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

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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.

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.

Business

Breaking: Explosive FBI Warning—CCP, Iran, and Mex-Cartels Partnering in Canada to Move Fentanyl and Terrorists Into U.S.

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Sam Cooper's avatar Sam Cooper

Patel’s warning echoes The Bureau’s exclusive reporting on a criminal convergence linking CCP-backed chemical suppliers, Iranian proxies, and Mexican cartels operating through Vancouver superlabs

In an explosive Sunday interview that will place tremendous pressure on Prime Minister Mark Carney’s new Liberal government, FBI Director Kash Patel alleged that Mexican cartels, Chinese Communist Party operatives, and Iranian threat actors have forged a new axis of criminal cooperation, using Canada’s porous northern border and the Port of Vancouver—not the southern Mexican border—as their preferred entry point to flood fentanyl and terror suspects into the United States.

“In the first two, three months that we’ve been in the seat under Donald Trump’s administration, he has sealed the border,” Patel told Fox News’ Maria Bartiromo. “He has stopped border crossings. So where’s all the fentanyl coming from? Still? Where’s the trafficking coming from still? Where are all the narco traffickers going to keep bringing this stuff into the country? The northern border. Our adversaries have partnered up with the CCP and others—Russia, Iran—on a variety of different criminal enterprises. And they’re going and they’re sailing around to Vancouver and coming in by air.”

Patel asserted that adversarial regimes—including Beijing and Tehran—are now working in tandem on “a variety of different criminal enterprises,” and exploiting what he called the “sheer tyranny of distance” on America’s northern frontier, where vast terrain and lax enforcement in Canada have allegedly enabled fentanyl pipelines and terrorist infiltration.

Pointing directly at Carney’s government, Patel continued:
“Now we’re focused on it and we’re calling our state and local law enforcement partners up [at the northern border]. But you know, who has to get to step in is Canada—because they’re making it up there and shipping it down here.”

The FBI director’s warning—posted on the White House’s X account— follows exclusive reporting by The Bureau and a newly released 2025 threat assessment from the U.S. Drug Enforcement Administration, which, for the first time, officially flags Canada as an emerging threat node in the North American drug supply chain.

As The Bureau reported earlier this week, the DEA highlighted the dismantling of a fentanyl “super laboratory” in October 2024 in Falkland, British Columbia—a mountainous corridor between Vancouver and Calgary—as an emerging threat in fentanyl trafficking targeting the United States. Sources pointed to the same converged threat network—China, Iran, and Mexico—mentioned today by FBI Director Kash Patel.

“According to these sources,” The Bureau reported Friday, “the site forms part of a broader criminal convergence involving Chinese, Mexican, and Iranian networks operating across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. The Bureau’s sources indicate that the Falkland facility was connected to Chinese chemical exporters sanctioned by the United States Treasury, Iranian threat actors, and operatives from Mexican drug cartels.”

In his remarks today, Patel appeared to directly link this criminal convergence to terrorist infiltration.
“And I’ll give you a statistic that I gave to Congress that nobody was paying attention to,” Patel added. “Over 300 known or suspected terrorists crossed into this country last year, illegally… 85 percent of them came in through the northern border.”

Patel also appeared to turn up the political pressure on Ottawa, alluding to President Trump’s recent controversial statements about Canada—which became a flashpoint in the federal election, with many voters embracing the Liberal Party’s campaign framing Carney as a bulwark against Trump.

“I don’t care about getting into this debate about making someone the 51st state or not,” Patel said, referencing Trump’s remarks. “But [Canada] are a partner in the north. And say what you want about Mexico—but they helped us seal the southern border. But facts speak for themselves. It’s the [northern] border that’s open.”

The Bureau will continue to follow this story in the coming week.

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Automotive

Tesla stock soars for fourth straight week on Musk Play plan, board shake-up

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Quick Hit:

Tesla shares surged more than 16% this week, notching a fourth consecutive week of gains and cutting into steep year-to-date losses. The rally is fueled by news of a potential new pay package for Elon Musk and the strategic addition of Jack Hartung, Chipotle’s outgoing president, to Tesla’s board. These developments come amid rising scrutiny over the board’s governance and compensation decisions, especially concerning Musk’s controversial $56 billion pay package from 2018.

Key Details:

  • Tesla stock has gained over 16% this week and is now down just 13% for the year, recovering from a 40% loss earlier in 2025.
  • Jack Hartung, Chipotle’s president, will join Tesla’s board on June 1, bringing seasoned business leadership.
  • A special Tesla board committee is evaluating a new compensation plan for Musk after legal challenges to his previous $56 billion package.

Diving Deeper:

Tesla’s stock (TSLA) closed the week strong at $349.98, climbing 2.09% on Friday alone and marking a fourth straight week of gains. This momentum has helped the electric vehicle maker erase much of its earlier 2025 losses, which had topped 40% at one point. Now down just 13% year-to-date, the turnaround comes as investors digest two pivotal developments that could shape Tesla’s future leadership and direction.

The most immediate catalyst: Tesla’s announcement that Jack Hartung, the president of Chipotle Mexican Grill, will join its board of directors beginning June 1. Hartung will also serve on the audit committee, a significant appointment given Tesla’s board has been under fire for lack of independence and weak oversight of CEO Elon Musk. Hartung brings executive experience from not only Chipotle but also board roles at Portillo’s, the Honest Company, and ZocDoc—credentials that could help restore confidence in Tesla’s boardroom governance.

Hartung’s addition follows the bombshell report from the Financial Times earlier this week that Tesla’s board has formed a special committee to explore a new pay package for Elon Musk. The committee’s task is to find “alternative ways” to reward Musk for past work in case Tesla fails to reinstate the original 2018 compensation deal, which is now under appeal with the Delaware Supreme Court. That deal—valued at $56 billion—has drawn fire from large shareholders, prompting broader questions about Musk’s influence over Tesla and whether the board has effectively served as a rubber stamp for his ambitions.

Critics have warned that Musk’s threat to redirect his artificial intelligence efforts away from Tesla unless he is granted additional stock options represents an outsized concentration of power in the hands of one individual. While Musk continues to be the face of the company’s innovation and success, these governance concerns have given activist investors and institutional shareholders new ammunition.

Tesla board chair Robyn Denholm has also come under scrutiny, particularly after Wall Street Journal reporting suggested the board was considering replacing Musk or had urged him to spend more time at the company. Denholm has publicly denied those claims, but her own record—cashing out more than half a billion dollars in Tesla stock since joining the board in 2014—hasn’t helped stem criticism. In fact, the board recently had to settle a lawsuit over excessive director compensation, refunding millions of dollars to shareholders.

Despite these governance challenges, the market has responded positively to the board’s recent moves, seeing them as steps toward restoring stability and investor confidence. The addition of Hartung and the new pay committee could signal a willingness to address long-standing concerns about independence and oversight, even as Musk remains firmly at the center of Tesla’s orbit.

For now, investors appear to be betting that a more disciplined board—paired with a still-charismatic and high-impact CEO—could be a recipe for renewed growth and focus.

Elon Musk introducing the Model X” by Steve Jurvetson licensed under (CC BY-SA 2.0)

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