CBDCs: Financial Exclusion

Karlysymon

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The Japanese yen is broken. It's skyrocketing inflation because they have unlimited printing for their bond market, however their bond yield is so low, .25%, it's being dumped. So the money printer has been running full time and the bond market won't stabilize. That's my layman's breakdown at least. More articles embedded in the zerohedge link.


Wonder if this will precede CBDCs and currencies rolling over by nessessity to a new system
From the article:
Finally, what happens if and when the yen careens off the fiat cliff, and domestic holders of yen-denominated savings flee into either dollars or cryptos? We will find out very soon.

I decided to find out if the BoJ is talking about a digital Yen.
Ofcourse it is! But i suspect that once the dollar crashes and loses it's reserve status, that will accelerate adoption in many countries. There's also a geopolitical aspect to all this...hacking your enemy's currency. Naturally, the solution to this problem of sovereign cbdcs will be that we all use a single digital currency.

"If China launches a digital yuan next year and Europe's central bank announces plans to issue a digital euro, that will have a huge impact on Japan and pile pressure on the BOJ."

That lukewarm stance may be put to test as Kishida has made economic security a policy priority, and framed questions around CBDC beyond finance into one of national security.

While G7 central banks generally agree on the need to counter China on issues around privacy, the case is particularly strong for Japan as lawmakers worry about the growing economic might of its assertive neighbour.
Some influential ruling party lawmakers see China's advances on CBDC as a potential threat to the dollar's status as a global reserve currency, and the financial dominance of Washington - Japan's biggest ally."


1655411688403.png
 

TempestOfTempo

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This clip from the WEF reveals the real & primary end goal of the inflation that seemingly plagues every country on the planet as of this moment. This plan and it's execution cannot possibly be something that was dreamt up "yesterday".
Manufacture shortages in a myriad of ways-->induce inflation-->then hyperinflation-->debase currencies worldwide-->propose digital currencies as a solution.
So it stands to reason that, especially for Western countries, CBDCs are already designed and ready for roll out, TPTB are just waiting for the right moment.


View attachment 75725 View attachment 75726
It's still a bit of a stretch that every country with a devalued currency will substitute it with a CBDC. I think another event will have to happen to ensure that there is worldwide adoption of (temporarily sovereign) CBDCs or an outright universal digital currency.
I wonder if some nations will look at that moment as an opportunity and try and implement their own fiat currency in defiance and as an attempted powerplay... sort of how England backed out of the Euro conversion at the last moment... and their pound is now valued higher that the Euro (at least it was lol, havent checked todays exchange rates).
 

TempestOfTempo

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The Japanese yen is broken. It's skyrocketing inflation because they have unlimited printing for their bond market, however their bond yield is so low, .25%, it's being dumped. So the money printer has been running full time and the bond market won't stabilize. That's my layman's breakdown at least. More articles embedded in the zerohedge link.


Wonder if this will precede CBDCs and currencies rolling over by nessessity to a new system
From the article:
Finally, what happens if and when the yen careens off the fiat cliff, and domestic holders of yen-denominated savings flee into either dollars or cryptos? We will find out very soon.

I decided to find out if the BoJ is talking about a digital Yen.
Ofcourse it is! But i suspect that once the dollar crashes and loses it's reserve status, that will accelerate adoption in many countries. There's also a geopolitical aspect to all this...hacking your enemy's currency. Naturally, the solution to this problem of sovereign cbdcs will be that we all use a single digital currency.

"If China launches a digital yuan next year and Europe's central bank announces plans to issue a digital euro, that will have a huge impact on Japan and pile pressure on the BOJ."

That lukewarm stance may be put to test as Kishida has made economic security a policy priority, and framed questions around CBDC beyond finance into one of national security.

While G7 central banks generally agree on the need to counter China on issues around privacy, the case is particularly strong for Japan as lawmakers worry about the growing economic might of its assertive neighbour.
Some influential ruling party lawmakers see China's advances on CBDC as a potential threat to the dollar's status as a global reserve currency, and the financial dominance of Washington - Japan's biggest ally."


View attachment 75747
A VERY in-depth analysis of the national bank/Fed Reserve scams and histories as well as examinations of the BoJ/Ministry of Finance and etc. history and current situation. Lots of info, but they connect and bring the picture into a much clearer focus...
 

