Tag: banks

Unification Of CBDCs? Global Banks Are Telling Us The End Of The Dollar System Is Near

World reserve status allows for amazing latitude in terms of monetary policy. The Federal Reserve understands that there is constant demand for dollars overseas as a means to more easily import and export goods. The dollar’s petro-status also makes it essential for trading oil globally. This means that the central bank of the US has been able to create fiat currency from thin air to a far higher degree than any other central bank on the planet while avoiding the immediate effects of hyperinflation.

Much of that cash as well as dollar denominated debt (physical and digital) ends up in the coffers of foreign central banks, international banks and investment firms where it is held as a hedge or used to adjust the exchange rates of other currencies for trade advantage. As much as one-half of the value of all U.S. currency is estimated to be circulating abroad.

World reserve status along with various debt instruments allowed the US government and the Fed to create tens of trillions of dollars in new currency after the 2008 credit crash, all while keeping inflation under control (sort of). The problem is that this system of stowing dollars overseas only lasts so long and eventually the consequences of overprinting come home to roost.

The Bretton Woods Agreement of 1944 established the framework for the rise of the US dollar and while the benefits are obvious, especially for the banks, there are numerous costs involved. Think of world reserve status as a “deal with the devil” – You get the fame, you get the fortune, you get the hot girlfriend and the sweet car, but one day the devil is coming to collect and when he does he’s going to take EVERYTHING, including your soul.

Unfortunately, I suspect the time is coming soon for the US and it may be in the form of a brand new Bretton Woods-like system that removes the dollar as world reserve and replaces it with a new digital basket structure. Global banks are essentially admitting to the plan for a complete overhaul of the dollar-based financial world and the creation of a CBDC-centric system built on “unified ledgers.”

There have been three recent developments all announced in succession that suggest the dollar’s replacement is imminent (before this decade is over).

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15 State Officials Warn Bank of America About ‘De-Banking’ of Christians

A group of 15 financial officials from 13 states sent a notice to Bank of America, raising concerns about the institution’s “de-banking” of Christians.

“We write to express our concerns over Bank of America’s troubling track record of politicized de-banking. Bank of America’s de-banking policies and practices threaten the company’s financial health, its reputation with customers, our nation’s economy, and the civil liberties of everyday Americans,” the officials wrote in an April 18 letter to Bank of America CEO Brian Moynihan.

“We are especially troubled by Bank of America’s track record of discriminating against religious ministries. Notable examples include Memphis-based charity Indigenous Advance Ministries, the Timothy Two Project, and Christian author and speaker Lance Wallnau.”

The letter was written by officials from Alabama, Arizona, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Nebraska, Nevada, North Dakota, Oklahoma, South Carolina, and Utah.

In April 2023, Bank of America shut down the account of Indigenous Advance Ministries, which partners with groups in the African nation of Uganda to provide care and education for orphaned and at-risk children. The bank closed accounts of a Memphis church that donated to the organization.

Bank of America provided “vague reasons” for the closure of these accounts, claiming that the organization’s activities exceeded the institution’s “risk tolerance” and that it no longer wanted to serve its “business type.”

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TYRANNY: Bank of America, USAA ‘Debank’ Conservative Election Fraud Attorney Dr. John Eastman

Two major banks have closed the accounts of conservative attorney John Eastman in retaliation for his advocacy against Democratic election fraud.

The Daily Caller reports that Eastman, who was recently disbarred by a left-wing judge in California over his efforts to expose massive fraud that marred the 2020 presidential election, had bank accounts with Bank of America and USAA closed without warning.

Eastman confirmed that he had already moved most of his money from Bank of America to USAA over concerns that the former was involved in leftist advocacy. Both of these accounts are federally insured and received massive taxpayer bailouts during the 2008 financial crisis.

Yet despite their links to the federal government, Eastman revealed that both of his accounts were closed within the space of two months.

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Nigeria’s digital prison has been built and the gates are closing

The digital ID, whose launch is supported by the Central Bank of Nigeria (“CBN”) and the Nigeria Inter-Bank Settlement System (“NIBSS”), will have payments and social service delivery functions and will facilitate access to other services including travel, health insurance information, microloans, agriculture, food stamps, transport and energy subsidies, just to mention a few, with payment and financial services being powered by a central bank pre-paid/debit/credit card scheme dubbed AfriGo.

Among other features, the digital ID card will have a machine-readable zone in line with the United Nations International Civil Aviation Organisation’s (“ICAO’s”) standards for biometric passports, a QR code that will contain the holder’s National Identification Number (“NIN”), and the possibility for face and fingerprints biometric authentication as the primary medium for identity verification through the data on the card chip, Biometric Update said.

Effectively, Nigeria’s new digital ID is linked to a person’s central bank account.  Nigeria already has a CBDC, the eNaira, which was launched in October 2021.  One of the reasons the eNaira was needed, it is claimed, was to increase financial inclusion by allowing those with a mobile phone but without a bank account to have access to the CBDC through their smartphones.

