CBDCs: Financial Exclusion

Lalas

Lalas

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DavidSon said:
I'm here to read from KS., Lucy, OM, DR, RQ, Dalit, Morita, etc. the other women leaders and truth seekers at VC, not you. The revolution against bio-tech and the transhumanism agenda is from our sisters.
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Revolution for the purpose of Мatriarchy in the VC???

(I only have two threads and I won't try to dominate, i promise. I'm not in danger of an angry reaction, I hope.)
:D

P.S. And I've always liked Trinity more than Neo!
 
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Lalas

Lalas

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I propose to establish a movement "Sisters - women leaders of the VC against biotechnology and transhumanism".
I'm running for first member.
 
Lalas

Lalas

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Maldarker said:
Fiat currency is all but dead just waiting for the death nil. Going digital thats the wave of the future. So much easier to control & track... ;) And you know we are going to take it lol thats the crux.
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There will be almost no resistance. Digital currencies will be imposed on the same people as they have always been. (I don't want to use profanity to name them.) There was no" awakening "in" pandemic time, " nor could there have been, nor will there be. A very small number of people will dare to sacrifice their lives to stay out of the system. (I - certainly do; but I've never appreciated survival, so it won't be some kind of heroics on my part. It'll be interesting. In fact, to some extent, I am looking forward to the moment when they will begin to require an identifier for everything connected to digital money, etc., I will give up the internet, and sooner or later be left without the possibility of income, access to goods and services, stop eating if there is no other way. It'll be interesting.

Or maybe I'm just showing off and then obediently accept all the IDs and cbdc's in the world... :))
 
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DavidSon

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@Karlysymon these are two of the best writings on the SVB disintegration I've come across the last days. As Brandon Smith said (who I think you made me aware of, thanks again) there's been an avalanche of information related to the current economic/banking environment which I think is a great thing to help regular people wrap their head around what's occurring. The extreme measures taken by the central banks shows how close the global economy is to teetering off the debt tightrope:

https://alt-market.us/silicon-valley-bank-crisis-the-liquidity-crunch-we-predicted-has-now-begun/

Yes, The Latest Bank Bailout Is Really A Bailout, And You Are Paying For It

To share my childlike understanding of finance Smith is explaining that by raising interest rates last year (quantitative tightening) the world's central banks knew that Treasury Bonds (which something like 60% of SVB's holdings were based on) would lose their value and put extreme pressure on smaller banks. The central planners pumped the system with easy loans (near 0%) for two decades and then pulled the rug out from under these institutions by raising loan rates to 5 or 6% which is proven to be a death-nail. The destruction of small banks appears to be purposeful.

The article from the bro at Mises is very good and a broad analysis of the meaning behind the US FR's decision to create a new function called the "Bank Term Funding Program" (BTFP), which is unprecedented. Since the '08 meltdown we know the FDIC insures depositors up to 250 thousand; now they are guaranteeing all balances no matter how reckless their investments. The policy allows for both tightening (keeping interest rates high) while continuing quantatative easing on the side (offering liquid cash to insolvent banks). The FDIC only insures $100 billion, while the entire debt of combined banks is like $20 trillion! If the FDIC runs out of money they'll go to the Treasury (US citizens) to fill back up. In the end we are paying for these bailouts through the continued inflation of real goods.

How does this relate to CBDC's? I'm not sure. Obviously that's their end goal but in the immediate we could see more and more small banks swallowed by the big 5 "too big to fail" banks like JPM, Chase, etc. It's a further consolidation of power, which has never proven to be good.

One of my favorite videos the last month was an interview of Richard Werner (who invented the concept of QE) about the importance of small banks. Local banks are more accommodating to local development, as compared to the mega-banks we commonly refer to. Helen Brown is another one talking about public banking, how regular citizens can put our money together and divest from the transhuman/4IR agenda, really interesting possibilities:

 
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clambot

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I thought CBCDs were the stuff in those pot vaporizer things.

If you're not on Social Security yet, as am I, you will learn that you don't get paper checks any more (there are some exceptions.) You get a debit card called "direct express" from Comerica Bank. Works fine, EXCEPT, if you don't move the funds to a "real" bank, you won't have access to ALL of the funds. One cannot (for example) go to a cash store and get ALL of the funds. There's a limit on how much you can withdraw at once, and only a certain amount can be withdrawn within a certain time frame (e.g., only $700 per every 14 days.)

So, we're gettin' there, folks! Must boil frogs slowly lest they begin thrashing about!
 
Karlysymon

Karlysymon

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DavidSon said:
The destruction of small banks appears to be purposeful.

The article from the bro at Mises is very good and a broad analysis of the meaning behind the US FR's decision to create a new function called the "Bank Term Funding Program" (BTFP), which is unprecedented. Since the '08 meltdown we know the FDIC insures depositors up to 250 thousand; now they are guaranteeing all balances no matter how reckless their investments. The policy allows for both tightening (keeping interest rates high) while continuing quantatative easing on the side (offering liquid cash to insolvent banks). The FDIC only insures $100 billion, while the entire debt of combined banks is like $20 trillion! If the FDIC runs out of money they'll go to the Treasury (US citizens) to fill back up. In the end we are paying for these bailouts through the continued inflation of real goods.

