Tag: digital currency

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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The Sinister Links Between Jeffrey Epstein, CBDCs, & Bitcoin

The purpose of this article is to create awareness of the urgent threat of Central Bank Digital Currency (CBDC), to discuss and describe Jeffrey Epstein’s potential involvement in both funding CBDCs as well as his possible role in changing the underlying purpose of Bitcoin, rendering it unusable as a cash alternative for day-to-day transactions.

The article also provides a snippet from my book, The Final Countdown, which goes into detail and further provides practical advice for avoiding CBDCs. 

The CBDC Threat

Imagine a future where every dollar you spend is tracked – not by a bank, but by the government. This isn’t a distant sci-fi scenario; it’s a real possibility with the advent of Central Bank Digital Currencies, or CBDCs. These are not just new forms of money; they are potentially powerful tools for monitoring and controlling human behavior.

The concept is simple yet profound – a digital currency issued by the government that can be programmed with specific rules. For instance, your savings could be frozen if your online activities don’t align with governmental standards, or mandatory spending could be enforced to stimulate the economy. This level of control could extend to everyday choices, dictating the groceries you buy or the vacations you can access, all based on a digital scoring system.

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CBDCs are steeped in human rights abuses and are a new way to track citizens

Many people regularly use multiple forms of digital money.  We make digital payments using credit, debit, and prepaid cards, as well as mobile payment apps like PayPal.

It’s not just payments that have gone digital. Nearly every financial institution offers services – from savings accounts to mortgages – via mobile applications.

So, money is already widely available in digital form. The current system works so well that few people ever take the time to worry about whether the digital money they are using is a liability of, for example, Visa or a liability of their bank.

So why are governments considering implementing CBDCs?

Unlike the current system of digital money, with CBDCs, digital money would be a liability of the central bank. In other words, governments have the direct responsibility to hold, transfer or otherwise remit those funds to the ostensible owner. This feature creates a direct link between citizens and the central bank. And it is this feature that opens the door to so many human rights concerns when it comes to the adoption of CBDCs.

These concerns cover issues of financial privacy, freedom, stability and cybersecurity.  The Human Rights Foundation’s (“HRF’s”) CBDC Tracker website notes the following as the concerns regarding CBDCs:

  • Sweeping financial surveillance. Around the world, governments routinely pressure banks and other financial institutions to supply customer information. From Canada to Russia, this practice has become all too common. The difference between what is experienced today and what would be experienced with a CBDC, however, is that the financial records would be on government databases by default. In other words, a CBDC could spell doom for what little protection remains because it would give governments complete visibility into every financial transaction.
  • Restricting financial activity.
  • Freezing funds.
  • Seizing funds.
  • Imposing negative interest rates.  Proposals for CBDCs often tout negative interest rates as a benefit because it would offer policymakers “greater control” over the economy. For citizens, however, a negative interest rate amounts to a fine or tax for saving money.
  • Disrupting financial stability.
  • Disrupting cryptocurrency.  Globally, governments have demonstrated that they want a CBDC specifically to hold on to their monopoly over national currencies. For instance, China banned cryptocurrencies just as its CBDC was launched; India announced its plans for a CBDC while simultaneously calling for a ban on cryptocurrency; and Nigeria prohibited banks from cryptocurrency transactions just as it launched its CBDC.
  • Putting the economy at risk of cyberattacks.
  • Creating a new tool for corruption.

For additional information on concerns regarding the risks of CBDCs, HRF recommends the Cato Institute’s webpage titled ‘The Risks of CBDCs: Why Central Bank Digital Currencies Shouldn’t Be Adopted’ and report titled ‘Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths’.

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4th Generation Devastation: The West Has Been Targeted In A Cowardly Globalist Mind War

When I first encountered the concept of 4th Generation Warfare around 20 years ago I was studying the basics of propaganda and how it works. While the core issue is deeply disturbing on a number of levels I also found it fascinating – the ways in which governments and elitists have endeavored to control the masses while at the same time trying to avoid direct confrontation whenever possible.

With the advent of civilian populations armed with military-grade weaponry and familiar with the training required for combat, elitist groups realized (post American Revolution) that dominating the public with military might was no longer a sure bet. They had to engage in a new kind of warfare using psychological attacks until they could weaken and disarm the populace. The new system of oppressing was about mental coercion; to make people believe that the authoritarian ideal is inevitable.

