Tag: digital currency

Fifty Shades of Central Bank Tyranny

The United States has had a Central Bank Digital Currency (CBDC) since the late 1990s—or possibly even as far back as the 1970s, depending on how you define it. Definitions matter. Just as the bestselling novel 50 Shades of Gray explores the complex dynamics of control and submission in a relationship, our financial system has evolved into what could be called “50 Shades of Central Bank Tyranny.”  

Each layer of our digital currency system peels back the seductive mask of freedom, revealing progressively darker shades of control. As we delve deeper, what seems like autonomy at first glance is only an illusion where more intricate and pervasive forms of dominance lay hidden, its grip tightening with every layer.

Our politicians work their sleight of hand by manipulating language itself to give a false impression, masking either a different intent or simply trying to gain the appearance of a victory with little or no actual underlying achievement. After all, the Patriot Act was anything but “patriotic.” The CARES Act, while sounding warmly empathetic, cared more about large multinational corporations than small businesses, about Big Pharma over American health, and above all, about the expansion of the surveillance state and protection of the censorship industrial complex over the liberty and free speech of the American people.

Just as 50 Shades of Gray reveals the intricate power plays in a seemingly consensual relationship, so too does our current financial system reveal its true nature as a digital dominatrix—one that has been steadily adding links to the chain of financial enslavement, tightening its grip on our autonomy for decades.

In this article, I will define what a Central Bank Digital Currency is by exploring its major categories. I’ll demonstrate that the US already operates with a form of CBDC, albeit without the flashy labels. I will also show that the Federal Reserve (the Fed) can introduce more dystopian elements into this system—such as programming restrictions on when, how, and where you can spend your money without requiring Congressional approval.

However, the fear of central bank control over your transactions is, in fact, a red herring. The real threat lies with our government, which has already perfected the art of surveillance. Adding programmability is just the next logical step. Ultimately, both Republicans and Democrats are steering us toward the same destination: total digital control. They may use different words and different propaganda, but their goals converge. While we can’t simply vote out of this predicament, we can opt out entirely.

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You Might Own Nothing Sooner Than You Think

Imagine a world where ownership is a distant memory, replaced by an eerie semblance of joy in dispossession. In 2016, Klaus Schwab, the enigmatic architect of the World Economic Forum, foretold a future whereby, in 2024, humanity would be stripped of its possessions, shackled in digital chains, yet deceived into a state of contentment. Initially dismissed as lunacy, we stand on the precipice of this harrowing reality; Schwab’s vision looms ominously over us, more prophetic than we dared to believe.

For decades, a clandestine cabal of technocrats has meticulously orchestrated our descent into digital serfdom. We sleepwalked into their trap and surrendered our rights and possessions to those who wield the power of the keystroke. In this brave new world, ownership is an illusion, and with a mere digital command, everything we hold dear can be seized.

This article unveils the sinister agenda behind the facade of progress. It explores the erosion of ownership through clickwrap agreements, the dematerialization of our assets into databases over the past few decades, the rise of Central Bank Digital Currencies (CBDCs), which threatens our control over money, and The Great Taking, which threatens our control over the rest of our non-monetary assets.

All is not lost, although, in a separate article, I will address that our salvation comes not at the ballot box but through our radical non-compliance. Technology can either be used to promote freedom or tyranny. I will discuss how we can adopt technologies to counter the digital slave system actively being developed by technocrats, thus guaranteeing our privacy, ability to engage in voluntary trade, and retention of our free will.

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‘Digital Euro’ To Be “Most Private Electronic Payment Option”; ECB Claims

The digital euro will be one of the most private forms of electronic payment, according do a data protection official from the European Union. 

On Oct. 2, 2020, the European Central Bank (ECB) released a report laying the groundwork for its central bank digital currency (CBDC), the digital euro.

The digital euro has been in its investigation phase since October 2021, during which ECB officials and bankers hypothesized about its possible design and purpose.

As of November 2023, the digital euro has entered the preparation phase, with possible legislative adoption expected by the last financial quarter of 2024.

