CASHLESS SOCIETY: Central Banks' Cryptocurrencies
When governments are the puppets of the banksters, getting citizens to accept the new currency is as simple as enforcing law. India is learning that the hard way!It is not an accident, it is policy. ~Ron
...Sure crypto-currencies sounds wonderful now as Bitcoin soars, but the policy makers and social engineers are way ahead with plans for the cashless society.In April 2015, Bitcoin Magazine reported that UBS was planning to investigate blockchain technology in a new innovation lab based in London.
The innovation lab is located in Level39, Europe’s largest technology accelerator space for finance and cyber-securities, and focuses on exploring the role of blockchain technology in financial services.
Get ready for the financial industry's new technology, central banks' blockchain finance:
Make No Mistake, "Settlement Coin" is ALL About BANKS
Why would anyone want to use a coin issued by four large banks bailed out in 2008? That's a question that many are asking after UBS, Deutsche Bank, Santander, BNY Mellon and ICAP announced that they had teamed up with blockchain developer Clearmatics to create a new digital currency. In a joint press release, the new consortium said that the "Utility Settlement Coin" would be used to clear and settle financial market trades on a blockchain. [...] The consortium aims to speed up central bank settlement processes and reduce the need for banks to maintain expensive collateral to meet short-term liquidity needs in real-world currencies, so that banks can increase the frequency of trading and make better use of capital. Instead of waiting to receive real-world currency via a central bank real-time gross settlement (RTGS) systems, banks could simply issue Utilities Settlement Coins to meet their obligations and carry on trading.Of course, as Hyman Minsky said: "Anyone can create a currency, the problem is getting others to accept it."
[...]
Reserves and collateral are low-yielding assets that clog up bank balance sheets. Banks would really like to find a means of settling without having to pledge collateral at central banks. In fact, ideally they would like not to have to use central bank money at all.So, although the Utilities Settlement Coins would be backstopped by central banks, once the majority of banks agreed to accept the Utilities Settlement Coins (aka joined the consortium), the banks could simply dispense with (U.S. dollars) central bank money.
As Matt Irvine at Bloomberg points out:
"But for many purposes – for example, just doing more transactions with other banks – the pseudo-dollars are just as good as dollars. If every bank signs on for this, then they can go out and buy more securities with their pseudo-dollars, and rarely need to bother with the Fed." -coindesk.com
I like the bank most of the time. I use them just like they use us, it's all a game in its simplest form.
Yes, it is a GAME and they game (rig) it too.
Hmm... I am not following you. Monopoly money is a deadly game, with wars, fraud, bribery, poverty and asset forfeitures.
I do not see any fun in the wrongness of that.
LOL If you like the bank it's because you don't know what it is. They are your masters.
Heehee, I was thinking he was being humorous, but wasn't sure.
I do like the bank. When I want some money, they give me debt, so I don't have to use my own. I call it leverage.
Oh, so you are serious.
You like to play their game, and do you really wish to perpetuate their system of debt that funds wars and by design is poverty & debt slavery for a segment of the population?
I read a lot of business and entrepreneur books. People like Donald Trump, Grant Cardone, and others encourage debt. For example, if you wanted to purchase a 40 million dollar apartment complex for cashflow, you can put a down payment of 10-15 million and have the bank fund the rest. The renters of that apartment complex will be paying down that debt over time and you benefit off of the cashflow.
I pulled this from an article Grant wrote, here's the link.
A common misconception is thinking all debt is bad debt and hating the idea of it—not all debt is created equal. Some debt is good, contrary to what some financial ‘experts’ and politicians tell suggest—remember, the media has an agenda and financial backers to make happy. Debt that is paid off by others or debt that actually generates income is good debt; assume all other debt to be bad. Solution: get rid of all debt that cannot be funded by others or does not directly generate income.
I hear you clearly, and no - I am indeed aware that all debt is not evil. Simultaneously I am looking to heal and implement a world model for abundance and prosperity.
The current debt-base monetary system of institutional governance is opposed to that.
Very wise stuff.
Have a follow.
Thank you, hope you stay in touch!
@ronmamita Interesting post. I guess we need to be careful not to get involved with the wrong or banker backed alt currency.
You got that right!
Thank you for being here, your comment is greatly appreciated!
PS:
I replied to your post earlier and our typing is playing tag - ha-ha I have no cryptocurrencies just silver for now maybe steemit will be my on-ramp to bitcoin and other cryptocurrencies.