Moving forward with the Great Reset, the Federal Reserve has decided to get serious about the digital dollar by releasing a white paper to “invite comment from the public”. I’m your huckleberry, Feds! That’s just my game.
Money and Payments: The U.S. Dollar in the Age of Digital Transformation
20 January 2022
This paper is the first step in a public discussion between the Federal Reserve and stakeholders about central bank digital currencies (CBDCs). For the purpose of this paper, a CBDC is defined as a digital liability on a central bank that is widely available to the general public.
“Stakeholder”. Klaus Schwab’s favorite word to describe the ruling nobility of his neofeudal world order. So much for inviting the public to comment.
Background
…In 2019, the Federal Reserve committed to building the FedNow Service, which will provide real-time, around-the-clock interbank payments, every day of the year.
This is all the background you need to know: the American bankster system is so critically close to collapse that the Fed must be able to respond faster than anybody else in order to contain derailments.
And Gamergaters, heh heh.
The Deli-cious Fallout Of GameStopGate
But I digress
Today, Federal Reserve notes (i.e. physical currency) are the only type of central bank money available to the general public. Like existing forms of commercial bank money and nonbank money, a CBDC would enable the general public to make digital payments. As a liability of the Federal Reserve, however, a CBDC would not require mechanisms like deposit insurance to maintain public confidence, nor would a CBDC depend on backing by an underlying asset pool to maintain its value.
Let’s unpack this paragraph.
Federal Reserve notes (i.e. physical currency) are the only type of central bank money available to the general public. Like existing forms of commercial bank money and nonbank money, a CBDC would enable the general public to make digital payments.
We can already make digital payments, thanks. No CBDC will provide additional benefit to the general public. All we need is our money to stay where we put it.
What is the difference between your money and commercial bank money? Fractional lending. Bank money is meant to be lent at interest… not the money in your pocket. You don’t get to play their game, end-user.
As a liability of the Federal Reserve, however, a CBDC would not require mechanisms like deposit insurance to maintain public confidence…
Fractional banking is why those mechanisms are needed. If banks get their loaned money back, it’s private profit. If they don’t then the taxpayer aka “deposit insurance” repays them… socialized risk.
Which means the Feds are talking about abolishing deposit insurance and by extension, abandoning fractional banking practices entirely.
“…nor would a CBDC depend on backing by an underlying asset pool to maintain its value.”
So, we are only and exclusively talking about a fiat currency here.
While no decisions have been made on whether to pursue a CBDC…
We are men of banking. Lies do not… um, dong um unt… beckon us… BECOME US!
…analysis to date suggests that a potential U.S. CBDC, if one were created, would best serve the needs of the United States by being privacy-protected, intermediated, widely transferable, and identity-verified.
More lies! I cannot wait longer! Here’s what the CBDC *really* is.
Segue
‘Radical’ Biden nominee faces backlash from banks
h ttps://www.politico.com/news/2021/09/24/radical-biden-nominee-faces-backlash-from-banks-514189
By Zachary Warmbrodt, 24 September 2021
President Joe Biden’s decision to nominate Cornell law professor Saule Omarova to regulate the nation’s banks is triggering intense anxiety among the lenders and their Washington lobbyists and threatens to set off a bruising battle in Congress.
Omarova is more than just a finance industry critic — she has proposed essentially ending the banking industry as we know it by letting the Federal Reserve take on the deposit accounts of all Americans.
As an academic, Omarova has argued that the financial system is dysfunctional and needs a fundamental reevaluation to make it “more inclusive, efficient and stable.” Her solution — and the greatest source of angst among lenders because of what it reveals about her philosophy — is that the business of holding consumer deposits should be taken away from banks and run by the Federal Reserve.
Omarova said in a paper published in October that having Americans park their money at the Fed would allow the central bank to more directly and efficiently pull the levers of monetary policy by enabling it to credit individual citizens’ accounts when there’s a need to stimulate the economy. The system she envisioned would mark the end of the federal government’s backing of bank deposits and other subsidies, meaning it would also eliminate the “too big to fail” problem in which Washington bails out big banks when they hit the skids.
That’s exactly what I just covered… abolishing fractional banking entirely. THAT is what this CBDC is all about.
“Banks, in other words, will not be ‘special’ anymore,” Omarova wrote. “By separating their lending function from their monetary function, the proposed reform will effectively ‘end banking,’ as we know it.”
One cannot imagine that the existing banksters who have enjoyed the privatized profits of fractional banking for so long, would be happy about her nomination.