If the ECB can stick to its roadmap, digital euro use cases could roll out by November 2025.

Despite still being in development, the digital euro is already facing resistance over privacy concerns.

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Digital Dystopia: Lessons from the Global IT Outage on the Perils of Cashless Living

As a global IT outage wreaks havoc on digital payment systems, mainstream media finally sounds the alarm on cashless society risks – but for truth-tellers like Sayer Ji, the warning comes too late.

The Growing Threat of a Cashless Society: Lessons from the Global IT Outage

In a startling shift, major British newspapers have begun highlighting the dangers of a fully cashless society following a widespread IT outage that crippled digital payment systems across the globe. This event has brought to light the inherent fragility of our increasingly digitized financial infrastructure and serves as a stark reminder of the vital role cash still plays in our economy.

The Chaos of Digital Dependency

On July 19, 2024, a content update by cybersecurity giant CrowdStrike caused millions of Microsoft systems worldwide to crash. As reported by Nick Corbishley for Naked Capitalism, this outage had far-reaching consequences:

“When a content update by the cyber-security giant CrowdStrike caused millions of Microsoft systems around the world to crash on Friday morning, bringing the operating systems of banks, payment card firms, airlines, hospitals, NHS clinics, retailers and hospitality businesses to a standstill, businesses were faced with a stark choice: go cash-only, or close until the systems came back online.”

This incident laid bare the vulnerability of our tightly coupled IT-based societies, particularly in the realm of banking and payments. The fallout was especially severe in countries like Australia, where cashless transactions have been actively encouraged by the government.

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Is this the end of 1p and 2p coins? Treasury orders NO new coins to be minted for first time amid decline in cash payments as officials consider scrapping coppers altogether

The Treasury has made no orders to the Royal Mint for new coins to be minted for the first time amid a decline in cash payments, with officials considering scrapping coppers altogether. 

No new 1p and 2p coins are expected to be ordered in the coming years with proposals being worked on to be put to ministers over the future of the coinage, reported the Evening Standard. 

If the coppers are scrapped it would be the first time a coin was taken out of circulation in 40 years when the half-penny ceased in 1984. 

The 1p and 2p coins’ future has been in a precarious state in recent years with Bank of England governor Mark Carney previously hinting they could be ditched as Britons increasingly move towards a cashless society. 

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The Real Reason Behind the Push for Digital Currencies and the Elimination of Cash

In recent years, there has been a noticeable shift towards digital currencies and the elimination of cash. Governments, banks, and tech giants all seem to be singing the same tune: the future is digital. But what lies beneath this harmonious chorus? Is it really about convenience and efficiency, or is there a deeper motive at play?

Control and Surveillance

One of the primary drivers behind the push for digital currencies is the unprecedented level of control and surveillance they offer. Unlike cash transactions, which are inherently anonymous, digital transactions can be traced, monitored, and recorded. This means that every financial move you make can be scrutinized. For those in power, this represents a significant advantage. It allows for the monitoring of spending habits, the detection of illegal activities, and the ability to track the flow of money with pinpoint accuracy.

With digital currencies, governments and financial institutions can gather a treasure trove of data. They can see where you shop, what you buy, and even your travel patterns. This data can be used to build comprehensive profiles of individuals and groups, providing insights into behavior and preferences. In essence, it offers a level of surveillance that was previously unimaginable.

Financial Control

Beyond surveillance, digital currencies provide a mechanism for enhanced financial control. Cash is tangible and can be stored privately, away from prying eyes. Digital currencies, however, exist in a realm where access can be controlled and restricted. This means that in times of economic uncertainty or political unrest, governments can exert control over digital funds in ways that are impossible with cash.

Imagine a scenario where access to your money could be limited or frozen with the click of a button. This could be justified under the guise of preventing crime, terrorism, or even managing economic crises. The reality is that it gives those in power an unprecedented tool to control the populace. In extreme cases, this could be used to suppress dissent or force compliance with governmental policies. Even more concerning is the potential for governments to cut off access to funds as a way to control speech. If you speak out against the government or engage in activities they disapprove of, they could simply restrict your access to your own money, effectively silencing you by limiting your ability to function in society.

