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21 Mar 2021 09:24:18 UTC
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CBDC---Danny-Kruger-MP-,-Dr-Mike-Yeadon
https://t.me/DrMikeYeadon/2181
CBDC has no purpose other than granting to the centre the power to monitor and control every single financial transaction you make.
By control, I mean authorise or decline every spend, large or small, to anyone, a merchant, an employer / employee, a friend, a stranger in need.
It operates both ways: incoming transactions are similarly under central, individual control to authorise or decline. No one can give you money, either, that the centre doesn’t authorise.
There is no cash in this system, no anonymous & widely accepted unit of exchange.
So you can’t save, either, out of the sight and control of the centre.
Professor Richard Werner has many times stated that there are precisely no advantages for the citizen in CBDCs. It answers no question that you need addressing.
In any sane world, central bank digital currencies should be banned by law.
At present, you bank with entities that interact with your national central bank.
Transactions are authorised in real time but on the basis of very sparse information. The vendor presents your credentials as a prospective customer, asking only “Is this prospective customer good for this transaction?”
Exactly what the transaction is, your bank is not told. The retailer’s ID, the amount at stake & possibly the category of spend are, I believe, the only routine queries. Your bank will give authorization to proceed providing the query doesn’t throw up an alert.
Even then, there’s no real time central tracking nor is it possible, because your bank runs a nightly reconciliation only once every day.
This has operated for many decades.
Nothing would be improved by cashless CBDC and many things would permanently become frighteningly worse.
CBDCs by contrast interrogates the detail of every transaction in real time & includes physical location, exact transaction proposed (eg 200g of beef, a litre of milk, 50 lites of fuel, knows what else you’ve purchased (or attempted to purchase) and can be set, generally or personally, to authorise or deny any or all such transactions.
If government says you’re not to travel beyond a zone, your money won’t work at all outside that zone. If you’re permitted to but only 150g of beef once per week, that item above will be declined. If they don’t want you using the postal service, you won’t be able to purchase QR coded stamps. By the way, all such stamps have unique markers so when you post something, central authority knows it was you who sent it & if it wished to intercept such an item, that too can be set to happen totally automatically.
The central power can take to itself any limits it wishes. So if a law or regulation is passed limiting the maximum balance you can hold, it will automatically freeze amounts above that limit.
I can imagine very few control systems more oppressive and frightening than this, and unless we oppose it very vigorously, it will come into force and never be lifted.
Ways to oppose total control are distinctly limited, but are still better than doing nothing.
Stock up on durable items you’ll definitely use or could barter. Precious metals. Decentralised digital currencies. If your savings are substantial, consider exchanging some of it for durable variable assets.
Best wishes
Mike
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