In a message sent to bank executives Thursday, [American Banking Association]’s Nichols said Omarova had expressed “radical views” on how to restructure the banking system. He said his organization was already working with national and state trade associations “to ensure that the senators who will consider this nomination fully understand Professor Omarova’s positions on these issues.”
“Many of Dr. Omarova’s statements raise serious concerns about how she would oversee the well-regulated, well-supervised banking system, protect consumers and work with an industry critical to financing the American Dream for families and small businesses,” Consumer Bankers Association spokesperson Lauren Bianchi said. “It is our hope these fundamental questions will be at the heart of any confirmation hearing in the U.S. Senate.”
Part of the industry’s calculation is whether it’s worth the inevitable political blowback banks would face by launching a public opposition campaign, with Omarova already facing a real risk of not being confirmed. She is likely to see universal opposition from Senate Republicans, and her confirmation will hinge on whether business-friendly Democrats are comfortable with her approach.
A ticklish position, wolves trying to “protect” the sheep from bears without the sheep noticing they get eaten either way. However, they were successful. Omarova has withdrawn. Per the NY Times via wikipedia, “Republicans had maligned her as a communist and not fit for the office due to her Soviet origins.“
Oh yes, that’s right. Do you remember that recent color revolution in Kazakhstan?
Omarova, a native of Kazakhstan who served at the Treasury Department under former President George W. Bush and worked as a lawyer at Davis Polk, did not respond to a request for comment.
What a small world it is! Bidenreich is neck-deep in Central Asia corruption. (So were the Bushes, it seems.) I seriously think that they found an ancient Babylonian temple built over the literal Gates Of Hell there and the Templars’ Seal can only be broken with the ritual sacrifice of one million virgins, or something like that. Why else is USA’s pedo-sociopath leadership fighting so hard over A-stan, K-stan and U-suck? My go-to explanation of ‘petrodollar’ is stretching thin… military operations there will cost us more than we’ll ever get back in oil.
End segue.
While Omarova herself was defeated, her ideas are, apparently, still being deployed by our poopy-pants Regime.
Privacy-protected: Protecting consumer privacy is critical. Any CBDC would need to strike an appropriate balance, however, between safeguarding the privacy rights of consumers and affording the transparency necessary to deter criminal activity.
Criminal activity such as a man earning more money than a woman at the same job? Criminal activity such as Christianity? “Private except the government is monitoring you” is the exact opposite of “private”.
Nothing is more private, financially speaking, than cash in the pocket.
Intermediated: The Federal Reserve Act does not authorize direct Federal Reserve accounts for individuals, and such accounts would represent a significant expansion of the Federal Reserve’s role in the financial system and the economy. Under an intermediated model, the private sector would offer accounts or digital wallets…
Or implantable microchips.
…to facilitate the management of CBDC holdings and payments. Potential intermediaries could include commercial banks and regulated nonbank financial service providers, and would operate in an open market for CBDC services.
“Intermediated” is not a benefit to the people. It’s the compromise being offered to the banking associations that shot down Omarova for demanding their wholesale replacement. This would let the banks operate as private-sector branches of the government… exactly the Fascist economic model.
Do you see yet, how this article is meant for “stakeholder” review?
Transferable:
You’d think this would be self-explanatory but hold this thought.
Identity-verified: Financial institutions in the United States are subject to robust rules that are designed to combat money laundering and the financing of terrorism…
Privacy will be dead in any form of digital currency.
Potential Benefits of a CBDC
TL;DR None for you!
Safely Meet Future Needs and Demands…
We already have that. Skip!
Improvements to Cross-Border Payments…
Still holding that thought. Skip.
Support the Dollar’s International Role
Boom, there it is! Let’s get realpolitik.
Another potential benefit of a U.S.-issues CBDC could be to preserve the dominant international role of the U.S. dollar. The dollar is the world’s most widely used currency for payments and investments; it also serves as the world’s reserve currency. The dollar’s international role benefits the United States by, among other things, lowering transaction and borrowing costs for U.S. households, businesses and government.
Not households, that’s a lie. Most are already impoverished.
Not businesses, that’s a lie. Most have already been offshored or rely on migrant labor.
GOVERNMENT. This is all for the benefit of GOVERNMENT. Specifically, their ability to “borrow” money into existence.
The dollar’s international role also allows the United States to influence standards for the global monetary system.