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World’s Oldest Central Bank Keeps Sounding Alarm On Fragility Of Cashless Economies

At a time when the dominant narrative around cash is that its demise is all but inevitable, as well as broadly desirable, the 2024 payment report by Sweden’s Riksbank may offer a cautionary tale. 

In October last year, in More Good News for Cash in Europe, More Bad News for Digital Dollar in US, we reported that recent developments suggest that the trend away from cash and toward purely digital-only payment systems may not be quite as smooth or as seamless as some may have wished or expected. One of the developments we highlighted in that report was growing concern among central bankers and politicians in Sweden, one of Europe’s most cashless economies, about the unintended consequences of driving cash out of the economy:

Even by late 2020, Sweden had less cash in circulation than just about anywhere else in the world, at around 1% of gross domestic product, according to the latest available data. That compares with 8% in the U.S. and more than 10% in the euro area. As a recent piece in Interesting Engineering notes, Sweden is already “officially cashless”:

Cash is never needed, not even for small purchases like hot chocolate at a Christmas market in Stockholm. All vendors have a mobile payment chip-and-PIN card reader like the one offered by Stockholm-based mobile payments company iZettle, or they accept payments through the mobile application Swish. Swishing is perhaps the easiest way of payment for everyone.

The Risks of Going Fully Cashless

But now the country is beginning to realise that an almost exclusively digital payments system comes with significant risks, especially at a time of heightened geopolitical tensions. In time-honoured fashion, the article in the UK Telegraph began with a spot of fearmongering about Vladimir Putin.

“People started to realise that it is very easy for Vladimir Putin to switch everything off,” Björn Eriksson, a retired police chief, former head of Interpol and leading cash advocate, told the Telegraph.  “At first we were arguing for vulnerable people, the elderly, women in abusive relationships who rely on cash… Now we are talking about national security. And it’s not only Putin, it could also be organised crime.”

In 2021, the Riksbank, Sweden’s central bank (and the world’s oldest), introduced a new directive obliging the country’s six largest credit institutions to continue providing their customers with certain basic cash services.

But while that may have meant that people in Sweden can continue to access cash from their local branch, it is becoming increasingly difficult to use it as fewer and fewer retail businesses accept notes and coins.

This is partly due to the greater convenience of handling digital payments while the card processing fees are substantially lower than the US. But it is also because most Swedes, including many pensioners, prefer to use cards or mobile payments. As a baker in Stockholm told the Telegraph, “the only people who bring cash to the shop are tourists. I feel bad for them because they just take the krona home, where it is useless.”

But even that trend may be reversing. According to Eriksson, a growing number of young people are joining the pro-cash movement — and mainly over privacy concerns.

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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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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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RFK Jr. warns Americans ‘will be slaves’ if central bank digital currency is established

Democrat presidential candidate Robert F. Kennedy Jr. declared in no uncertain terms recently that establishing a Central Bank Digital Currency in the country will be “the end of freedom; we will be slaves if we allow that to happen.”

In a wide-ranging discussion at the University of Austin about freedom of speech and civil discourse, Kennedy said he didn’t “get” the connection between CBDCs and the loss of freedom of expression and other freedoms until he witnessed the Canadian trucker protest.

“The truckers in Canada were protesting the COVID mandates, the lockdowns, masking mandates, vaccination mandates, and others,” Kennedy began. “They started in Alberta. They picked up thousands of trucks as they drove across Canada to Ottawa.”

When they got to Ottawa — they were trying to petition Prime Minister Trudeau — and they were exercising a right that we all take for granted in this country: the right to assemble, the right to protest, the right to petition their government, and the government instead condemned them as right-wing fascists and racists, which if you look at the videos, they’re the opposite. Looks like Woodstock. They were delivering bottled water, they were cooking food for the poor, they were picking up garbage. There were musicians on every block.

It was really a beautiful thing.

However, the Trudeau government perceived the protesters to be an existential threat.

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