Originally published at: BRAZIL'S CENTRAL BANK DIGITAL CURRENCY CODE HAS SOME INTRIGUING "FEATURES"
This certainly has been a fascinating and, in some respects, entertaining week. For example, and in case you missed it, former Faux TV anchorman Tucker Carlson hosted a debate in Iowa featuring several of the bottom-of-the-card Republican presidential candidates who proved themselves to a man (and a woman) worthy of my epithet of Republithug… and…
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NEVER, EVER FORGET that ‘Vlad the Russian’ is the person addressing the BRICSA nations and will do so from an uninterruptable source. The Rusike’s know what the forlorn Western Alliance is planning, and not only have they made ‘plans’ for the ‘feeble’ attempts by the ‘usual suspects’, but they have more than likely planned a ‘surprise party’ for them.
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Well, I do understand the point made. But I have questions that rattle around in my brain for what that is worth. Have those powers that be thought of what will happen when the drug cartels are asked to accept digital so called monies? Cash makes the world go round whether legal or not. And all that cash no longer floating around to be laundered by Wall Street and whatever else? We will see. But I don’t think they can do it. They, whoever that are, can threaten. But do they have the stomachs to give up so much … Cash?
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I don’t think the BRICS Summit in August is going to announce an actual rollout of the currency; there’s just too many loose ends but it’s coming, Who will have central control of the currency? I cannot imagine Putin letting Xi have that control…I just can’t…IDK.
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All I know is that when Larry Fink and the other criminal Wall Street thugs start encouraging cryptos, watch out.
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This video does a great breakdown of how programmable money will work in a everyday scenario.
Sadly it uses the Bank of England as an example.
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Absolutely. Positively
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The BRICS agenda is expected to cover trade and investment facilitation, sustainable development, innovation, and global governance reform. However, one of the key points in this will be BRICS’s unique, and highly controversial proposition of a new, gold-backed currency. In other words, think of all the trade imports into the USA having to be paid for with a ‘gold backed’ currency instead of ‘Dollars’ that are ‘backed’ by nothing.
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Actually, it’s a bit more complicated than even that. As @Soupcommie pointed out, there is a basket of assets involved in addition to gold. Not sure how they end up working that out.
Meanwhile, G7 met and decided to use Infrastructure Plan (BBB struck down by Manchin) to create their own routes. Just saw that Macron has asked for invite to BRICS meeting in August so, could be minus one or more.
The burning continues…
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Right. Likely some sort of framework as in a basket of currencies has already been planned and developed, but with the details to be discussed in South Africa. Putin is giving the keynote address via telecommunications from an unknown location, but most likely from Russia.
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From the article cited in the blog post:
Pedro Magalhães, a noted blockchain developer and founder of tech consulting firm Iora Labs, announced later that he had successfully “reverse-engineered” the open-source code, exposing various functions. These included freezing and unfreezing accounts, adjusting balances, transferring currency between addresses, and generating or eliminating digital real from specific addresses.
This is no surprise – indeed, at least some of these things have been clearly and publicly stated as a goal of central-bank digital “currencies.”
An article published in the Vanderbilt Law Review in 2021, penned by Saule “Sticky Fingers” Omarova (a Bidenenko-régime nominee for head of the Office of the Comptroller of the Currency), comes right out and says it – a U.S. central-bank digital currency should have the ability to be instantly deposited into, or withdrawn from, people’s and businesses’ bank accounts based on all sorts of criteria, to be determined on the fly by the Federal Reserve and/or the U.S. government. In that article, disingenuously subtitled “How to Democratize Money and Finance the Economy,” one can read the following, among many other frightening tidbits:
In basic terms, the Fed will credit all eligible FedAccounts [central-bank-digital-currency accounts] when it determines that it is necessary to expand the money supply. . . . In the economic literature, this form of unconventional (by present standards) monetary policy is commonly known as “helicopter drop” or “QE for the people.”
