MarvinTheParanoidAndroid
This will all end in tears, I just know it.
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kiwifarms.net
- Registrado
- 24 de Feb, 2015
Recently, legislation for the groundwork for Central Bank Digital Currencies has been submitted to the legislative branches of the following states:
These bills are each called the Uniform Commercial Code. Their stated purpose is "clarifying scope of certain definitions; clarifying requirements for establishing control of electronic chattel paper; codification; effective date." but they really exist to establish the groundwork for CBDCs. They're being introduced by the interstate law group called the Uniform Law Commission, a group dedicated to interstate uniformity and centralization in law.
In the interest of getting everyone up to speed on the situation and why this is a bad thing, I'll go over the myriad of existing or proposed financial systems contesting for financial supremacy in the world today.
There are currently four contenders for the primary means of electronic payment mediums: Electronic Funds Transfer, Crypto Currencies, FedNow and Central Bank Digital Currencies. Here I will go over a brief bio of each, starting with automated clearing systems.
Electronic Funds Transfer is the generic term for traditional systems of the automatic financial transaction systems we currently have in place. Such systems include the Automatic Clearing House used primarily by the United States, Bankers' Automated Clearing System in the United Kingdom & Single Euro Payments Area for Europe and Africa. Up until the 1950s, you had to use a paper check to put money in your account or give money to another account. However, with the advent of computers resulting from the war efforts of World War 2, banks began looking into using computers to streamline monetary transfers between financial institutions.
Before the Internet was invented in 1983, the United Kingdom formed the Electronics Sub-Committee of the Committee of London Clearing Bankers in 1950 to begin the process of creating the first banking intranet system in the world. In 1968, the Bankers Clearing House would have their "Hello World" moment in their computer room, and then in 1971 they moved to repurposing a warehouse in Edgware to house servers for handling transactions and onboarding other banks by invite-only.
Meanwhile, banks located in California began to look into making their own EFT systems in parallel with the UK, seeking specifically to replace checks. The first American bank to start its own EFT system was the Federal Reserve Bank of San Francisco in 1972. This would come to be known as the ACH system.
There are currently two types of EFT systems in the banking world, one for low volume, high value instant transactions, and one for high volume, low value, scheduled batch transactions. The U.S. models are the ACH system and the Real-Time Gross Settlement system. ACH systems work in bulk operations and have standard waiting periods for transfers called a net settlement system where transactions aren't settled until the end of a business day and is reserved for low priority transactions like payroll, whereas RTGS is used for instant transfer of high priority transactions and are handled individually on a case-by-case basis with no wait period. RTGS systems are used by central banks for low volume, high value transactions with no wait period, whereas standard EFT systems are used by regional banks for high volume, low value transactions with a (business) daily wait period.
The way an RTGS system transfers money is not by sending money from one place to the other, but by lowering funds in Bank A while increasing funds in Bank B directly to represent the transfer. These transfers are immediate, irrevocable and final. Net settlement systems are also controlled by central banks, by which at the end of each day, the inter-institution transactions are accounted for and the central bank adjusts the accounts of each institution accordingly. Most if not all countries have both an ACH and RTGS equivalent, such as the UK with their CHAPS equivalent to RTGS.
SEPA, being an international and intercontinental system, took far longer to implement. It required a laundry list of treaties and regulations spanning 64 years (to give you an idea of how patient globalists are), the creation of its own coinage and paper money, and it largely exists as a transfer medium from one country's currency to the other (like a crypto) since it can't make direct transfers from one currency to another and only uses the Euro.
EFTs are the modern standard by which all banking is operated under, and created the advent of automated teller machines, direct deposits, direct debits, credit, transfers by phone, purchases online, wire transfers, instant payments and electronic bill payments.
Crypto Currencies, starting with Bitcoin, were created in response to economic crashes like that of the 2008 housing market crash. The point of Crypto Currencies is to provide a decentralized currency which no government or bank can control, placing currency back in the hands of the people. This is instrumental in helping people in crashing nations like Venezuela make ends meet by using Crypto in place of their failed socialist currency, but it's also been a boon for criminals online, one such example is the Silk Road deep web store for narcotics. El Salvador even made Bitcoin their national currency, but with poor results. Kiwi Farms largely runs on Crypto such as the Basic Attention Token which can be procured by enabling ads through the Brave browser. Since anyone can mint a Crypto and sell it, it's been subject to all sorts of scams such as rug-pull scams.