How does this relate to CBDC's? I'm not sure. Obviously that's their end goal but in the immediate we could see more and more small banks swallowed by the big 5 "too big to fail" banks like JPM, Chase, etc. It's a further consolidation of power, which has never proven to be good.
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Yes, your assessment is spot on. There are statements in MSM that we can work with. I posted Klaus Schwab's comments in the class system thread and he was talking about restructuring which is now, obviously, under way. Yuval Harari, in conversation with Christine Largarde, also said something similar...that in the future everything will be monopolized....there'll just be one company that mines all the gold needed in the world,...
The World Economic Forum’s Klaus Schwab on What Lies Ahead
"There aren’t many people in the world who talk regularly to as many CEOs and world leaders as you do. What are you hearing and feeling about the economic outlook for ’23?

I wouldn’t relate it only to ’23. We are in a restructuring of the global economy. When you have a restructuring in a company, you write off the costs on your balance sheet, and shareholders are suffering and sometimes employees have to go. But when you have a restructuring of an economy, it bites into the purchasing power of the people. We should not look at the global economy with a crisis mindset and a short-term approach. We have to manage in a strategic way this transformation period, which may last three, four, five years and will be socially very painful."

Even though we are told that we will have accounts directly with the central bank, Josh Lipsky (below) does say that intermediaries are needed. Yes, all the small banks are going to disappear (and it's not just the banking sector that will be the sole subject of consolidation...it's health, agriculture, mining, tech etc) and just a handful of the big banks will remain...they'll probably snap up other institutions in other countries. Those big banks are likely the very ones that took part in the FED's digital dollar pilot program. They were 6, i think?

This consolidation seems to help the transition to digital money/reset. Your bank balance will be secured/guaranteed if your accounts are moved over to the big banks. Many people have implied that it won't be a violent transition...the aftermath though, that's a different story....the banks shut down for 2 days and you wake up with new money in your account.(I'd posted this video in the class system thread 17mins to the end where the financier says that). Then there's the FedNow/digital dollar payments thingy that launches in July...

Karlysymon said:
(6mins)

An important point raised is that if the FED, or any other central bank in the world becomes a "traditional" bank (in the sense of retail banking where we all have accounts), you cannot manage 330million customers, or in China & India's case...1+ billion customers. You cannot call up the FED at midnight complaining that you lost your password. Apparently, there's going to have to be an intermediary.
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Karlysymon

Karlysymon

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Karlysymon said:
https://twitter.com/i/web/status/1560688329741307904
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www.foxbusiness.com

Fed announces July launch of new FedNow system for live transactions

The Federal Reserve on Wednesday announced it will roll out a new FedNow Service that allows banks to process instant payments beginning in July and is looking for early adopters.
www.foxbusiness.com www.foxbusiness.com

finance.yahoo.com

FedNow is set to launch in July. What the instant payment service could mean for a digital dollar and stablecoins

FedNow’s ability to give customers of traditional banks instant payments detracts from one of the main draws of a central bank digital currency.
finance.yahoo.com finance.yahoo.com

But FedNow’s ability to facilitate real-time transactions and give customers immediate access to funds has the potential to supplant the benefits of a blockchain-based U.S. central bank digital currency.

Some have speculated this is part of the point.

Speaking before the House Financial Services Committee earlier this month, Fed Chairman Jerome Powell said the central bank was not close to releasing a U.S. CBDC. Still, referring to FedNow, he hinted at the time that “We’ll have real-time payments in this country very, very soon.”

Powell has implied that stablecoins could fit into the traditional banking system, but reiterated that more regulations and safeguards were needed for digital assets.

Another member of the Fed Board of Governors, Michelle Bowman, said last year, “FedNow addresses the issues that some have raised about the need for a CBDC.”

Edit

 
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Karlysymon

Karlysymon

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fortune.com

The expert who pioneered 'quantitative easing' has seen enough: Central banks are too powerful and they're to blame for inflation

Richard Werner, who coined "quantitative easing" back in 1995, looks back at how central banks got so powerful, and he says we should be concerned.
fortune.com fortune.com

"At the same time as the UK government imposed the first lockdown in March 2020, the Bank of England (BoE) issued its first major discussion paper (and held a first public seminar) about its perceived need to introduce a central bank digital currency. (It is noticeable how many central banks seemed spurred on in their plans for digital currencies by the COVID digital vaccination passport concepts that were advanced during the pandemic.)

Three years later and the BoE has published a consultation paper in conjunction with the UK Treasury that sets out “the case for a retail central bank digital currency”....

The conflict of interest is compounded as central banks set the policies that can make or break retail banks (see the recent failures of SVB and Signature Bank). Added to this, central banks seem to be favourably inclined towards big bank bailouts, while small banks are seen as dispensable.

Some countries – perhaps even the eurozone – could be left with a Soviet-style monobank system, where the only bank in town is the central bank. This would be disastrous: the useful functions of retail banks are to create the money supply and allocate it efficiently via thousands of loan officers on the ground across the country.

By contrast, the UK used to have hundreds of county and country banks, but they were all bought up by the major retail banks such that a century ago, the “Big Five” banks had become dominant – and have largely remained so ever since. Over recent decades, these banks have been quick to close local branches.

The European Central Bank, meanwhile, has declared it wants to reduce the number of retail banks – to date, 5,000 have disappeared under its watch. And in the US, some 10,000 banks have disappeared since the 1970s. It is the small banks that disappear.

Our empirical study of the US banking sector showed that big banks don’t want to lend to small firms. However, most employment in the economy is with SMEs, which our study suggests will only thrive if we have a decentralised banking system with many small, local banks.

In Germany, these local community banks have survived for more than 200 years because they use the co-operative voting system of one shareholder one vote. That system of “economic democracy” prevents takeovers and hence explains why the German SMEs are by far the most successful in the world, contributing significantly to exports and Germany’s high productivity.
 
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