One part of this strategy involves using economic leverage for social engineering. A hundred years ago it was more about banks creating an endless series of debt mechanisms and controlling the issuance of currencies. Today, corporate elites are expanding – they want to change the very nature of money through Central Bank Digital Currencies (CBDCs). By extension, they’re also trying to influence public behavior by attaching “social justice” ideology to economic participation through ESG.

In other words, if you want to have access to credit or money and have the ability to compete in the new “inclusive” marketplace, you will have to bow to the woke religion. If you refuse, your access to trade could be shut down completely, and you and your family could starve.

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UN & Bill Gates Launch “50in5” Global Digital Infrastructure Plans

Last week the United Nations Development Program officially launched their new initiative promoting “Digital Public Infrastructure” (DPI) around the world.

The “50in5” program – so-called because it aims to introduce DPI in fifty countries in the next five years – began with a live-streamed event on November 8th.

For those of you unsure what “Digital Public Infrastructure” is, the 50in5 website is quite clear:

Digital public infrastructure (DPI) – which refers to a secure and interoperable network of components that include digital payments, ID, and data exchange systems.

There’s nothing new there, for anyone who has been paying even the slightest bit of attention. Digital identity and digital payment systems are self-explanatory (and we’ve covered them before). “Data Exchange Systems” essentially means national governments will share identity and financial records of citizens across borders with other nations, or indeed with global government agencies.

The key word is “interoperable”.

As we have written before, the “global government” won’t be one single health care system, identity database, or digital currency – but dozens of notionally separate systems all carefully designed to be fully “interoperable”.

As well as being a project of the UNDP, UNICEF, and the Inter-American Development Bank, the 50in5 is funded by various globalist NGOs and non-profits including the Bill & Melinda Gates Foundation and (indirectly through an NGO called “Co-Develop”) the Rockefeller Foundation.

The eleven counties taking part in the program so far are Bangladesh, Brazil, Estonia, Ethiopia, Guatemala, Moldova, Norway, Senegal, Sierra Leone, Singapore, Sri Lanka, and Togo. A careful spread from every continent, including first, second, and third-world nations.

It is a list noteworthy for including NATO, EU, and BRICS members. Interesting implications on supposed “multipolarity” there.

In related news, on the exact same day the 50in5 program launched, the European Parliament and Council of Europe agreed on a new framework for a region-wide European Digital Identity (eID) system.

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EU Parliament Agrees on Digital ID Introduction and Pro-Censorship Chief Suggests CBDC Integration

The European Parliament (EP) and the bloc’s member-countries have reached a provisional deal on the digital ID framework, and now EU Commissioner for Internal Market Thierry Breton is reported as suggesting CBDC (central bank digital currency) integration should follow.

The provisional agreement on what’s known as the eID (European Digital Identity) regulation is being presented by the EU Council (that worked on the agreement together with the EP) as a safe and trusted option, and also one that “protects democratic rights and values.”

Opponents, like Dutch EP member (MEP) Rob Roos, took to X, though, to announce the news, and brand it as “very bad.” The reason, according to Roos, is that in the process of striking a deal the two EU institutions “ignored all the privacy experts and security specialists.”

Commissioner Breton wasted no time – perhaps on purpose, building on a momentum that was no doubt difficult to get going – to say that now that there is a Digital ID Wallet, “we have to put something in it.”

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G20 Announces Plan to Impose Digital Currencies and IDs Worldwide

The leaders of the Group of 20 nations have agreed to a plan to eventually impose digital currencies and digital IDs on their respective populations, amid concern that governments might use them to monitor their people’s spending and crush dissent.

The G20, which is made up of the world’s leading rich and developing nations and is currently under India’s presidency, adopted a final declaration on the subject over the weekend in New Delhi.

The group announced last week that they had agreed to build the necessary infrastructure to implement digital currencies and IDs.

While the group said that discussions are already underway to create international regulations for cryptocurrencies, it claimed that there was “no talk of banning cryptocurrency” at the summit.

Many critics are concerned that governments and central banks will eventually regulate cryptocurrencies and then immediately replace them with central bank digital currencies (CBDC), which lack similar privacy and security.

Indian Finance Minister Nirmala Sitharaman said that discussions are underway to build a global framework to regulate crypto assets because they believe that cryptocurrencies can’t be regulated efficiently without total international cooperation.

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Federal Reserve: desire for cash-like anonymity for digital assets based on ignorance

The Federal Reserve published a paper that explores various privacy strategies in digital asset ecosystems. A key point is that cash like anonymity is very unlikely in digital systems. Confidentiality from certain parties is the best to hope for.

