Early Stage Technocracy: The Success of Bitcoin Has Led To The Creation of Project Dunbar, Australia, Singapore, Malaysia, and South Africa central bank digital currencies (CBDC) project – September 10, 2021,
So the good thing about cryptocurrencies is that now more than every people know about fiat money and how it leads to poverty, the bad news about the success of Bitcoin is Technocracy.
Now that central governments feel as though people no longer want to transact in physical cash, the governments in some countries are moving in a direction in which groups of elite technical experts can have full control over the global economy.
Killing or buying up Bitcoin will be easy for the central government, especially if this CBDC project is successful because as I like to point out, Bitcoin is a derivative of the US dollar/fiat cash. Bitcoin has no history outside of the modern fiat system, and if CBDC’s are normalized, the value of Bitcoin will depend on the value of CBDC’s.
Now, I personally suspect Central Bankers will attack Bitcoin, I’ve already heard Jerome Powell make statements that he is in agreement that Climate change is a threat to humanity, and solar panels and wind farms also pollute and one could make the argument that solar and wind being wasted to mine Bitcoins is a terrible idea now that we have CBDCs?
I get it that in the minds of the crypto community that can’t imagine that in the future cryptocurrencies could be treated like digital drug dealers, but the writing is already on the wall. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system is primarily for private banks.
There’s a little decentralization to the SWIFT system, the government can still monitor transactions, but once physical cash is in your hands, what you do with that cash is free and clear of the government. No word yet if CBDC’s will have a cash component, but one thing is for sure the central banks won’t need private banks to send CBDC’s to people.
Governments running endless deficits by the way is one of the reasons why Leftists have grown so powerful. In a market economy, Leftist ideas, Leftist stupidity is exposed and quickly debunked, not so when governments have full control over the money supply, which is what this is about.
Where I see problems with CBDC’s is Welfare and productivity, the Forex markets are decentralized, and if there exists CBDC’s? How do value a Forex market with CBDC’s? Would we then start valuing CBDC’s based on how much government profit and loss statements? Because if that happens, most CBDC’s will have serious hyper-inflationary problems.
The Chinese digital yuan has become a huge disaster, but people have been rather silent on the matter, and the reason for the silence is clearly, due to the fact that central banks are trapped at zero percent interest rates and they’re looking for a way out.
It doesn’t surprise me in the least that Australia, Malaysia, and South Africa want CBDC’s but I’ll have to look more into what’s happening with Singapore because I found that to be very interesting.
Singapore has a benevolent dictatorship. A benevolent dictator may allow for some civil liberties or democratic decision-making to exist but most of us know and understand that democracy is suppressed in Singapore. With that said I give credit where it’s due, because the Singapore economy, on the surface appears to be doing quite well.
So, with Singapore, it could just be that their government is trying to understand CBDCs, Singapore is often light years ahead of everyone else with technology, the people in charge of running Singapore are known to figure out the nuts and bolts of any new innovation, even Singapore’s universal health care system is innovative, if you compare Singapore’s universal health care system to the disaster that is Canada’s universal health care, you’ll see major differences that make Singapore’s Universal health care far superior to Canada’s.
With Singapore, I suspect their involvement in this project is merely to make sure they don’t get left behind, because after all, Singapore is a tiny nation and if this technocracy experiment works, Singapore will have to evolve its economy.
I personally see a major problem with CBDCs and the decentralized forex markets, because a lot of countries pay for government spending by debasing their currencies to the U.S dollar, so if the SWIFT system is replaced by CBDCs this creates an entirely new forex market or lack thereof?
With Australia, Malaysia, and South Africa those countries are bankrupt and I imagine they see CBDCs as a means to avoid the public embarrassment of bankruptcy.
Hey people, don’t worry, your government is not bankrupt >>>“Hey central banker, click the delete button, to get rid of the debt the government owes” don’t worry, the people will still work just as hard for this government today as they worked yesterday, after all, if they don’t the government controls the money supply and therefore these slaves won’t be able to eat and enjoy the finer things in life without CBDCs.
CBDCs are clearly early stages of a technocracy, if you haven’t done so yet, you may want to consider buying Gold and Silver because sometimes tyranny lasts for DECADES, don’t expect these oligarchs to give up, they will double down over and over again until the people rise up
Australia, Singapore, Malaysia and South Africa launch joint CBDC pilot | cointelegraph.com
Interesting times ahead