Implementing a contractionary monetary policy by debiting FedAccounts, in turn, presents a different set of ex ante institutional choices aiming to minimize the economic and political fallout from what is likely to be perceived as the government “taking away” people’s money. This tool is to be reserved only for extreme and rare circumstances, when the Fed is unable to control inflation by raising interest rates and deploying its new asset-side tools, discussed below. [Or extreme and rare circumstances like a bad flu or trucker’s protest? -FiatLux] It is nevertheless important to have a mechanism in place for draining excess liquidity from these accounts with minimal disruption of productive activity.
[Source: Saule T. Omarova, “The People’s Ledger: How to Democratize Money and Finance the Economy,” Vanderbilt Law Review 74, no. 5 (2021): 1231-1300, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=%203715735. Quoted excerpts are from pp. 1259 and 1261, respectively.]
That’s just a fancy way of saying central-bank digital currency needs to be programmed so that money can be automatically put in and taken out of people’s accounts at the whim of the government or central bank.
Credit to John Titus for the nickname “Sticky Fingers”…
Sticky Fingered Fed Fanatic Omarova - the Wrong Kind of Bank Boss - YouTube
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Yes, you are technically correct that an actual rollout of a new currency is to be in the future. However, India’s foreign minister said in July 2023 that currencies would remain “very much a national issue for a long time to come”, While South Africa’s central bank governor Sooklal has pointed out that a common currency requires a banking union, a fiscal union and macroeconomic convergence. The BRICS nations have started a serious process that was expedited as a result of the conflict in the Ukraine that resulting in unilateral sanctions mostly aimed at the Ruskies,
More importantly, Sooklal said. “The days of a dollar centric world is over, that’s a reality. We have a multipolar global trading system today.” That could imply a new gold-backed currency, probably digital. Perhaps the biggest implication is having so many nations moving away from following the dangerous path the Brits, Americans, Canadians and European nations are planning, which is leading their citizens into ‘economic slavery’, and finally a total surveillance system.
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Correct on all, except possibly this one. It will be no different than the economic slavery already present and evolving, IMO.
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Good post, thanks for posting it.
On the other hand, [quote=“FiatLux, post:12, topic:15659”]
when the Fed is unable to control inflation by raising interest rates
[/quote]
Once upon a time that was my assumption too. But, after 35+ years of working indirectly for the Banksters it is the opposite. The Feds fully control the money supply, they also fully control the interest rates. The idea the ‘markets’ instigate changes in the economy is not entirely correct. The markets are basically being reactionary, so of course they do cause some impact.
The Feds have caused every major ‘boom and bust’ cycle in America by adjusting its ‘key’ interest rate either higher or lower, and of course since the Feds also control the supply of ‘money’, aka liquidity, it has immense monetary power. In other words when the Fed pumps more ‘dollars’ into the system, and at the same time lowers their ‘key rate’ for borrowing money then the money supply increases. When the Fed reduces the money supply, and raises the key rate there is always an economic contraction. So, the Fed instigates ALL ‘boom and bust’ cycles. Sure wars, weather, and natural disasters have played a part, but there have been Blogs on this site that have explained that.
Think of a bullfighter in the ring with a powerful bull. The bull can easily be controlled by a skilled, cunning bullfighter. But if the bullfighter makes a mistake, then the bull can gore and trample the bullfighter to death. Hopefully the ‘bullfighter’ in our situation makes a fatal mistake. All the best to you.
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Some agendas are put on a shelf before they die.
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@nidster No argument here. The “when the Fed is unable to control inflation” part was Sticky Fingers talking, not me.
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Sorry for the late response. I have been way too busy lately to check-in here. Also, sorry for not reading the author of that post more carefully, so thanks for keeping me on-track.
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Being so certain of these issues is a slippery slope of delusional thinking.
Knowing that you cant knwo is the only road to knowing.
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Really? Therefore Sweden’s deep involvement might be delusional as well?
I think people should be free to think and know what they will. If you like the other road, take it.
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