Karlysymon

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I wonder if some nations will look at that moment as an opportunity and try and implement their own fiat currency in defiance and as an attempted powerplay... sort of how England backed out of the Euro conversion at the last moment... and their pound is now valued higher that the Euro (at least it was lol, havent checked todays exchange rates).
I wondered about that too which is why i added the comment at the bottom that it's abit of a stretch for everyone to go cbdc when currencies are eventually devalued. So i suspect that another event might be orchestrated to simply make "fiscal dissent" (as fiat) impossible. But as the WEF clip highlighted, barter trade will make a comeback...possibly even between 2 countries (say, if one has a cbdc and the other retains fiat)

I'll read your articles later on.
 

Karlysymon

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This clip from the WEF reveals the real & primary end goal of the inflation that seemingly plagues every country on the planet as of this moment. This plan and it's execution cannot possibly be something that was dreamt up "yesterday".
Manufacture shortages in a myriad of ways-->induce inflation-->then hyperinflation-->debase currencies worldwide-->propose digital currencies as a solution.
So it stands to reason that, especially for Western countries, CBDCs are already designed and ready for roll out, TPTB are just waiting for the right moment.


View attachment 75725 View attachment 75726
It's still a bit of a stretch that every country with a devalued currency will substitute it with a CBDC. I think another event will have to happen to ensure that there is worldwide adoption of (temporarily sovereign) CBDCs or an outright universal digital currency.
Looks like a hyperinflationary situation to debase the dollar is indeed coming. People just need to forget every excuse given in the media and realize what the end goal is. Again, in retrospect, while the "economic crash" warnings in alt-media were always there, it's inconceivable TPTB would have tried to pull all this off in 2012 or even 2017. The substitute system just wasn't ready....to say nothing of asset consolidation by behemoths like Blackrock.

1655666702942.png

Iam guessing that if mRNA breakthroughs circa 2010-2012 hadn't been realized, TPTB would have injected everyone the traditional chip.
 
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Karlysymon

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Many MSM articles maintain the narrative that the FED isn't so gung-ho about creating a cbdc, which seems to me to be a mind game with the American public, even though we know that the financial system is up for a reset.


"In its 40-page report, the Fed said a CBDC, which effectively combines the efficiency of cryptocurrency transactions with the safeguards of a central-bank-backed asset, could "fundamentally change" the structure of the nation's financial system by altering the roles of the central bank and the private sector.

The report, authored by the Fed's seven-member board of governors, states a widely available CBDC would serve as a "near-perfect" substitute for commercial bank money, so much that its implementation could reduce the amount of deposits in the banking industry—cash banks rely on to fund loans.

A small handful of lawmakers, including Sen. Pat Toomey (R-Pa.), have voiced support for a digital dollar in recent months, but the matter has yet to gain traction in Congress despite President Joe Biden reportedly punting the issue to the legislative branch in November."



I wonder why this guy -->Senator Pat Toomey, [the top Republican on the Banking Committee] was invited to the WEF this year. I need to confirm if he has anything to do with the "blackout legislation"...as in how the US economy emerges after a lights-go-out/cyber polygon situation.
1655740703816.png

1655740728385.png

If—or perhaps when—we witness a widespread cyberattack or a massive, cascading, economic collapse, U.S. leadership will have to prioritize which industries receive scarce government assistance to ensure that the U.S. economy continues to function. Industries must also have a plan ready to execute in the absence of timely government assistance.

Highlighting these new risks, the 2021 National Defense Authorization Act contains nearly 70 provisions meant to increase resilience of U.S. cyberspace. This includes a novel requirement that the federal government plan for Continuity of the Economy. This provision stems from a recommendation of the congressionally mandated Cyberspace Solarium Commission, which noted in its March 2020 report that such a plan will contribute to cyber deterrence by “demonstrating that the United States has the wherewithal to respond and remain resilient to a significant cyberattack.”
 
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TempestOfTempo

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I wondered about that too which is why i added the comment at the bottom that it's abit of a stretch for everyone to go cbdc when currencies are eventually devalued. So i suspect that another event might be orchestrated to simply make "fiscal dissent" (as fiat) impossible. But as the WEF clip highlighted, barter trade will make a comeback...possibly even between 2 countries (say, if one has a cbdc and the other retains fiat)

I'll read your articles later on.
Im interested to learn your takes on them both, but they are not exactly short reads lol
 

Karlysymon

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The BIS, an association of the world’s major central banks, dedicates a 42-page chapter in its "2022 Annual Economic Report" to laying out a blueprint for the future of the global monetary system. In that vision, there is room for only some of crypto’s underlying technical features, like programmability and tokenization, not for cryptocurrencies themselves.

