CBDC – Faster Than You May Expect

Recently this blog warned of persecution coming via Central Bank Digital Currency (CBDC).  This will make the Respect for Marriage Act look like protection of religious liberties. . . which it is NOT!  In a previous blog I noted how President Biden authorized any and all government agencies with a vested interest in a CBDC to explore “the actions required to launch a United States CBDC if doing so is deemed to be in the national interest.”

When did a government ever invent a program that it then dumped?  Just search for “obsolete federal programs still on the books” in a search engine and watch the boondoggles your computer will find!

So now, just eight months after executive order 14607 was signed, the NY Federal Reserve is rolling out a test of these actions.  “The Federal Reserve Bank of New York and major banks will launch a three-month test of a digital dollar in hopes of studying its feasibility.”  (The Washington Examiner)

“Citigroup, HSBC Holdings, Mastercard, Wells Fargo, [BNY Mellon, PNC Bank, TD Bank, Truist, and U.S. Bank] are the [nine] financial companies participating in the experiment alongside the New York Fed’s Innovation Center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.”  (Reuters)

The U.S. dollar will be represented as tokens and transactions will be settled through simulated central bank reserves on a shared multi-entity distributed ledger.  This pilot will be conducted in a test environment and the participating parties have stressed that this experiment is not intended to advance any specific policy outcome or hint that the Fed is planning to make any big decisions about a central bank digital currency in the near future.  😉 Wink, wink, “I’m from the government and I’m here to help.” 😨 (Ronald Reagan)

As noted, the US is behind the curve of other countries, so much so that there is discussion about whether the dollar is becoming less important in international transactions.  If we fall behind advancing nations like China, India and …Jamaica (??😳) the dollar will lose its slot as the world’s reserve currency!  The rise of the Euro and China’s Yuan increasing presence in the global economy all feed into this idea.

China has tested its digital yuan in several provinces, and the currency is even available to users on the popular app WeChat.  It recently added four provinces to its list of regions for the CBDC trial.  Nigeria also launched a digital currency, the eNaira.  The governor of Nigeria’s Central Bank said it was responsible for more than $9,000,000 (in USD millions) in transactions in the past month.  Earlier this month, France, Switzerland, and Singapore jointly conducted a trial for their digital currencies, one of the first of its kind.  These cross-border trials are also an important agenda item in CBDC development as one of CBDC’s promises is to expedite international trade between financial agencies.

A news release referred to the experiment as a “proof-of-concept project” in which the largest banks in America will work with the Fed’s New York Innovation Center to simulate digital money representing the deposits of their own customers and settle them through simulated Fed reserves on a distributed ledger.

Of course, this is all for our own good: Safety, Security, Convenience!  Those are the three catch words that will be used to draw us in.  If you know you are not a bad person, but you enjoy convenience, it will be tempting to say to yourself, “I have nothing to hide.”  Are you living a “sustainable lifestyle” and helping to fight alleged climate change?  Do you support government views on race, abortion, marriage and even democracy?  Are you a team player?  If not, your participation in society may be affected.  Although financial institutions claim a digital dollar boosts speed and convenience, the real motives are surveillance and control.

This is exactly how the recent vaccines were rolled out, through coercive policies enforced, not just by governments but by their corporate partners.  John Kerry, at the COP27 conference in Egypt said that this is the model that can be used to enforce compliance with the sustainability agenda being pushed by the United Nations and its myriad partners in the private sector, headed by the World Economic Forum.

Once digital programable money is in place, you may not get to spend your money on certain things and may be limited to certain areas of commerce.  A digital ID will be required for everything!  Eventually, you will not be able to access any government or public services without that digital ID; you will not be able travel across national borders nor access healthcare nor the internet.  You will be required to prove your identity through a digital program containing your unique biometric markers, a thumb print or a facial scan.  Cellphones are already prodding us for this information.  Many new driver’s licenses require biometric markers.  Your face will be linked to a new digital CBDC account.  Without it, you will be locked out of the system – no job, no healthcare, no social security check, no buying or selling . . . nothing.

The World Economic Forum wants to achieve this by 2030.  After digital money backed by government is in place, cash can be all together eliminated.  In June 2020, many world leaders gathered to announce the launch of a plan to “reset” the entire global economy, a proposal ominously named the “Great Reset.”  Among the elites from around the world and powerful institutions that pledged their support for the Great Reset were the International Monetary Fund, the secretary-general of the United Nations, Prince Charles and CEOs from major international corporations.  A frequent mantra of The Great Reset is “equality of outcomes,” a concept foreign to democratic “equality of opportunities.”

“Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. …In short, we need a ‘Great Reset’ of capitalism.”  Klaus Schwab, the founder and executive chairman of the World Economic Forum, wrote.

New York Fed Announces Phase I Results of the New York Innovation Center’s Project Cedar – FEDERAL RESERVE BANK of NEW YORK

“The U.S. Federal Reserve has tightened the window for the launch of its FEDNOW instant payments platform to between May and July of 2023.  According to a press release, FedNow will be open to financial institutions of any size, allowing them to facilitate instant payments for consumers and businesses, giving customers immediate full access to funds. The platform is currently in pilot phase with more than 120 organizations participating, including lender U.S. Bank and payment processor Alacriti Payments among them.”  (Forbes)

Some people herald crypto-currency as the money of the future.  Its blockchain accounting system made it attractive to investors who valued privacy and speed of transaction.  Libertarians liked its independence from government or banks and saw it as a parallel system that would eventually replace modern monies.  But the joke’s on those who thought the privacy and independence from government were its salient features.  It will soon be Big Brother, more pervasive and intrusive than George Orwell ever imagined.

Once CBDC becomes the medium of exchange in our nation, China and others, it will be a short hop to a global cabal who will control our finances; one more step toward a global government.  All it will take will be a cataclysmic event more astounding than the recent pandemic, and One Man will come along with the rest of the solutions.  As Jesus warned His followers, do not “get ready.”  Rather, BE READY!  Christ-followers have nothing to fear, “For as the lightning comes from the east and shines as far as the west, so will be the coming of the Son of Man. Wherever the corpse is, there the vultures will gather.” (Matthew 24:27-18)