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Oh yes, now we see it… blame Putin, Xi, Covid, and anything else that moves – crash the existing system on purpose and attempt to create a new CBDC that will take out all of the US banks once and for all, to usher in a fully retail version of a CBDC where all entities have an account at a new central bank model with no intermediaries and where the state has total control over all programmable accounts.

Brilliant!!! – a one bank only model and a return to the utterly disastrous Soviet-era model where from 1922-1991 there was only one banking entity (Gosbank) in the entire country!
Well, that plan ain’t workin’ as the world at large, and even the utterly idiotic US Congress, know full well that CBDCs in the wrong hands (especially when a CB is totally owned by a cabal of bankster thieves) would be the end of humanity as we know it.

The automatic mortal fear of the term Digital Currency and CBDC is confusing and in some cases completely unwarranted simply because both these phenomena have already been with us for a long time.

In the Western sphere, an average of ~97% of the money supply is digital because it is created out of thin air when banks make debt-based loans – IOW (I only wish) this money never existed in the first place; it is not made up of leveraged deposits and neither is it borrowed from third parties or central banks, it is nothing more than a double entry on a ledger.

In the case of CBDCs, the scope and intent with which they are created are almost unlimited and can vary from being a completely benign and positive instrument for the country at large, right through to the most disastrous device that could ever be envisaged, and which in the wrong hands could enslave an entire nation.

A distinction also needs to be made between retail CBDC’s and those that operate through intermediaries such as the current model run by Wells Fargo and BOA. These models are legal because the customer doesn’t actually have a physical account with the Fed which would be constitutionally illegal anyway. (Having said that, the Fed itself is constitutionally illegal even though it has existed for 110 years)

Michael Hudson alluded to this in his most recent interview with Ania K. Indeed, the terms are so utterly vague and cover such an infinite array of possible scenarios that they are little more than distractions from the problems we face in moving into a new highly beneficial post-fiat global reality. This is what Michael said in that epic interview with Ania K …

“I can’t understand the details of how this digital currency can work so it’s just not my department. I can talk about the geopolitics of it all but I can’t talk about how electronically or which electronic form they’re going to use.
The fact is all banks right now are digital. I mean the money that you have in your bank account – all of this is kept digitally so I’m not sure what they even mean by digital accounts. It can mean whatever you want it to mean – so right now the word digital money remains to me meaningless.”

Michael Hudson

For the full article see the comments in the link to Amarynth’s awesome site in Costa Rica…


P.S. Remember that the Fed’s charter prohibits it from offering retail accounts to all and sundry. Congress would have to approve this change and the Crash Test Dummy would also have to sign off on it too (the easy part!).

And the good news – it ain’t gonna happen because there is now massive bi-partisan congressional opposition to the concept of retail CBDC’s – I should have led with that statement and maybe that would have encouraged more people to read this hypothesis.

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