“Our broad conclusion is captured in the motto, ‘Anything that crypto can do, CBDCs can do better,’” said Hyun Song Shin, an economic adviser and head of research at the BIS, during a press briefing on Monday.

In the BIS blueprint for future monetary systems, CBDCs play the role of stable digital currencies used in settlements, transfers and payments. But CBDC projects are still in early stages in most major economies, with China ahead of the curve with its digital yuan.

At the briefing, Shin responded with optimism to questions on his confidence in CBDCs and the progress made so far in BIS’ own experiments, noting that countries were choosing to issue CBDCs despite having robust payments systems.

“You know, India has one of the best retail fast payment systems in the world. It's called UPI. And it's led the way in actually showing the way on how these systems will actually operate. But India has decided to go to the final step and actually roll out a retail CBDC,” Shin said, referring to a CBDC that can be used by consumers for transactional purposes.
 

Karlysymon

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In a paper recently published by the Bank for International Settlements (BIS), Fabio Araujo, an economist at the Central Bank of Brazil (CBB) who is also responsible for the country’s central bank digital currency work, revealed that the monetary authority will have greater control over the population’s money once its CBDC is rolled out. Through the so-called Real Digital, the central bank will be able to halt bank runs and impose other restrictions on citizens’ access to money.

Real Digital, the digital version of Brazil’s national currency, has been debated at the central bank since 2015 and will have its first tests in 2023 through nine solutions presented by private companies during the recent Lift Challenge event that was carried out by the CBB.

However, unlike the cryptocurrency ecosystem in which users own their assets and no one can lock their operations, there will be a system to lock withdrawals in Brazil's CBDC.

Araujo points out that, at a given time and for various reasons, there may be a bank run where users wish to convert these tokens into the Real Digital, which would be guaranteed by the central bank. To avoid such bank runs, the CBB already provides "backstops and restrictions on the conversion flow to and from CBDCs."
 

Karlysymon

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And yet, 3 of the BRICS countries are pushing ahead with their own digital currencies (see articles above), likely to be backed by that reserve currency, i guess.
Im interested to learn your takes on them both, but they are not exactly short reads lol
I'll master a response when i've collected my thoughts on the subject matter :)
 

TempestOfTempo

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The BIS, an association of the world’s major central banks, dedicates a 42-page chapter in its "2022 Annual Economic Report" to laying out a blueprint for the future of the global monetary system. In that vision, there is room for only some of crypto’s underlying technical features, like programmability and tokenization, not for cryptocurrencies themselves.

“Our broad conclusion is captured in the motto, ‘Anything that crypto can do, CBDCs can do better,’” said Hyun Song Shin, an economic adviser and head of research at the BIS, during a press briefing on Monday.

In the BIS blueprint for future monetary systems, CBDCs play the role of stable digital currencies used in settlements, transfers and payments. But CBDC projects are still in early stages in most major economies, with China ahead of the curve with its digital yuan.

At the briefing, Shin responded with optimism to questions on his confidence in CBDCs and the progress made so far in BIS’ own experiments, noting that countries were choosing to issue CBDCs despite having robust payments systems.

“You know, India has one of the best retail fast payment systems in the world. It's called UPI. And it's led the way in actually showing the way on how these systems will actually operate. But India has decided to go to the final step and actually roll out a retail CBDC,” Shin said, referring to a CBDC that can be used by consumers for transactional purposes.
Yet, there will always be alternatives existing outside of the CB/WB machinations eh? Even if it just goes back to Ye Olden Barter system...
 

Karlysymon

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Looks like a hyperinflationary situation to debase the dollar is indeed coming. People just need to forget every excuse given in the media and realize what the end goal is. Again, in retrospect, while the "economic crash" warnings in alt-media were always there, it's inconceivable TPTB would have tried to pull all this off in 2012 or even 2017. The substitute system just wasn't ready....to say nothing of asset consolidation by behemoths like Blackrock.