Smartphones are also linked to people’s digital IDs; the process has been far from voluntary.  In December 2023, companies offering telecommunications services in Nigeria were given a fresh order from the federal government to entirely block all phone Subscriber Identity Module (“SIM”) cards not linked to the biometrics-backed NIN by 28 February 2024.

Since April 2022, an order for the partial block of over 70 million SIM cards not linked to the owner’s digital ID has been in place. However, it is a one-way barring as only outgoing calls are not supported on such SIM cards. From 28 February 2024 therefore, all categories of SIM cards whose owners have not done the NIN linkage will be fully deprived of access to all call and data services, Biometric Update said.

For Nigeria, the totalitarian system of control – the perimeters of the electronic prison which will be used to restrict and control every aspect of people’s lives and the entire population – is now in place.

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Delaware Treasurer Promotes New Marijuana Banking Bill To Provide State-Level Protections

Delaware’s treasurer is promoting new legislation that would provide state-level protections to banks that provide services to licensed marijuana businesses.

The bill was filed by Rep. Ed Osienski (D) and Sen. Trey Paradee (D) in partnership with state Treasurer Colleen Davis (D). It comes amid mounting pressure on Congress to enact federal cannabis banking reform.

The Delaware measure is designed to clarify that banks, credit unions, armored car services and accounting services providers are not subject to state-level prosecution simply for working with cannabis businesses.

“This Act aims to facilitate the operation of cannabis-related businesses by helping to ensure that such businesses have access to necessary financial and accounting services,” the bill synopsis says.

Davis, the treasurer, said in a press release last week that “H.B. 355 will provide state-level legal protection, and a clear legal framework for banks, payment processors, and other financial service providers to follow.”

“It can also ease concerns about federal enforcement and regulatory compliance among these businesses—since it allows them to demonstrate to federal agencies that they’re following a clear legal framework, ultimately leading to a safer and more transparent marijuana industry,” she said.

A press release from Davis’s office also says that, in addition to providing the basic protections, the bill would effectively boost the economy, enhance safety and promote competition.

“Across the country, we’ve witnessed dispensaries and banks alike struggling with legal uncertainty surrounding financial and accounting services for cannabis businesses,” Osienski, the House sponsor, said. “This uncertainty not only undermines the operations of state-compliant dispensaries but also hinders their access to basic business functions such as access to banking, acquiring loans, or paying taxes.”

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House GOP Committee Urges Opposition To Marijuana Banking Bill, Saying ‘Gateway Drug’ Causes ‘Violence, Depression And Suicide’

A Republican House advisory committee is formally opposing marijuana banking legislation and a separate bill to remove past cannabis use as a disqualifying factor for federal employment and security clearances, while broadly criticizing the substance as a “gateway drug” that causes “violence, depression and suicide.”

The House Republican Policy Committee’s new marijuana report also says that Vice President Kamala Harris was “mistaken” when she said cannabis brings people “joy” as a 2020 presidential candidate, instead arguing that it is a “hazardous drug with short and long-term impacts.”

The guidance, which is meant to inform how the GOP caucus should approach marijuana policy issues, briefly describes the history of prohibition and the state legalization movement. It then makes the case that cannabis is a dangerous substance linked to mental health disorders such as schizophrenia, attributing that in part to “the high concentration of THC.”

The committee also cited questionable statistics to argue that state-level legalization is associated with increased violence. And it claimed that marijuana use causes workplace issues such as “decreased productivity, high unemployment claims, and lawsuits.”

“Instead of turning a blind eye to the dangers associated with marijuana and allowing states to have dispensaries on every corner, Congress should work to ensure that laws in relation to marijuana are enforced,” the guidance says.

It included two specific policy recommendations, stating that members should oppose the Secure and Fair Enforcement (SAFE) Banking and the Cannabis Users’ Restoration of Eligibility (CURE) Act.

That’s despite the fact that both measures enjoy bipartisan support, and certain members of the policy committee such as Reps. Tom McClintock (R-CA) and Nancy Mace (R-SC) have been vocal champions of marijuana reform. McClintock is signed onto the banking bill and Mace is the lead GOP cosponsor of the federal employment and security clearance measure.

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Western Banks Warn Against EU Plans To Give Russian Funds To Ukraine

Some Western banks are lobbying against an EU plan to use profits made by Russian central bank funds that are frozen in Europe to arm Ukraine, Reuters reported.

The European Commission has proposed sending up to 3 billion euros to Ukraine per year using the revenue. About 90% would go to a fund called the “European Peace Facility” that can be used to buy weapons for Ukraine, and the remaining funds would go to the EU’s central budget for other types of aid.

Russia has slammed the plan and has vowed to respond. “This is outright banditry and theft. These actions are a gross and unprecedented violation of basic international norms. We said that we would respond, and so we shall,” Russian Foreign Ministry spokeswoman Maria Zakharova said on Wednesday.

