by Iain Davis, Off Guardian:
In Part 1 we noted that “money” is no more than a medium of exchange. If we cooperate in sufficient numbers, we could create an economy based upon an entirely voluntary monetary system.
We don’t need banks to control our exchange transactions and modern Distributed Ledger Technology (DLT) has made voluntary exchange on a global scale entirely feasible.
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We contrasted the true nature of “money” with the proposed Central Bank Digital Currencies. CBDC is being rolled out across the world by a global public-private partnership.
What we call money is actually fiat currency conjured out of thin air by central and commercial banks. Even so, CBDC is nothing like “money” as we currently understand it.
Prior to the pseudopandemic, fiat currency circulated in a split-monetary circuit. Only commercial banks could access a type of money called “central bank reserves” or “base money.”
In late 2019, the global financial institution BlackRock introduced a monetary plan that advocated “going direct” in order “to get central bank money directly in the hands of public and private sector spenders.”
We discussed how the idea of putting “central bank money” directly into the hands of “private sector spenders” is precisely what that new CBDC based International Monetary and Financial System (IMFS) is designed to achieve. But CBDC will accomplish far more for the global parasite class than merely revamp its failing “debt” based IMFS.
If it is universally adopted, CBDC will afford the bankers complete control over the our daily lives. The surveillance grid will be omnipresent and every aspect of our lives will be engineered.
CBDC is the endgame and, in this article, we will explore how that game will play out.
If we allow it.
THE INTEROPERABLE CBDC EMPIRE
Contrary to the stories we are told, central banks are private corporations. These private corporations operate a global monetary and financial empire that is overseen and coordinated by the Bank for International Settlements (BIS).
The BIS does not come under the jurisdiction of any nation state nor intergovernmental organisation. It is exempt from all “law” and is arguably sovereign over the entire planet. As its current monetary system power-base declines, it is rolling out CBDC to protect and enhance its own authority.
While a “most likely” CBDC “platform” model has emerged, there is, as yet, no agreed single technical specification for CBDC. But, for the reasons we discussed previously, it is safe to say that no national model will be based upon a permissionless DLT—blockchain or otherwise—and all of them will be “interoperable.”
In 2021 the BIS published its Central bank digital currencies for cross-border payments report. The BIS defined “interoperability” as:
The technical or legal compatibility that enables a system or mechanism to be used in conjunction with other systems or mechanisms. Interoperability allows participants in different systems to conduct, clear and settle payments or financial transactions across systems
The BIS’ global debt based monetary system is “tapped out” and CBDC is the central bankers’ solution. Their intended technocratic empire is global. Consequently, all national CBDCs will be “interoperable.” Alleged geopolitical tensions are irrelevant.
The CBDC Tracker from the NATO think tank, the Atlantic Council, currently reports that 114 countries, representing 95% of global GDP, are actively developing their CBDC. Of these, 11 have already launched.
Just as the pseudopandemic initiated the process of getting “central bank money” directly into private hands so, according to the Atlantic Council, the sanction response to the war in Ukraine has added further impetus to the development of CBDC:
Financial sanctions on Russia have led countries to consider payment systems that avoid the dollar. There are now 9 cross-border wholesale CBDC tests and 7 cross-border retail projects, nearly double the number from 2021.
That this evidences the global coordination of a worldwide CBDC project, and that the BIS innovation hubs have been established to coordinate it, is apparently some sort of secret. China’s PBC, for example, is a shining beacon of CBDC light as far as the BIS are concerned:
[. . . ] improving cross-border payments efficiency is also an important motivation for CBDC work. [. . .] The possibilities for cross-border use of retail CBDC are exemplified by the approaches in the advanced CBDC project in China[.]
The People’s Bank of China (PBC) has been coordinating development of its CBDC cross-border payment system in partnership with the BIS via the m-Bridge CBDC project which is overseen by the BIS’ Hong Kong innovation hub.
Supposedly, the Central Bank of the Russian Federation (CBR – Bank of Russia) was suspended by the BIS. Apparently, it was also ousted from the SWIFT telecommunications system. We were told that this was a “punishement” for the Russian government’s escelation of the war in Ukraine. In reality, it is doubtful that the BIS suspension ever occurred, and the SWIFT sanction was a meaningless gesture. Developing interoperable CBDC’s takes precedence over anything else.
All we have to substantiate the BIS suspension claim is some Western media reports, citing anonymous BIS sources, and an ambiguous footnote on a couple of BIS documents.
Meanwhile, the CBR is currently listed as an active BIS member with full voting rights and no one, either from the BIS or the CBR, has made any official statement in regard to the supposed suspension.
The CBR’s cross-border CBDC development uses two of the three BIS m-Bridge CBDC models and it is testing its interoperable “digital ruble” with the PBC. Seeing as the PBC is BIS m-Bridge development “partner,” alleged suspension or not, there is no chance that the “digital ruble” won’t be interoperable with the BIS’ new global financial system.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides the world’s most pervasive encoded inter-bank messaging system. Both central and commercial banks, as well as other private financial institutions, use SWIFT to securely transmit transaction data.
There are a number of SWIFT alternatives. For example, the CBR developed its parallel System for Transfer of Financial Messages (SPFS) in 2014 which went live in 2017. Numerous Russian banks were already using the PBC’s China International Payments System (CIPS) long before any supposed censure by SWIFT.
CIPS was developed by the PBC in partnership with SWIFT. As a result of SWIFT’s “sanction” of the CBR, the PBC and the CBR then started collaborating in earnest on a potential CIPS based SWIFT replacement. If the stories we are told are true, SWIFT’s action appears to have been an empty act of self-defeating folly.
