Subscribe for free to the America First Report newsletter.
Editor’s Note: I’m not one to say “I told you so” but many have lambasted me in recent months for predicting this would happen. They said I was just trying to scare people into moving their wealth or retirement to precious metals. In many ways I technically was, but not for the sake of fearmongering or self-promotion. I am completely convinced this is the right way to go, which can be verified by the fact that I did NOT accept precious metals sponsors until last year. I didn’t buy into them during the Trump era because they weren’t necessary. Today, they definitely are. Here are the details about the plans unfolding before us by Tyler Durden at Zero Hedge…
Never let a crisis go to waste. Or a market crash for that matter.
With equity and bond markets stuck in brutal bear markets and providing a sufficient distraction to what is happening behind the scenes, the Fed and a group of banks have been quietly preparing for the next stage in the “organized crash” pipeline: the rollout of CBSC.
According to a statement by the New York Fed, global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.
Citigroup, HSBC Holdings, Mastercard and Wells Fargo are among the financial companies participating in the experiment alongside the New York Fed, which will provide a “public contribution to the body of knowledge on the application of new technology to the regulated financial system.”
Bank of New York Mellon, the money-laundering bank of the world, HSBC Holdings, PNC Financial Services, Toronto-Dominion Bank, Truist Financial and U.S. Bancorp are also participating in the test, along with payments network Mastercard.
The project, which is called the “regulated liability network”, will allow banks to simulate issuing digital money representing their customers’ own funds before settling through central bank reserves on a distributed ledger, the New York Fed said.
The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.
“Programmable US dollars may be necessary to support new business models and provide a foundation to much-needed innovations in financial settlements and infrastructure,” Tony McLaughlin, managing director for emerging payments and business development at Citigroup’s treasury and trade solutions division, said in a statement Tuesday. “Projects like this, that focus on the digitization of central bank money and individual bank deposits, could be expanded to take a broader view of the opportunity.”
Earlier this month, Michelle Neal, head of the New York Fed’s market’s group, said it sees promise in using a central bank digital dollar (CBDC) to speed up settlement time in currency markets.
For years, Wall Street’s biggest banks have explored the use of blockchain in their businesses for everything from interbank payments to mortgages and cross-border trades. Still, this week’s move comes amid a rout in cryptocurrency markets following the collapse of Sam Bankman-Fried’s digital-asset empire last week.
In addition to weighing central bank digital currencies and compliant stablecoins, “there should be the option of leveraging the scale and economic value of bank deposits,” Raj Dhamodharan, Mastercard’s head of crypto and blockchain, said in the statement. The regulated liability network “is an innovative proof of concept led by the industry that could help shape how consumers and businesses view the credibility of token-based payments.”
The new network is meant to follow existing laws and regulations for deposit-based payments processing, including anti-money-laundering requirements. After the 12-week test, the banks will publicize the results, they said in a statement, though lenders “are not committed to any future phases of work” once the test is complete.
While the initial work will focus on simulating digital money issued by regulated institutions in US dollars, the concept could be extended to multicurrency operations and stablecoins, which are typically backed one-to-one by another asset such as the dollar or euro.
Don’t get caught unprepared as things go south. Order a case of five life-saving antibiotics prescribed directly to you by board certified physicians. Use promo code “RUCKER10” for $10 off. Having an emergency supply of antibiotics is crucial before the crap hits the fan.
Comments available here:
Yo, NoQ, land with the one main site already, this mirrored thing is tough to work with from a blogging perspective. The Daily Liberty is still linking to NoQ not America First, hence all the blog traffic. Perhaps consider an auto redirect sort of tool so you can just leave NoQ! as a place holder or something?
When it comes to digital censorship it’s not the web owners responsibility to navigate, but rather the users whom would review the content. So instead of chasing the digital dragon by his tail, push some more articles and general guidance HOwz Tozz SHarezLinks (dot) cOMz, and such. It’s tedious but is a skill everyone will eventually simply have to adopt, how to read a web link, copy it, clean it up so it works, yet bypasses the language recognition censorship tools and such.
Sorry big tech, censorship will never be as easy as typing in a web address you don’t want people to share. It’s like all these tech users have no clue how to program a modem or a router. A sad state of affairs for the power users of the world. People need to ditch the mobile tech and get back to high speed PC usage so they can actually take control and be power users. All the idiots of the world with cell phones, so self gratified like they know tech or something, they’re dummy toys for tiny minds. With over half of all internet users no longer even owning a PC, much less using them, we are losing the battle for internet control based on these consumer habits. The solution is not in always forming new sites or mirrored services, but rather promoting a classical wired high powered user in control personal computer experience, if accessing the internet through your ethernet. Cheers.
(FYI, thanks for cleaning up the name entry tiles to enter blog name and email, they’re working better now.) Perhaps you could auto mirror all reader blog entry content across all your mirrored sites? That’s a technical feat which would work well and nobody would miss a beat, you could have like 10 different landing pages which could always change, if you could pull that one off. Real time congruent blog entry mirroring across multiple mirrored matching content websites, to be precise.
Censor that! Gotcha again big tech. For every stupid move like shadow banning or site blocking or link blocking or whatever, there is a counter. Like I’m still lurking on twitter without ever needing a login. It’s an ad free experience, for real! All you do is click login, then click the back button. The method keeps changing but that’s what is working right now. Pick up someone elses written script line to block the annoying blue bar. It’s not rocket science. Think outside the box is all I’m saying. NoQ is much appreciated, had this site linked for a while now.