Sources told Reuters that banks fear they could be held liable by Russia in the future for being involved in the transaction. The report said once sanctions on Russia are eased or lifted, they could face decades of legal action.

The banks also worry the move would erode trust in the Western banking system. One source said it would set a bad precedent and that stealing the funds would amount to the “weaponization of foreign-held reserves and assets.”

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Federal Reserve Declares CBDC a “Key Duty” to Congress, Despite Public Statements Attempting To Downplay Its Focus

The Fed (US Federal Reserve, the central bank) does not appear to be one of those institutions whose word you could, so to speak – take to the bank.

Just as it is reassuring the public that it is not focusing on introducing a central bank digital currency (CBDC) in the country, the Fed has only recently been telling Congress that steps leading to a digital dollar are among its “7 key duties.”

This is according to Congressman Tom Emmer, who posted a document on X on March 14, explaining that his office received it as the Fed representatives were in Congress for a presentation.

What caused the alarm is the mention of Automated Clearinghouse and FedNow among the “key duties,” as these payment systems are seen as a way to move towards a CBDC.

It’s been two years since the US Central Bank first came out with a paper looking into this possibility, and is also linked with the Digital Dollar Project, so this should not be seen as controversial per se.

However, just one week before the presentation document Congressman Emmer was referring to when he posted, “If you don’t think the Fed is pursuing a CBDC, think again” – the Fed was in the Senate, where Chairman Jerome Powell told the Banking, Housing and Urban Affairs Committee that adopting or even recommending a US CBDC was a something that was “nowhere near (…) in any form.”

“People don’t need to worry about it,” Powell also said.

But people do, and that was true even before this latest development commented on by Emmer. The ability of the state to impose financial surveillance over the population – in the vein of what is already happening in China in earnest – is the main reason for this.

The most vocal opponents in Congress are Republicans, while former President Donald Trump, who is likely to run for office again later this year, has vowed to stop a US CBDC, describing it as “a dangerous threat to freedom.”

However, the Fed – despite its chair appearing to be convincing America that this “danger” is in no way imminent, has had highly positioned officials like Vice Chairman Lael Brainard push for it.

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JPMorgan To Roll Out Controversial Biometric Payments

America’s largest bank and one of the largest in the world, J.P. Morgan, is preparing to launch biometric payments next year and is currently carrying out pilot projects.

J.P. Morgan has chosen PopID – which verifies a person’s identity via facial recognition, among other methods – as the backbone for the project.

The massive financial corporation is clearly unwilling to be left behind the likes of Mastercard or Visa, who are both implementing biometrics-powered payments.

According to the bank, one of the first events where this was trialed was the Formula 1 race in Miami, and that was also the first time this happened at a Formula 1 venue.

The ultimate goal is to expand authentication based on individuals’ fingerprints, palms, and faces to anyone interested, but with a focus on stores, restaurants, and various event venues.

J.P. Morgan says this will be a faster and safer, as well as “personalized” way for customers to pay, while those with things to sell are promised higher turnover and improved customer loyalty, but also a centralized place to access transactions and marketing data, say reports.

And what’s in it for the bank, other than potentially amassing large amounts of biometric data? Merchants will have the opportunity to buy J.P. Morgan Payments tablets, though this will not be obligatory, but support and transaction processing fees will be.

In a statement, the bank revealed that it is betting on biometric payments as the industry is forecast to grow to 3 billion users and $5.8 trillion worth of transactions over the next two years. And the giant expects digital commerce to eventually cover online, mobile, and in-store checkout.

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Report: Federal Government Asked Big Banks to Surveil Purchases of VPNs and Gift Cards, Transfers to Crowdsourcing Sites

In January, the House Judiciary Committee sounded the alarm about the federal government asking banks to surveil transactions related to certain keywords, such as “MAGA” and “Trump,” as part of investigations into January 6, 2021 at the Capitol. But new documents obtained by the House Judiciary Select Subcommittee on the Weaponization of the Federal Government have revealed that the surveillance that was initially identified by the House Judiciary Committee in January was much broader than these early reports suggested.

The House Judiciary Committee’s initial letter about this financial surveillance revealed that the Financial Crimes Enforcement Network (FinCEN) sent several financial institutions lists of terms that it deemed to be indicators of potential violent extremism and suggested that banks use these search terms to flag suspect transactions. These lists included terms such as MAGA and Trump and also recommended searching for more generic terms, such as terms related to purchases of transportation and terms related to purchases of books (including religious texts) and other media that FinCEN deemed to be “extremist.”

These new documents, which were shared in a report titled “Financial Surveillance in the United States: How Federal Law Enforcement Commandeered Financial Institutions to Spy on Americans,” show that the list of terms FinCEN asked banks and financial institutions to flag was much wider.

In one document, FinCEN brands lawful activities, such as “frequent ATM withdrawals and wire transfers with no apparent economic or business purpose” and “purchases that appear excessive or unusual for hobbyist or other legitimate use,” as potential indicators of violent extremism.

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