Rather than using a bank account, you get a Crypto wallet, and instead of a bank ledger, there's the Crypto's blockchain which serves the same function as a ledger, which shows all transactions that have ever occurred. Anyone can mint or mine their own Crypto if they have the processing power to run the math it takes to produce a new Crypto coin.
As governments around the world have become more aware of Crypto giving their peasant class more financial mobility, they've grown to hate it as it circumvents their power, and are seeking new ways to kick it off the World Wide Web. Crypto can be banned but it can't be stopped, it cannot be regulated out of existence, and this is something governments hate. Governments around the world have tried many ways to circumvent the mining of Crypto such as attempting to pass legislation on what kind of video card you can buy, or how big of a power supply unit you can use, blaming Crypto mining and usage on global warming.
FedNow is essentially an RTGS system for proles, it will allow 24/7 transfers for every day of the year. FedNow will also allow direct transfers from one bank account to another, rather than waiting on daily batch transactions like in the ACH system. FedNow shows promise for killing CBDCs in the crib as it solves 90% of the transaction efficiency problems. With any luck, FedNow will make CBDCs irrelevant, but only for the free world. FedNow being the death of CBDCs is the good ending. This is the thing that Null wants.
However, we don't get the luxury of receiving that ending uncontested, hence the purpose of this thread.
Central Bank Digital Currencies are Crypto-inspired digital currencies which will use smart contracts to control what each unit of said currency can be spent on, how long it lasts before it expires in your account and allows top-down monitoring of your financial transactions 24/7, wherein the Federal Reserve will have sole and central control of the CBDC ledger. CBDCs are being pitched as a safer alternative to traditional banking and more regulated than Crypto Currencies. Essentially, take the qualities of each and fuse them together for a centralized, authoritarian control over your finances the likes of which would make Trudeau blush.
In essence, it would allow the unaccountable Federal Reserve and all central banks to possess unilateral control of every country in which they plant their roots into, and they seek to control the globe. This means that any government that implements CBDCs are essentially ceding control of their own nations to a Central Bank. Every government of every nation would be reduced to a puppet of a Central Bank, as they could punish or reward politicians for their policies by freezing or increasing their bank funds, extending the expiration date on existing bank funds or broadening what those funds can be spent on. You do not get to choose what you buy and you do not get to save money, spend or die.
It should come as no surprise that once CBDCs arrive, they'll soon be followed by Digital ID and Social Credit Scores to spy on your speech and punish you for said speech. Did you dissent against the government in any way? Were you rude to the clerk at the DMV? Did you say something defiant of the Federal Reserve? Congratulations, your Digital ID, your holdings, your bank account, your debts and all identifying information on you has been deleted, you are now a nameless, rootless, illegal immigrant in your own country.
What's more is that there will be two systems of CBDCs, one for proles and the other for elites, where the elites will have more leniency to enjoy "luxuries" like eating meat, whereas the proles will have to live with far more stringent and depriving circumstances, such as living in a 15 minute city that have metal gates to keep people from driving outside of the city's limits.
The introduction of CBDCs will also mean the elimination of printed legal tender monetary bills, meaning that you won't have the ability to liquidate your bank funds for paper money and will be stuck with digital money on the Central Bank's ledger only, you will not be able to trade funds in private at all, and you'll have a third party watching over and controlling all your transactions from thereon. The Central Bank wouldn't be able to feasibly enact such draconian, tyrannical control on your finances if you retained the option to use paper money, so obviously paper money needs to be abolished for them to exercise the amount of control they want to have. They'll most likely argue that only criminals want paper money since paper money is anonymous, but the real reason is because they can't micromanage your life if paper money remains optional.
As of right now, there are legislative teams in the U.S. trying to set the stage for CBDCs to circumvent U.S. financial sovereignty by introducing bills to covertly prevent certain states from rejecting CBDCs in the future. That is the reason I've created this thread.