Time for that twice-held thought. Why does a digital dollar need to be fully transferable across borders? In order to serve as the basis for the global monetary system.
I don’t want my government to have that power. I don’t want anybody to have that power. I want NOTHING that would aid the Prince of Darkness in taking his throne over a united-in-Hell humanity. Maybe the unbelievers don’t know what’s happening but we Remnant Christians do and it makes starvation look like the easy way out.
Today, the dollar is widely used across the globe because of the depth and liquidity of U.S. financial markets…
Bullshit.
…The size and openness of the U.S. economy…
More shit!
…and international trust in U.S. institutions and rule of law.
BURN IN HELL YOU LYING BANKSTERS!!!
It is important, however, to consider the implications of a potential future state in which many foreign countries and currency unions may have introduced CBDC. Some have suggested that, if these new CBDCs were more attractive than existing forms of the U.S. Dollar, global use of the dollar could decrease–and a U.S. CBDC might help preserve the international role of the dollar.
A scare tactic to sell politicians on the idea of a ‘Murican Imperial cryptocurrency. If people stop using the dollar for a reserve currency then Bidenreich won’t be able to print trillions of dollars at the drop of a hat with minimal (domestic) inflation.
Operational Resilience and Cybersecurity
Threats to existing payment services–including operational disruptions and cybersecurity risks–would apply to a CBDC as well.
As well as what, they don’t say. Our existing system is already generally resilient against cyberattack thanks to distribution.
In my youth, we jokingly referred to Microsoft Outlook as Virus Transfer Protocol. When there were many parallel e-mail programs, viruses could exploit the bugs in some of them but never all. With standardization came vulnerability.
The idea of a CBDC being as resilient as physical cash or a blizzard of payment processors each with its own internal code, is ludicrous. By the time a CBDC is linked to a person’s identity and rigged with enough backdoors to track that person’s location and behavior, it’ll be as secure as Microsoft Windows. Which is not a compliment.
But not to worry! Once white nerd is extinct, Brahmin Hindoo will surely be up to the task of maintaining entire virtual cyberworlds!
Although securing CBDC would be challenging, a CBDC could enhance the operational resilience of the payment system if it were designed with offline capability (that is, if it allowed some payments to be made without internet access). Many digital payments today cannot be executed during natural disasters or other large disruptions, and affected areas must rely on in-person cash transactions.
That will never happen. No financial system can be 100% monitored AND have offline capability. Take a guess which one the Masters of the Universe will choose.
Which explains why the latest infrastructure bills have billions allocated to providing rural areas with high-speed Internet. It’s not for the benefit of rural people. It’s not even a pork barrel. It’s the infrastructure needed for the upcoming cashless society.
Seeking Comments and Next Steps
Wow, they weren’t even soliciting honest feedback. At the end of the paper, they ask specific questions to guide the “discussion between stakeholders”. Some highlights:
4. How might a U.S. CBDC affect the Federal Reserve’s ability to effectively implement monetary policy in the pursuit of its maximum-employment and price-stability goals?
Ah, price fixing. The Unholy Grail of Socialism. Note they didn’t ask if they should, they just asked how.
8. If cash usage declines, is it important to preserve the general public’s access to a form of central bank money that can be used widely for payments?
Hugs and kisses from the Panopticon people who value your “privacy”. “Is it important for Normies to actually have money?”
12. How could a CBDC provide privacy to consumers without providing complete anonymity and facilitating illicit financial activity.
Duuude, fork me with a spoon already! Just shut up about “privacy”! You aren’t gonna do it and everybody knows!
14. Should a CBDC be legal tender?
“Legal tender” means “cash”. Direct exchange. They’re asking if they should allow even the possibility of unmonitored transactions. To which the answer will surely be “no”, resilience be damned. Panopticon money is too valuable a control tool. Example:
16. Should the amount of CBDC held by a single end user be subject to quantity limits?
They’re already talking about wealth caps. You’re already not a person to them… you’re an end user.
The Plandemic was all about this. Not a disease. About control. About replacing prison with the government having the ability to tell your bedroom door that little Johnny doesn’t get to go out and play today. In return for submitting, they’ll let you buy a soyburger in the marketplace if your biomonitors say you haven’t been too flatulent. Gotta watch your diet and carbon footprint, y’know!
Central Bank Digital Currency is the ultimate monetization of the human soul. No privacy except for the people who run the system. No economic freedom except for the people who run the system. And those people think there’s too many of YOU still alive….
Surely, it will be better to die as a free man than to live as an END USER.