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CBDC Central Bank Digital Currency

Don’t Gaslight Me

Published

5 months ago

9 minute read

From the Brownstone Institute

BY 

No mention of excess mortality. No mention of the Forest of the Fallen. Nothing about the imminent WHO changes. Nothing about the dangers of Digital ID or the Misinformation Bill. Nothing about the risks of Central Bank Digital Currencies. Evidently the editor sees no “responsibility to our readers and to society in general” in respect of these issues.

An email from the editor of a major daily Melbourne newspaper has come into my possession. I won’t say how, since it might incriminate me as being part of a household that pays for a subscription. Let’s just say that it’s possible that the subscription was taken out using an email address that I have access to. Or something. The very first words of the email are:

As a subscription benefit, from today [masthead name redacted] editor [name redacted] will send you an exclusive analysis of the week’s most important stories each Friday. 

That’s what I call a ‘marmalade dropper,’ a statement so utterly preposterous that to read it over breakfast would cause such a fit of apoplexy that one would choke on one’s marmalade toast and drop it on the floor, for it to be consumed by the dog.

Luckily, I’d had breakfast already. Intrigued by this alleged ‘benefit,’ which might better be regarded as a ‘threat,’ I read on. The newish editor started off by quoting a former editor:

[Masthead redacted] “does certain things differently from other newspapers simply because … we’re not there as a means of simply passing a word from a mouth to an eye, we’ve a responsibility to our readers and to society in general.”

That is an unabashed endorsement of the practice of selecting and then framing the stories they deem fit to print, rather than simply reporting the bare facts. Then this:

Readers of [masthead redacted] want more than the kind of imitable journalism they can find on countless free-to-read news sites and unoriginal, uninspiring and sometimes unhinged publications.

The editor couldn’t resist, either through spite or an inferiority complex, a swipe at other news sites. Too gutless to name those he thinks ‘unhinged.’

It goes on:

…our readers want depth and quality, excellence and rigour. They want a publication with scruples that is willing to fight for its readers, its city, and hold power to account, without fear or favour. One that will doggedly pursue public interest investigations to shine light on the darkest parts of our society, but also celebrate Melbourne’s successes and be constructive and mature in its approach to difficult subjects.

“Fight for its readers?” Did it fight for those who were shot in the back with rubber bullets when Victoria Police corralled them at the Shrine of Remembrance? “Doggedly pursue public interest investigations?” Did they doggedly pursue the hotel quarantine fiasco? As I recall it was only Peta Credlin who had the guts to ask the then Premier any hard questions about this and other Covid crimes. Did they ever get to the bottom of who ordered the curfew? Was it the Premier, the Chief Health Officer, or the Police Commissioner?

“…be constructive and mature in its approach to difficult subjects?” What a string of weasel words that is! The translation is “ignore totally any concerns about vaccine safety and smear anyone who raises the issue.”

But there’s more. The email goes on to list the things they did talk about in the last 12 months. See if you can spot what’s missing.

…war crimes of Australia’s most decorated soldier, Ben Roberts-Smith. We promoted mature discussion about the future of Melbourne and its suburbs. We broke the news that the nation’s biggest plastic bag recycling scheme was continuing to operate even though its recycling function had collapsed, resulting in millions of bags being stuffed into warehouses across the country.

We exposed huge failings in the Department of Home Affairs across a range of stories that exposed a failure to prevent human trafficking and questionable payments of Australian taxpayer money to foreign officials. When we reported that the influential head of that department, Mike Pezzullo, had attempted to influence and cosy up to politicians, he was stood down pending an investigation.

We pored over every detail of the state government’s cancellation of the Commonwealth Games and exposed the shambolic management of that decision. We sent reporters to cover a war in the Middle East with huge emotional impacts on many in Australia, and indeed on domestic politics.

We led the coverage of one of the most extraordinary murder investigations in recent history. We’ve looked at the schools we send our children to and turned our attention to the burgeoning suburbs where Melburnians are increasingly choosing to live.

We fought for our readers’ right to know what is happening within the justice system, by opposing suppression orders and battling for access to court documents in the Magistrates’, County and Supreme Courts, all the way up to the High Court of Australia.

We’ve celebrated the city’s major events. We didn’t miss a beat during one of the great AFL seasons. We took readers inside the Lord’s Long Room at one of the most controversial moments in its history and we replayed the Bairstow dismissal as frequently as we possibly could.

What great stuff. Plastic bag recycling. Australian Rules football. Cricket dismissals. Phonics in schools. A reporter sent to a war zone. A spectator at the bankruptcy of third-world Victoria, epitomised by the cancellation of the Commonwealth Games and the Airport Rail.