The World Economic Forum, their affiliates & their globalist bid for universal control are threatened by the prevalence of Crypto Currencies, stating that they pose a threat to the financial system:
uk.finance.yahoo.com
archive.ph
In the wake of the dollar inflation due to the Covid-19 lockdowns, Silicon Valley Bank couldn't keep up with their fiduciary obligations because of the Fed rate hike, and to compensate they started to liquidate assets. When that happened, their shareholders learned about it and they pulled out from the company, which devalued and crashed SVB's value.
Instead of acknowledging this as the real cause for the bank runs, the powers that be are angling to blame bank runs on Crypto, instead of what really happened.
archive.md
As you can see in the above article, they blamed unregulated Crypto for something that was the Federal Reserve's fault.
Eventually, the powers that be will start pitching that regional banks are too insecure and plebs should just do business with international or central banks directly. Since the FDIC took control of SVB and secured deposits themselves, SVB's customers are essentially already doing business with the Federal Reserve anyway.
So the stage is being set economically for CBDCs to become "necessary" for financial security. Now they're moving into the legislative phase of installing CBDCs as the replacement for the electronic funds transfer system and to get ahead of FedNow from rendering CBDCs irrelevant.
Thankfully, the Freedom Caucus of South Dakota has already brought the tyrannical power grab CBDCs pose to the representatives of their state.
sdfreedomcaucus.com
archive.is
Thankfully, the Governor of South Dakota has already vetoed the bill.
Also, look at how the language of HB1193 precludes Crypto as a currency in its prose.
So who's responsible for all this? George Soros? The World Economic Forum?
Introducing the Uniform Law Commission, the self-appointed harbingers of our doom.
The Uniform Law Commission is a non-profit organization that exists to create law to be applied across multiple states. They do this by drafting a single bill, then send their lobbyists to other states to advocate for and submit their non-Federal laws across the United States. Basically, they seek to take the decentralized nature of the States and uniform them as much as possible. They receive their funding from a variety of sources, including the Federal Government. It wouldn't surprise me if the Federal Reserve weren't their puppet masters in this.
So what can you do to fight this? Call your state representatives in Texas, Oklahoma, Tennessee and Missouri. Tell them what these bills mean, and tell them it means the subversion of State sovereignty wherever the ULC brings this law, tell them it puts them under the boot of Central Bank tyranny.
Pay attention to how these bills proceed, if they make it to the next step, call or write whoever it goes to next to have them kill these bills. Do not relent nor stop.
And if any more of these bills show up in another state, post about it here so everyone can see it and everyone can put a stop to CBDCs in the United States before they get the chance to take root.
Related threads
State | Bill(s) | Status | Link | Link Archive | Bill Text |
South Dakota | HB1193 | Vetoed | |||
Missouri | HB1165 | Passed from Committee to state House of Representatives | |||
Texas | SB2075 | Introduced | |||
Oklahoma | HB2776 | Introduced | |||
Tennessee | SB479 HB640 | Action deferred in Senate Commerce & Labor Committee to first calendar of 2024 Taken off notice for cal in s/c Business & Utilities Subcommittee of Commerce Committee |
These bills are each called the Uniform Commercial Code. Their stated purpose is "clarifying scope of certain definitions; clarifying requirements for establishing control of electronic chattel paper; codification; effective date." but they really exist to establish the groundwork for CBDCs. They're being introduced by the interstate law group called the Uniform Law Commission, a group dedicated to interstate uniformity and centralization in law.
In the interest of getting everyone up to speed on the situation and why this is a bad thing, I'll go over the myriad of existing or proposed financial systems contesting for financial supremacy in the world today.
There are currently four contenders for the primary means of electronic payment mediums: Electronic Funds Transfer, Crypto Currencies, FedNow and Central Bank Digital Currencies. Here I will go over a brief bio of each, starting with automated clearing systems.
Electronic Funds Transfer is the generic term for traditional systems of the automatic financial transaction systems we currently have in place. Such systems include the Automatic Clearing House used primarily by the United States, Bankers' Automated Clearing System in the United Kingdom & Single Euro Payments Area for Europe and Africa. Up until the 1950s, you had to use a paper check to put money in your account or give money to another account. However, with the advent of computers resulting from the war efforts of World War 2, banks began looking into using computers to streamline monetary transfers between financial institutions.
