDC. Take it or leave it….
Global currency is coming.
It is. And I wonder from among the gargantuan wealth of human ideas which ‘classic’ established, or otherwise high point in human intellectual output saw the inevitability of a global currency?
I mean I have a hard time seeing the worth to mankind of western cultural behemoths (moby dick etc.) which have so ill prepared mankind for his inevitable? destiny?
Solari Financial Transaction Freedom and CBDC Video Shorts: https://home.solari.com/solari-cbdc-video-shorts/ and direct link to the videos: https://live.solari.com/w/p/fB7tHdYRypjkPvZSxvEUBU
Cross Border Payment A Vision for the Future – Agustin Carstens, BIS General Manager: https://live.solari.com/w/p/fB7tHdYRypjkPvZSxvEUBU?playlistPosition=1&resume=true only 56 seconds, yet makes it clear that it is all about control.
CBDC Neel Kashkari President of the Minneapolis Federal Reserve, I Can See Why China Was Doing It: https://live.solari.com/w/p/fB7tHdYRypjkPvZSxvEUBU?playlistPosition=2&resume=true
Deputy Managing Director at the IMF on Bank Digital Currencies for Financial Inclusion: https://live.solari.com/w/p/fB7tHdYRypjkPvZSxvEUBU?playlistPosition=3&resume=true
Richard Werner Excerpt CBDC, Central bankers want to chip you: https://live.solari.com/w/p/fB7tHdYRypjkPvZSxvEUBU?playlistPosition=4&resume=true
Richard Werner on CBDCs: How They Prepare You To Be Their Slave – Solari Report (1): https://live.solari.com/w/p/fB7tHdYRypjkPvZSxvEUBU?playlistPosition=112&resume=true
Solari Report: Use cash on Friday.
That will teach Wall Street, BIS and the whole gang of Big Banking, IMF, WEF, IBRD, ECB, Rothschild a thing.
Not the prime driver behind CBDCs (which is control) – but increased indebtedness is usually in there somewhere as part of what they do:
https://time.com/6899688/why-we-spend-money-frictionless-transactions/
Remember that Canadian document that revealed a debt write-off was the intended sugar on the pill of owning nothing…
And this is particularly insidious about limiting cars:
https://www.wired.com/story/car-free-cities-opposition/?utm_source=pocket-newtab-en-gb
What’s insidious is that it gives a justification for ignoring people’s stated wishes (or democracy, as it was once called). There might be some case for abolishing cars in smaller and old cities – but that’s not what this is about.
I think it highly unlikely people will be offered a debt jubilee to accept not owning anything, even if it meant by accepting the jubilee, they would never be allowed to own anything in the future.
Much more likely is a monthly UBI of around $1000/€1000/£1000 (figures mentioned in white papers) offered to people but as a CBDC token. Effectively, a bribe that many will jump for, since it will be viewed as “free money”. This will accustom them to a CBDC with spending conditions and limitations attached.
They would probably be allowed to pay off their debts with this CBDC currency and if they fall behind with their debt payments, on secured loans (eg mortgages), the banks will repossess the asset.
This method will leave people struggling to survive but with hope, until they can no longer service their debts due to interest rate rises, job losses etc. and they lose the secured asset (eg house) eventually.
No, there almost certainly won’t be a debt jubilee. That ‘rumour’ is almost certainly a deception. The already stupendous scale of indebtedness is being run-up by governments at an accelerating pace. This seems to comport with David Rodgers Webb’s thesis of there being secured creditors waiting in the wings, ready to seize the assets – all the assets – when the governments finally admit to insolvency. Your own ‘ownership’ of ‘your’ property is a fiction sustained by a government that underwrites your tenancy while it continues to conceal the reality of their criminality and intentional financial delinquency. The day of facing up to that reality is coming, and the secured creditors will move in.
What a shock it will be to those who never suspected that they do not ‘own’ their house. Those of us who ‘own’ property are merely tenants of the Crown. We may well see the digital version of the enclosures.
Director of the Bank for International Settlements, Augustin Carstens, has apparently been stricken with a severe case of introversion, meaning that Carstens is careful about opening his big fat mouth in public regarding central bank digital currency (CBDC) slavery.
For those who’ve been living under a rock for the past four or more years, here’s Carsten (in October 2020), wacko transhumanist Nuval Harari and others casually spilling the beans on the dystopian future for humanity which CBDC conversion promises. Please ignore the reference at the end of the video to Donald “WarpSpeed Bioweapons King” Trump:
https://rumble.com/embed/v28jdbq/?pub=4
I will never forget that Carsten speech.
A man who visibly exudes at least two of the seven deadly sins: greed and gluttony.
He probably wishes instead of allowing words to spill from his mouth that day, that he was doing what he does best; stuffing pies into it.
Well at least he’s telling you exactly where you’re going to be with CBDCs.
Under Big Brother’s THUMB. (and Boot) No unpermitted activity without immediate punishment.
Instant withdrawal of your credit. (by them)