There’s an enormous gaping hole in the coverage, just like there’s an enormous gaping space in the foyers of office towers all over the city, as the utter destruction of our once beautiful Melbourne echoes the utter destruction of lives and livelihoods caused by mask mandates, ‘social distancing’ and vaccine mandates.

Nothing about the morality of excluding people from daily society. No mention of excess mortality. No mention of the Forest of the Fallen. Nothing about the imminent WHO changes. Nothing about the dangers of Digital ID or the Misinformation Bill. Nothing about the risks of Central Bank Digital Currencies. Evidently the editor sees no “responsibility to our readers and to society in general” in respect of these issues. I’ll be waiting for an age, I think, to get that kind of coverage.

A final quote from the email is even more chilling:

You, our subscribers, made all this and more possible by supporting our journalism. And I can assure you, this is only the start of what we believe we can accomplish as a newsroom.

So what is it that they are only at the start of accomplishing as a newsroom? What is it, other than suppressing some stories and promoting others, that they want to do?

At least I don’t pay for this stuff. Oh, wait.

Republished from the author’s Substack

Author

  • Richard Kelly
    Richard Kelly

    Richard Kelly is a retired business analyst, married with three adult children, one dog, devastated by the way his home city of Melbourne was laid waste. Convinced justice will be served, one day.

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WEF panelist suggests COVID response accustomed people to the idea of CBDCs

Published on May 1, 2024

By

Central Bank of Bahrain governor Khalid Humaidan

From LifeSiteNews

By Tim Hinchliffe

When asked how he would convince people that CBDCs would be a trusted medium of exchange, Bahrain’s central bank governor said that COVID made the digital transformation ‘something of a requirement’ that had ‘very little resistance.’

Central bank digital currencies (CBDCs) will hopefully replace physical cash and become fully digital, a central banker tells the World Economic Forum (WEF).

Speaking at the WEF Special Meeting on Global Collaboration, Growth and Energy Development on Sunday, Central Bank of Bahrain governor Khalid Humaidan told the panel “Open Forum: The Digital Currencies’ Opportunity in the Middle East” that one of the goals of CBDC was to replace cash, at least in Bahrain, and to go “one hundred percent digital.”

Humaidan likened physical cash to being an antiquated “analogue” technology and that CBDC was the digital solution that would hopefully replace cash:

“I thank this panel and this opportunity. It forced me to refine my thoughts and opinions where I’m at a place comfortably now that I’m ready to verbalize what I think about CBDC,” said Humaidan.

If we think cash is the analogue and digital currency is the form of digital – CBDC is the digital form of cash – today, clearly we’re in a hybrid situation; we’re using both.

We know in the past when it comes to cash, central bankers were very much in control with all aspects of cash, and now we’re comfortable to the point where the private sector plays a big role in the printing of the cash, in the distribution of the cash, and with the private sector we use interest rates to manage the supply of cash.

The same thing is likely to happen with CBDC. Yes, the central bank will have a role, but at some point in time – the same way we don’t call it ‘central bank cash’ – we’re probably going to stop calling it central bank digital currency.

“It’s going to be a digital form of the cash, and at some point in time hopefully we will be able to be one hundred percent digital,” he added.

When asked how he would convince people that CBDC would be a trusted medium of exchange, Bahrain’s central bank governor said that people were already used to it and that COVID made the digital transformation “necessary” and “something of a requirement” that had “very little resistance.”

“Right now, many of our payments are digital. The truth is, I said that we’re in a hybrid model; there’s less and less use of cash,” said Humaidan.

I think from predominantly digital with a little physical, I think the transition to fully digital is not going to be a stretch.

People are used to it, people have engaged in it and certain circumstances did help. Its adoption rates increased because of COVID.

“This is where contactless started to become something of a necessity, something of safety, something of a requirement, and because of that there is very little resistance; trust is already there,” he added.

Meanwhile, European Central Bank president Christine Lagarde has been going around the world telling people that the digital euro CBDC would not eliminate cash, and that cash would always be an option.

Speaking at the Bank for International Settlements (BIS) Innovation Summit in March 2023, Lagarde said that a digital currency will never be as anonymous as cash, and for that reason, cash will always be around.

“Is it [digital euro] going to be as private as cash? No,” she said.

A digital currency will never be as anonymous and as protecting of privacy in many respects as cash, which is why cash will always be around.

If people want to use cash in some countries or in some transactions, cash should be available.

“A digital currency is an alternative, is another means of payment and will not provide exactly the same level of privacy and anonymity as cash, but will be pretty close in terms of complete neutrality in relation to the data,” she added.

A WEF Agenda blog post from September, 2017, lists the “gradual obsolescence of paper currency” as being “characteristic of a well-designed CBDC.”