It asserts the desire for cash-like anonymity is based on a misunderstanding of how digital systems work. Even with encryption, activity logs and audit trails leak small pieces of information. Of course, current versions of most public blockchains reveal an enormous amount of data which is easy to link to an identity by tracing wallets back to exchange onramps.

Although it may be true that anonymity is almost impossible to achieve in the digital realm, people desire it. While comparing digital systems to cash at a practical level, the paper doesn’t acknowledge the broad recognition that digital money will accelerate the crowding out of cash.

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Thailand’s Pheu Thai Party pledges to give citizens digital currency handout with 6-month expiry date, must be spent within 4km of home

The proposed ~$280 handout has all the hallmarks of a programmable CBDC, including expiry dates & geolocation-based restrictions: perspective

Thailand’s Pheu Thai Party says that once it came to power, it would give all citizens 16 years and older a handout of approximately $280 that could only be spent within four kilometers of their homes and would expire after six months.

In a move intended to both stimulate the economy as well as lay the foundations for a digital economy, the 10,000 baht (~$280) programmable handout would be sent to the digital wallets of each eligible citizen that had the application on their smartphone.

For those without the smartphone app, Pheu Thai Party deputy secretary-general Paopoom Rojanasakul said, “There would be no problems […] as they could use their national ID card to get a personal code instead,” the Bangkok Post reported.

“Rojanasakul, who is also the spokesman for its economic committee, said that a Pheu Thai-led coalition government in the making would implement the promised policy once it comes to power,” according to The Nation.

The proposed handout was originally announced in April, but it was put on pause after the Pheu Thai Party came in second in the May 14 election, but the policy was revived last Friday.

“The Pheu Thai party, which won the second-highest number of seats, will lead a government”“Thailand’s Pheu Thai Party Takes Control—But at a Long Term Cost,” Joshua Kurlantzick, Council on Foreign Relations

Thailand’s prime ministerial vote is expected to take place sometime between August 18 and 22.

According to Reuters, “Pheu Thai will nominate for prime minister Srettha Thavisin, a former real estate mogul with no political experience up until the election.

“To succeed, Srettha needs support from more than half of the joint lower and upper houses, an outcome far from certain.”

The Pheu Thai Party was the runner-up to the Move Forward Party in the election last May, and the two parties formed a short-lived coalition before splitting in July.

“With Move Forward now consigned to the opposition, it is almost certain that Srettha will be confirmed as prime minister,” writes Council on Foreign Relations (CFR) senior fellow Joshua Kurlantzick.

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Kenya Kicks Eye-Scanning Worldcoin To The Curb — Refuses To Become ‘Data Harvesting Guinea Pigs’

The Kenyan Ministry of the Interior last week suspended the controversial tech firm WorldCoin and any similar entities from operating in the country.

Co-founded by OpenAI’s Sam Altman, WorldCoin offers free crypto tokens worth roughly $50 to people willing to have their eyeballs scanned by a device called the Orb.

“Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities, the safety and protection of the data being harvested, and how the harvesters intend to use the data,” reads a statement from the Ministry issued last week.

Kenyan Cabinet Secretary Alfred Mutua was enraged over the technology, saying in a statement: “Let us support the stoppage of Kenyans being used as guinea pigs and their data being harvested.

“You have to ask yourself why your eyes are being scanned and information gathered. What does it mean and what will it mean to you and your offspring?“

Another CS, Kithure Kindiki, assured citizens that the government would undertake all measures to ensure public safety and the integrity of financial transactions involving so many citizens, according to Kenyans.co.ke.

Further, appropriate action will be taken on any natural or juristic person who furthers, aids, abets or otherwise engages in or is connected with the activities until the government deems WorldCoin is safe. 

Following the directive, police officers were deployed to disperse hundreds queuing at KICC, Nairobi for the exercise. 

The directive comes minutes after ICT Eliud Owalo had stated that the government was yet to kick out the international company as it had not broken any laws.

That said, WorldCoin technically hasn’t broken any Kenyan laws – which, we imagine, is one of the reasons it was rolled out there.

“There are security issues even though in relation to the current data laws, they have not breached anything. Our laws, regulations are not comprehensive,” said Owalo. “Within the existing legal framework today, there are no provisions in the law that the organisation has negated. However, there could be security and regulatory issues around it.”

In response to the ban, WorldCoin co-founder Alex Blania claimed that the company’s intentions are above board.

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