Zero Hedge: One week ago, we published a remarkable interview with two former Fed economists – Simon Potter and Julia Coronado – who have tremendous impact and influence on prevailing thinking at the Federal Reserve, and who hinted at the Fed’s last ditch reflationary strategy: wiring digital money into the bank accounts of Americans, bypassing the reserve system entirely, and sparking an inflationary conflagration.
And while this idea may have seemed absolutely ludicrous as recently as just one year ago, the fact that the just as ludicrous Helicopter Money is now de facto policy means that direct deposits of cash by the Fed into individual accounts is becoming increasingly probable, the only thing missing is the “digital currency” that would be used by the central bank.
Addressing this issue, on Thursday afternoon, Federal Reserve Governor Lael Brainard hinted once again at the coming monetary revolution when she said that the Fed is studying the opportunities and challenges presented by central bank digital currencies. Read More …
Opinion: I wonder if Lael Brainard knows that central bank digital currency lines up with the fulfillment of Bible Prophecy for the last days?
Of the 195 nations in the world, 180 have their own paper currency. Only two countries are out of the central banking system: Syria and North Korea.
Imagine the impossibility of any government, no matter how powerful, trying to keep track of and control every transaction on the planet. As of 2015 the US Federal Reserve alone processes over 14 trillion financial transactions daily.
Mastercard alone, maintains 99.999 % availability and can process 3.4 billion transactions per day at 38,000+ transactions per second, with an average response time of 140 milliseconds…
In 2009, Bitcoin and Blockchain technology, a secure medium of exchange, burst on to the world scene. A new currency possibility was born. In 2016, the Chinese renminbi was accepted as world currency by the International Monetary Fund (IMF) and ever since, China has been pushing to ditch the US dollar and bring in a basket of currencies called SDRs (US dollar, pound sterling, Euro and renminbi) as a new world reserve currency.
Over the past 11 years, cryptocurrencies and blockchain technology have become part of the global financial system. The game changer came in 2019 when Facebook announced they were working on their own digital currency called the Libra. The global reach of Facebook startled the world’s central banks into beginning work on their own digital dollar. Since then Facebook, under severe regulatory pressure and political pushback, no longer plans to make the Libra.
A new digital currency:
The end of paper money has been in the serious planning stages since the 2008-9 financial crisis when the viability of the US dollar as world reserve currency began to be questioned.
This past March as the US Congress approved $3 trillion in Covid-19 stimulus, digital money was on the table for the first time as a means to get money to the people quickly. The Fed shelved the idea at the last minute until now.
Once the next crisis arrives and digital currency is put into use by the Federal Reserve, expect the next six major central banks to quickly follow suit.
- U.S. Federal Reserve System.
- European Central Bank – ECB
- Bank of England – BoE
- Bank of Japan – BoJ
- Swiss National Bank – SNB
- Bank of Canada – BoC
- Reserve Bank of Australia – RBA
- Reserve Bank of New Zealand – RBNZ
All that is needed after that is a new world leader to take the reins.
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.” Revelation 13:16-17