Before the Internet was invented in 1983, the United Kingdom formed the Electronics Sub-Committee of the Committee of London Clearing Bankers in 1950 to begin the process of creating the first banking intranet system in the world. In 1968, the Bankers Clearing House would have their "Hello World" moment in their computer room, and then in 1971 they moved to repurposing a warehouse in Edgware to house servers for handling transactions and onboarding other banks by invite-only.
Meanwhile, banks located in California began to look into making their own EFT systems in parallel with the UK, seeking specifically to replace checks. The first American bank to start its own EFT system was the Federal Reserve Bank of San Francisco in 1972. This would come to be known as the ACH system.
There are currently two types of EFT systems in the banking world, one for low volume, high value instant transactions, and one for high volume, low value, scheduled batch transactions. The U.S. models are the ACH system and the Real-Time Gross Settlement system. ACH systems work in bulk operations and have standard waiting periods for transfers called a net settlement system where transactions aren't settled until the end of a business day and is reserved for low priority transactions like payroll, whereas RTGS is used for instant transfer of high priority transactions and are handled individually on a case-by-case basis with no wait period. RTGS systems are used by central banks for low volume, high value transactions with no wait period, whereas standard EFT systems are used by regional banks for high volume, low value transactions with a (business) daily wait period.
The way an RTGS system transfers money is not by sending money from one place to the other, but by lowering funds in Bank A while increasing funds in Bank B directly to represent the transfer. These transfers are immediate, irrevocable and final. Net settlement systems are also controlled by central banks, by which at the end of each day, the inter-institution transactions are accounted for and the central bank adjusts the accounts of each institution accordingly. Most if not all countries have both an ACH and RTGS equivalent, such as the UK with their CHAPS equivalent to RTGS.
SEPA, being an international and intercontinental system, took far longer to implement. It required a laundry list of treaties and regulations spanning 64 years (to give you an idea of how patient globalists are), the creation of its own coinage and paper money, and it largely exists as a transfer medium from one country's currency to the other (like a crypto) since it can't make direct transfers from one currency to another and only uses the Euro.
EFTs are the modern standard by which all banking is operated under, and created the advent of automated teller machines, direct deposits, direct debits, credit, transfers by phone, purchases online, wire transfers, instant payments and electronic bill payments.
Crypto Currencies, starting with Bitcoin, were created in response to economic crashes like that of the 2008 housing market crash. The point of Crypto Currencies is to provide a decentralized currency which no government or bank can control, placing currency back in the hands of the people. This is instrumental in helping people in crashing nations like Venezuela make ends meet by using Crypto in place of their failed socialist currency, but it's also been a boon for criminals online, one such example is the Silk Road deep web store for narcotics. El Salvador even made Bitcoin their national currency, but with poor results. Kiwi Farms largely runs on Crypto such as the Basic Attention Token which can be procured by enabling ads through the Brave browser. Since anyone can mint a Crypto and sell it, it's been subject to all sorts of scams such as rug-pull scams.
Rather than using a bank account, you get a Crypto wallet, and instead of a bank ledger, there's the Crypto's blockchain which serves the same function as a ledger, which shows all transactions that have ever occurred. Anyone can mint or mine their own Crypto if they have the processing power to run the math it takes to produce a new Crypto coin.
As governments around the world have become more aware of Crypto giving their peasant class more financial mobility, they've grown to hate it as it circumvents their power, and are seeking new ways to kick it off the World Wide Web. Crypto can be banned but it can't be stopped, it cannot be regulated out of existence, and this is something governments hate. Governments around the world have tried many ways to circumvent the mining of Crypto such as attempting to pass legislation on what kind of video card you can buy, or how big of a power supply unit you can use, blaming Crypto mining and usage on global warming.
FedNow is essentially an RTGS system for proles, it will allow 24/7 transfers for every day of the year. FedNow will also allow direct transfers from one bank account to another, rather than waiting on daily batch transactions like in the ACH system. FedNow shows promise for killing CBDCs in the crib as it solves 90% of the transaction efficiency problems. With any luck, FedNow will make CBDCs irrelevant, but only for the free world. FedNow being the death of CBDCs is the good ending. This is the thing that Null wants.