View attachment 75929

"The collapse is engineered to create crisis conditions so frightening that they expect the majority of the public to submit to a collectivist hive mind lifestyle with greatly reduced standards. This would be accomplished through UBI, digital currency models, carbon taxation, population reduction, rationing of all commodities and a social credit system. The goal, in other words, is complete control through technocratic authoritarianism.

All of this is dependent on the exploitation of crisis events to create fear in the population. Now that economic destabilization has arrived, what happens next? Here are my predictions…..

....
Be Ready, It Only Gets Worse From Here On

It might sound like I am predicting success of the Great Reset program, but I actually believe the globalists will fail in the end. That’s not going to stop them from making the attempt. Also, the above scenarios are only predictions for the near term (within the next couple of years). There will be many other problems that stem from these situations.

Naturally, food riots and other mob actions will become more commonplace, perhaps not this year, but by the end of 2023 they will definitely be a problem. This will coincide with the return of political unrest in the US as leftist factions, encouraged by globalist foundations, demand more government intervention in poverty. At the same time, conservatives will demand less government interference and less tyranny."
 

Karlysymon

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It is now time for Congress to begin the process of considering and ultimately passing authorizing legislation for the issuance of a U.S. CBDC,” says a new report issued Wednesday by Congressman Jim Himes (D-CT), the first white paper (Himes Report on CBDCs) from a Congressman on the subject of a central bank digital currency for the United States. Himes, who serves as Chair of the Subcommittee on National Security, International Development and Monetary Policy, presided over a hearing in 2021 called ‘The Promises and Perils of a Central Bank Digital Currency’. It could be argued that his position as Chair of this particular Subcommittee puts the notion of issuing a CBDC squarely within his jurisdiction in Congress.

The white paper is very thoughtful and it could be inferred as a pitch to the rest of Congress to begin examining authorizing legislation from Congress for the Federal Reserve to issue a U.S. CBDC. The proposal points out how, “...the Fed would not proceed with the issuance of a CBDC ‘without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law’.”

The proposal attempts to answer whether CBDCs should have intermediaries who allow consumers to both accumulate and spend their digital cash. or whether CBDCs should be non-intermediated where the Fed would interact directly with the public. The proposal ultimately agrees with the Fed that a retail CBDC should be intermediated with private sector participants as intermediaries of a U.S. CBDC.

The proposal suggests that there be limits imposed as to how much one consumer can hold in a digital wallet.
Additionally, the proposal suggests that it not be possible for the Fed to pay interest on the CBDC. The reasons for these limits relates to avoiding CBDCs potentially pulling deposits from the legacy banking system as well as avoiding a negative interest rate imposed on digital wallets.

In terms of the types of digital wallets that individuals would posses to hold their CBDCs, the notion of an ‘account-based wallet’ is recommended by the Himes Report on CBDCs. The reason for this type of ‘custody regulatory’ structure as the report describes, would be for a, “strong user identification processes that require intermediaries to certify the identity of wallet holders.” The proposal notes this choice is opposed to a token-based structure, which involves verifying the authenticity of the digital asset rather than the wallet holder."
 

Karlysymon

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The leading candidate to become Canada's opposition leader says he would ban the country's central bank from issuing a CBDC.

Pierre Poilievre, who is competing to become the leader of the opposition Conservatives, is a strong supporter of digital currencies and blockchain technology.

The MP has said that the likes of Bitcoin are a way to "opt out of inflation" - an argument that has been dismissed by senior central bank officials.

The Bank of Canada has spent several years working with the country's commercial lenders to explore the creation of a DLT-based CBDC. Last year, it said that its work on a potential digital loonie has accelerated because of the Covid-19 pandemic and its impact on cash usage.

Nevertheless, the bank continues to insist that "no decision has been made" on whether to roll out a CBDC.

Poilievre has made clear that, as prime minister, he would prevent any such digital loonie, arguing that it would give government more power to oversee Canadians' spending as well as see the central bank compete with commercial lenders.

“A central bank digital currency would mean that Canadians would have their money deposited with the government rather than with a private financial institution, and that the central bank would then be in direct competition with commercial banks,” he told reporters in Ottawa.

Continued the MP: "A Poilievre government will ban a central bank digital currency and allow Canadians to have the economic and financial liberty that they deserve."
 
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Karlysymon

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Anybody remember the 2020 coin shortage? Ofcourse "they" weren't screaming about how expensive it is to mint coins a decade ago but now that the CBDC infrastructure is ready for roll out, they can make the "expensive" claim.


 
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