New York Fed Launches CBDC Pilot Program
"haha wow Covid made the dollar worthless, crazy, oh well here's your fedcoin"
This week I published an article speculating that FTX was an intelligence-agency operation meant to destroy trust in crypto so that feds can heavily regulate crypto and speed up CBDC adoption.
A couple of hours later, this happened:
Wow, good timing, this makes my article much less of a “schizophrenic conspiracy theory” and much more “this is actually happening.”
So, half the reason I wrote this article is to say i-told-you-so.
What is this CBDC Pilot Program?
This is extremely reductive, but for the layman, rather than USD, think of CBDC as “USD coin” or “USD token.” Edward Snowden refers to it as a ”cryptofascist currency” but I like to refer to it simply as “fedcoin.”
For the duration of this 12-week pilot program (participants include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank, and Wells Fargo) fedcoin transactions will use simulated data.
The NY Federal Reserve press release says that this pilot program is “not intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed,“ but we all know what happens after the simulated test run.
Fedcoin is controlled through a distributed ledger that keeps track of central bank reserves. The specific technology undergirding fedcoin is called a “regulated liability network (RLN),” which is an “interoperable digital money platform.“
Here is the RLN whitepaper:
Why Does it Matter?
Will Sam Bankman-Fried go to jail?
Who will win the war in Ukraine?
Who is Pete Davidson dating?
Who will be the next POTUS?
All of these are petty, inconsequential distractions from the biggest story of our lifetime: CBDC is the future of money, and it’s not a vague, distant plan anymore… the future of money has arrived.
I’m old enough to remember last year, during the Canadian trucker protests, when the government of Canada froze the bank accounts of not only the protesters, but the bank accounts of anyone who donated as little as $20 to the protesters.
They did this without any due process whatsoever.
China is the world leader in CBDC; America is a couple of years behind their digital Yuan.
When 25 million people were locked down in Shanghai during Covid, police drones used facial recognition to identify anyone on a balcony… and fined them directly from their CBDC accounts.
Why should we copy China? China is horrible. Any sane person should watch this video and conclude that Western civilization should do the opposite of whatever China is doing here, not marching with them in lock-step, and certainly not trying to one-up them.
CBDCs are communism.
This is why the future of money scares me so much: CBDCs are an authoritarian dictator’s wet dream; fedcoin is one step away from government controlling you even having the ability to transact.
If I were religiously inclined, here is where I would point out that Fedcoin is the mark of the beast. How long until they connect fedcoin to a microchip implanted in your forearm? Oh, and of course, this microchip will also be tied to your “digital vaccine passport,” your race, your gender, carbon footprint, voting history and social credit score. Vote the right way and don’t say or write anything we disagree with… or we will turn your money off.
So that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.
— Revelations 13:17
With fedcoin, Biden can make your money "expire" if you don't spend on green/BLM scams. They will call this a “nudge” at first, but trust me, it won’t be voluntary for very long.
I can't believe people are just rolling over and taking this. Allowing the federal government to have this level of control is total suicidal insanity.
Western civilization is commiting seppuku.
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What Can Be Done?
This is actually revolution worthy… this is it. This is the whole ballgame. We accept fedcoin and it really *is* over. Say goodbye to privacy, freedom, autonomy and free-market capitalism. It is not alarmist, hyperbolic, or conspiratorial to call CBDC an existential threat to liberty. This will be the greatest violation of human rights in history, and proles will cheer it on, just like they cheered on Covid lockdowns.
I would say “fight back” (raise awareness! sign a petition! call your Senator!) but I’ve given up hope, it’s pointless trying to fight, you will lose.
Not that Americans or Canadians have the will to fight/organize in the first place: too fat, too riddled with SSRIs, too mollified by screens and UberEats. Barring fighting back (which is futile — anyone that opposes fedcoin will be labelled a domestic terrorist and hunted down like a dog), there are only 2 pragmatic options: bend the knee and play along with your new CBDC overlords, or flee the West.
I advise anyone who values freedom to do the same, before it’s too late. Once your CBDC social credit score gets too low, they won’t let you on planes or cross borders. It will creep up on you out of nowhere… and then one day, all of a sudden, you won’t be allowed to fly or leave the country. Is that really so crazy? I was already barred from flying once due to Covid, I was barred from leaving Canada. I was trapped as a political prisoner in my own country. I won’t let it happen again. I won’t give them a second chance.
Your ancestors fled their oppressive homeland to come to America/Canada in search of a better life. They left it all behind in the name of freedom.
When will you be brave enough do the same?
I do feel people ought not to quote Solzhenitsyn quite so admiringly. He sat here in the reviled West in a place as close to physically resembling dear old Mother Russia as he could find, and went home to her sweaty embrace just as soon as ever he could, panting for Putin to restore her glories. To each his own favored means of denying freedom to others.
And--kid--there ain't no paradise nowhere. I lived at various times, for various stretches of time, in a South Asian country, as much as an insider as any outsider can ever really become, and nothing made me appreciate the founding ideals of this country as that did. My younger self was pretty appalled by what world travel had learned me.
The great challenge for Americans is to prevent any further amending and distorting of our Constitution and its actually genuinely enduring and worth-preserving values. I ain't no flagwaver; I stopped saying the Pledge of Allegiance in HS and never resumed, because I don't believe in any sort of performative loyalty crap about anything.
We've got a sad failed generation here, fer shure--but you're young, and you ain't failed, in your individual self, and as you've noted, this thy Substack is growing and some people even pay to read it, so all is not lost.
But perilous times are most certainly here, so--keep yer eyes open and look thrice before crossing any streets.
Fled to where? There is nowhere on the planet that is safe from globalism. And, even if one flees, it’s hard not to have one’s assets in dollars, Euros or other hard currency controlled by the globalist borg.
I’ve lived much of my life around the globe. Nowhere is safe from the globalist borg.