However, we don't get the luxury of receiving that ending uncontested, hence the purpose of this thread.
Central Bank Digital Currencies are Crypto-inspired digital currencies which will use smart contracts to control what each unit of said currency can be spent on, how long it lasts before it expires in your account and allows top-down monitoring of your financial transactions 24/7, wherein the Federal Reserve will have sole and central control of the CBDC ledger. CBDCs are being pitched as a safer alternative to traditional banking and more regulated than Crypto Currencies. Essentially, take the qualities of each and fuse them together for a centralized, authoritarian control over your finances the likes of which would make Trudeau blush.
In essence, it would allow the unaccountable Federal Reserve and all central banks to possess unilateral control of every country in which they plant their roots into, and they seek to control the globe. This means that any government that implements CBDCs are essentially ceding control of their own nations to a Central Bank. Every government of every nation would be reduced to a puppet of a Central Bank, as they could punish or reward politicians for their policies by freezing or increasing their bank funds, extending the expiration date on existing bank funds or broadening what those funds can be spent on. You do not get to choose what you buy and you do not get to save money, spend or die.
It should come as no surprise that once CBDCs arrive, they'll soon be followed by Digital ID and Social Credit Scores to spy on your speech and punish you for said speech. Did you dissent against the government in any way? Were you rude to the clerk at the DMV? Did you say something defiant of the Federal Reserve? Congratulations, your Digital ID, your holdings, your bank account, your debts and all identifying information on you has been deleted, you are now a nameless, rootless, illegal immigrant in your own country.
What's more is that there will be two systems of CBDCs, one for proles and the other for elites, where the elites will have more leniency to enjoy "luxuries" like eating meat, whereas the proles will have to live with far more stringent and depriving circumstances, such as living in a 15 minute city that have metal gates to keep people from driving outside of the city's limits.
The introduction of CBDCs will also mean the elimination of printed legal tender monetary bills, meaning that you won't have the ability to liquidate your bank funds for paper money and will be stuck with digital money on the Central Bank's ledger only, you will not be able to trade funds in private at all, and you'll have a third party watching over and controlling all your transactions from thereon. The Central Bank wouldn't be able to feasibly enact such draconian, tyrannical control on your finances if you retained the option to use paper money, so obviously paper money needs to be abolished for them to exercise the amount of control they want to have. They'll most likely argue that only criminals want paper money since paper money is anonymous, but the real reason is because they can't micromanage your life if paper money remains optional.
As of right now, there are legislative teams in the U.S. trying to set the stage for CBDCs to circumvent U.S. financial sovereignty by introducing bills to covertly prevent certain states from rejecting CBDCs in the future. That is the reason I've created this thread.
The World Economic Forum, their affiliates & their globalist bid for universal control are threatened by the prevalence of Crypto Currencies, stating that they pose a threat to the financial system:
FSOC: Unregulated crypto could pose threat to financial system
The Financial Stability Oversight Council says cryptocurrencies could pose risks to the financial system if their overall scale or link with traditional banking grows without regulation and oversight.
FSOC: Unregulated crypto could pose threat to financial system
archived 17 Mar 2023 06:36:49 UTC
In the wake of the dollar inflation due to the Covid-19 lockdowns, Silicon Valley Bank couldn't keep up with their fiduciary obligations because of the Fed rate hike, and to compensate they started to liquidate assets. When that happened, their shareholders learned about it and they pulled out from the company, which devalued and crashed SVB's value.
Instead of acknowledging this as the real cause for the bank runs, the powers that be are angling to blame bank runs on Crypto, instead of what really happened.
Silicon Valley Bank Collapse Sets Off Blame Game Between Crypto and T…
archived 13 Mar 2023 14:57:28 UTC
Silicon Valley Bank Collapse Sets Off Blame Game in Tech Industry
The implosion of the Silicon Valley bank led to finger-pointing, as executives and investors jumped on the crisis for their own messaging.
SAN FRANCISCO — For once, the crisis didn’t seem to revolve around a cryptocurrency company.
