How many billion disappeared with the FTX crypto currency disaster? There was a famous FTX Super Bowl commercial last February that said
Fortune favors the bold. Maybe it should have been
Have you ever seen tens of billions of crypto assets disappear overnight? How can something digital represent wealth preservation? It doesn’t folks; it’s just another speculation asset that investors buy because their friends are making money on it. Well, they were until they weren’t.
Major Banks Participating in the Digital Dollar Pilot Program
For close to two years now we have been talking about digital assets and digital money. We knew there would be a Central Bank Digital Currency or a Central Government Digital Currency. It was announced last week that the NY Fed launched a Digital Dollar Pilot Program.
Key aspects of this program include regulatory framework, scope, tokens, industry collaboration, results, and future plans. Besides the Fed we have BNY Mellon, Citibank, HSBC, MasterCard, PNC Bank, TD Bank, Truist, US Bank, and Wells Fargo participating in this digital dollar pilot program. You can be assured that we will see more to come in this war on our cash and our privacy. Where the financial system is headed is inevitable and we don’t like it one bit. The digital dollar program is a direct threat to whatever financial privacy and financial freedom we have left. In this article, we will go over what this digital dollar movement is all about.
The digital dollar system is a system of surveillance
Catherine Austin Fitts is the leading provider of research when it comes to digital dollars and the system that it will trap us in. She’s been doing it for over 20 years and much of her work is based on personal experience with the financial system. She has constantly stressed where our system is headed and how that impacts economic tyranny, lockdowns, cash, privacy, and control. With 87,000 new IRS agents on the job and armed, it looks like her scenario is playing out exactly as anticipated. The government wants to know everything we do when it comes to our money. The digital dollar system will make it much easier for our transactions to be monitored closely.
Financial freedom and financial privacy do not exist in a digital dollar system
Financial freedom is very important. Financial privacy is very relevant. In a digital dollar system, financial freedom and financial privacy do not exist. If you go to a restaurant and pay cash, no one knows you ate there. If you have to pay with an app, a card, or digital dollars, there is a record of you eating there. Is that data safe or will it be shared and sold to others? If the government wants to know everything, then cash needs to be removed from the equation. The Digital Dollar Pilot Program is one step closer to the elimination of our financial freedoms and whatever financial privacy we have left.
The digital dollar system will be an easy way to reset our buying power
The idea that our financial system and money will collapse is very real. When you consider hundreds of trillions in debt and quadrillions in derivatives, our financial system is like a house of cards. Would it be easier to reset the debt and our money when the system collapses if it is a digital system? The system would be easier to reset if it could all be done with the click of a mouse. This would be very similar to how easy it is to print trillions of dollars out of thin air. When the digital dollar crashes and then is reset, how much will our new money buy and what will it be worth? What if our money disappeared as the crypto assets did at FTX?
A safe system does not sound like it should be a digital system
Money should be trusted and safe. The system of our money should be transparent and efficient. People are rapidly losing trust in our money and the system. The White House policy objectives note that a
CBDC system should be secure and that it
should include appropriate cyber security and privacy incident management. To me, that sounds like our new digital system should be a disaster and should give the banking system and governments a much easier time to confuse and steal from us. Our data should be private but I can’t feel that it would be in this new digital system. How many billions were stolen from the government because of pandemic fraud? These people are going to develop and run a whole new financial system and we should trust that and all of our money in their new digital dollar system. No thank you. I think I will pull some of my money out of this system while I still can. I will do this before it disappears or before it becomes worthless.