Last year at the WEF’s 14th Annual Meeting of the New Champions, aka “Summer Davos,” in Tianjing, China, Cornell University professor Eswar Prasad said that “we are at the cusp of physical currency essentially disappearing,” and that programmable CBDCs could take us to either a better or much darker place.

“If you think about the benefits of digital money, there are huge potential gains,” said Prasad, adding, “It’s not just about digital forms of digital currency; you can have programmability – units of central bank currency with expiry dates.

You could have […] a potentially better – or some people might say a darker world – where the government decides that units of central bank money can be used to purchase some things, but not other things that it deems less desirable like say ammunition, or drugs, or pornography, or something of the sort, and that is very powerful in terms of the use of a CBDC, and I think also extremely dangerous to central banks.

The WEF’s Special Meeting on Global Collaboration, Growth and Energy Development took place from April 27-29 in Riyadh, Saudi Arabia.

“Saudi Arabia’s absolute monarchy restricts almost all political rights and civil liberties,” according to D.C.-based NGO Freedom House.

In the kingdom, “No officials at the national level are elected,” and “the regime relies on pervasive surveillance, the criminalization of dissent, appeals to sectarianism and ethnicity, and public spending supported by oil revenues to maintain power.”

Reprinted with permission from The Sociable.

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CBDC Central Bank Digital Currency

A Fed-Controlled Digital Dollar Could Mean The End Of Freedom

Published on April 28, 2024

By

From the Daily Caller News Foundation

By SEN. TOMMY TUBERVILLE

Central bank digital currencies (CBDC) are a threat to liberty.

Sixty-eight countries, including communist China, are exploring the possibility of issuing a CBDC. CBDCs are essentially government-sponsored cryptocurrencies pegged to the value of a national currency that allow for real-time payments.

The European Union has a digital euro CBDC pilot program, and all BRICS nations (Brazil, Russia, India, China and South Africa) are working to stand up CBDCs. China’s CBDC pilot, the largest in the world, is being used by 260 million individuals.

While faster payments are a positive for markets and economic growth, CBDCs present major risks. They would allow governments to meticulously monitor transactions made by their citizens, and CBDCs open the door for government planners to limit the types of transactions made.

Power corrupts, and no government should have that level of control. No wonder China and other authoritarian regimes around the globe are eager to implement a CBDC.

Governments that issue CBDCs could prohibit the sale or purchase of certain goods or services and more easily freeze and seize assets. But that would never happen in the U.S, right? Don’t be so certain.

Take a look at recent events in our neighbor to the north. The government of Canada shut down bank accounts and froze assets of Canadian citizens protesting the COVID-19 vaccination in Ottawa during the winter of 2022. With a CBDC, authoritarian actions of this kind would be even easier to execute.

To make matters worse, the issuance of a CBDC by the Federal Reserve, the U.S.’s central bank, has the potential to undermine the existing banking system. The exact ramifications of what a CBDC would mean to the banking sector are unclear, but such a development could position the Fed to offer banking services directly to American businesses and citizens, undercutting the community banks, credit unions, and other financial institutions that currently serve main street effectively.

The Fed needs to stay out of the banking business – it’s having a hard enough time achieving its core mission of getting inflation under control. A CBDC would open the door for the Fed to compete with the private sector, undercutting economic growth, innovation, and financial access in the process.

Fed Chair Jerome Powell has testified before Congress that America’s central bank would not issue a CBDC without express approval from Congress, but the Fed has studied CBDCs extensively.

For consumers who want the ability to make real-time payments internationally, CBDCs are not the answer. Stablecoins offer a commonsense private sector solution to this market demand.

Stablecoins are a type of cryptocurrency pegged to the value of a certain asset, such as the U.S. dollar. If Congress gets its act together and creates a regulatory framework for stablecoins, many banks, cryptocurrency firms, and other innovative private sector entities would issue dollar-pegged stablecoins. These financial instruments would allow for instantaneous cross-border payments for market participants who find that service of value.

Stablecoins are the free market response to CBDCs. They offer the benefits associated with the technology without the privacy risk, and they would likely enhance, not disrupt, the existing banking sector.

Representatives Patrick McHenry (R-N.C.) and French Hill (R-Ark.) have done yeoman’s work advancing quality, commonsense stablecoin legislation in the House of Representatives, and the Senate needs to move forward on this issue.

Inaction by Congress will force innovators overseas and put the U.S. at a competitive disadvantage. It would also help the Fed boost the case for a CBDC that will undermine liberty and open the door to government oppression.

Tommy Tuberville is a Republican from Alabama serving in the United States Senate. He is a member of the Senate Agriculture Committee, which plays a key role in overseeing emerging digital assets markets.

 

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