The sudden collapse of Silicon Valley Bank on Friday set off panic across the technology industry. But crypto executives and investors — who have endured a year of near-constant upheaval — seized on the moment to preach and scold.
Centralized banking was to blame, the crypto advocates said. Their vision of an alternate financial system, unmoored from big banks and other gatekeepers, was better. They argued that the government regulators that recently cracked down on crypto firms had sown the seeds of the bank’s implosion.
“Fiat is fragile,” wrote the Bitcoin advocate Erik Voorhees, using a common shorthand for traditional currencies.
“We’re seeing glitches in the machine,” said Mo Shaikh, chief executive of the crypto company Aptos Labs. “This is an opportunity to take a breath and consider the practicalities of decentralization.”
But the tone quickly shifted, as a major crypto company revealed late Friday that it had billions of dollars trapped in Silicon Valley Bank. A so-called stablecoin designed to maintain a constant value of $1 suddenly dipped in price, sending shudders through the market.
And the finger-pointing went in both directions. Some tech investors argued that the crypto world’s procession of bad actors and overnight collapses had conditioned people to panic at the first sign of trouble, setting the stage for the crisis at Silicon Valley Bank. In November, FTX, the crypto exchange run by Sam Bankman-Fried, went out of business after the crypto equivalent of a bank run exposed an enormous hole in its accounts.
“That’s the pattern recognition too many have,” said Joe Marchese, an investor at the venture capital firm Human Ventures.
The blame game is a sign of the factionalism in the tech industry, where hot start-ups and trends come and go and crises can be used to advance agendas. As Silicon Valley Bank imploded, crypto advocates blamed the structures of the traditional finance system for sowing instability. Some venture investors blamed the social media panic that touched off the bank run. Others blamed the government for its economic policies, or the bank itself for poor management and worse communication.
The debate is unfolding after a tumultuous year for tech companies in which the crypto industry entered a monthslong meltdown and some of the largest Silicon Valley firms conducted mass layoffs.
“People are just traumatized. They’re financially shellshocked,” said Sam Kazemian, the founder of the crypto project Frax. “As soon as you see something, you wonder if there’s fire over there because it smells like smoke. And then you treat it like everything is burning and get out while you still can.”
Silicon Valley Bank started wobbling on Wednesday, when it revealed that it had lost nearly $2 billion and announced it would sell off assets to meet demand for withdrawals. The news set off fear in the tech industry, as start-ups rushed to get their money out.
As often happens in bank runs, those concerns became a self-fulfilling prophecy. On Friday, the Federal Deposit Insurance Corporation announced that it was taking control of Silicon Valley Bank, marking the largest bank failure since the 2008 financial crisis. Tech companies with money deposited in the bank scrambled to pay employees and vendors.
Silicon Valley Bank was in “sound financial condition prior to March 9,” according to an order from California’s Department of Financial Protection and Innovation. It became insolvent after investors and depositors caused a run on its holdings, the order said.
Silicon Valley Bank appears to have had a relatively small footprint in the crypto industry. Historically, many large banks have resisted working with crypto companies, given the legal uncertainty surrounding much of the business.
“A lot of crypto start-ups had a very hard time onboarding onto Silicon Valley Bank,” said Haseeb Qureshi, a crypto investor at the venture capital firm Dragonfly. “So our exposure is a lot less than we anticipated.”
There was at least one notable exception. Circle, a company that issues stablecoins, a linchpin in crypto trading, keeps a portion of its cash reserves at Silicon Valley Bank, according to its financial statements.
After a day of frantic speculation about the extent of Circle’s exposure, the company revealed late Friday that $3.3 billion of its $40 billion reserves remained at Silicon Valley Bank. “Wires initiated on Thursday to remove balances were not yet processed,” Circle said in a statement on Twitter.
Unlike other volatile cryptocurrencies, stablecoins are supposed to stay pegged at a price of $1. The uncertainty around Circle caused the price of its popular stablecoin, USDC, to plummet below $1 during trading on Friday and Saturday, raising fears of another crypto industry meltdown. On Friday evening, the giant crypto exchange Coinbase halted conversions between USDC and U.S. dollars, citing the volatility in the market.
As the crisis brewed, though, crypto advocates treated the collapse of Silicon Valley Bank as a chance to press arguments they have been making since the 2008 banking crisis. That upheaval showed financial systems were too centralized, they said, which helped inspire the creation of Bitcoin.
“Centralized entities are more opaque,” said Brad Nickel, who hosts the crypto podcast “MissioneFi.” “If cryptocurrency were powering the financial rails of our world, then a lot of things might not happen or would be a lot less severe.”
But the run on Silicon Valley also followed a playbook that was reminiscent of crises that erupted last year in the crypto industry, culminating in the implosion of FTX.
Critics of the crypto industry argued that a crypto-centric version of Silicon Valley Bank’s failure would have ended worse for everyone.
“If this was an unregulated crypto bank, then the money could just disappear,” Mr. Marchese said. The fact that the F.D.I.C. stepped in to handle the situation in an orderly fashion showed “the system is working,” he said.
In the coming days, the F.D.I.C. will refund the bank’s depositors up to $250,000 while overseeing a process to recover the lost funds. “There’s no crypto regulator insuring accounts for $250,000,” said Danny Moses, an investor at Moses Ventures who is known for his role in predicting the 2008 crisis in “The Big Short.”
Other analysts argued that Silicon Valley Bank had worsened the crisis by announcing its financial losses shortly after Silvergate Capital, a bank with close ties to the crypto industry, started winding down its operations this past week. They pointed out that the manner of Silicon Valley Bank’s communication helped cause the panic that fueled the run.
“SVB’s rollout, for whatever reason, was poorly timed,” said Adam Sterling, assistant dean at Berkeley Law. “Everyone was already fidgety after Silvergate’s collapse.”
As you can see in the above article, they blamed unregulated Crypto for something that was the Federal Reserve's fault.
Eventually, the powers that be will start pitching that regional banks are too insecure and plebs should just do business with international or central banks directly. Since the FDIC took control of SVB and secured deposits themselves, SVB's customers are essentially already doing business with the Federal Reserve anyway.
So the stage is being set economically for CBDCs to become "necessary" for financial security. Now they're moving into the legislative phase of installing CBDCs as the replacement for the electronic funds transfer system and to get ahead of FedNow from rendering CBDCs irrelevant.
Thankfully, the Freedom Caucus of South Dakota has already brought the tyrannical power grab CBDCs pose to the representatives of their state.
Freedom Caucus Warns Against Central Bank Digital Currency
Pierre, S.D. (Feb. 16, 2023) – The South Dakota Freedom Caucus launched an online petition today to stop House Bill 1193, which they are claiming helps create a Central Bank […]
sdfreedomcaucus.com
Freedom Caucus Warns Against Central Bank Digital Currency - SD Freed…
archived 17 Mar 2023 04:10:19 UTC
Thankfully, the Governor of South Dakota has already vetoed the bill.
Also, look at how the language of HB1193 precludes Crypto as a currency in its prose.
So who's responsible for all this? George Soros? The World Economic Forum?
Introducing the Uniform Law Commission, the self-appointed harbingers of our doom.
UCC, 2022 Amendments to - Uniform Law Commission
www.uniformlaws.org
The Uniform Law Commission is a non-profit organization that exists to create law to be applied across multiple states. They do this by drafting a single bill, then send their lobbyists to other states to advocate for and submit their non-Federal laws across the United States. Basically, they seek to take the decentralized nature of the States and uniform them as much as possible. They receive their funding from a variety of sources, including the Federal Government. It wouldn't surprise me if the Federal Reserve weren't their puppet masters in this.
So what can you do to fight this? Call your state representatives in Texas, Oklahoma, Tennessee and Missouri. Tell them what these bills mean, and tell them it means the subversion of State sovereignty wherever the ULC brings this law, tell them it puts them under the boot of Central Bank tyranny.
Pay attention to how these bills proceed, if they make it to the next step, call or write whoever it goes to next to have them kill these bills. Do not relent nor stop.
And if any more of these bills show up in another state, post about it here so everyone can see it and everyone can put a stop to CBDCs in the United States before they get the chance to take root.
Related threads
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