During the third week of March 2021, US Federal Reserve Chairman Jerome H. Powell participated in a Bank for International Settlements (BIS) organized, innovation summit teleconference entitled:
“How Can Central Banks Innovate in the Digital Age?”
This transnational meeting was chaired by the immensely rotund, 5-course-meal-swallowing general manager of the Bank for International Settlements … Agustin Carstens. Old hands in the Conspiracy Research game will already be fully clued-up about the BIS, its history, and its reason for being. Those who aren’t are urged to do their own research on this Basel, Switzerland based entity so they can get this entire topic into better perspective.
At its root just realize the BIS was set up as (or was later morphed into) an executive satellite of the City of London and the Rothschild Cabal. The BIS acts as the hub to which most Central Banks around the world are indirectly connected, and to whom they ultimately report. The BIS essentially defines the immutable criteria under which Central Banks (and also lower tier Commercial Banks) must operate.
This default arrangement is somewhat analogous to that used by Information Technology: namely, “Master/Slave” or “Server/Client”.
Other (lesser known) summit participants include the Bundesbank President Jens Weidmann, and (rather oddly) Gillian Tett, Editor-at-large and Chair of the Editorial Board at the Financial Times in London.
I find it interesting that no-one from the Bank of England nor European Central Bank participated directly. Perhaps Weidmann’s role was to informally represent the ECB, while Ms. Tett could be relied upon to report back to the BoE; either directly or through F.T. editorials?
Their core topic of discussion looped around how to safely create a robust Central Bank Digital Currency (CBDC). And apart from the technical challenge of achieving that in ways that will never compromise the financial security of entire nations or regions, their principal concern was the meteoric rise of that private and decentralized digital currency (or digital asset) known as Bitcoin.
Powell is somewhat hostile to Bitcoin because he is recognizing a real threat to the global hegemony of his rapidly depreciating Dollar currency (properly called the “Federal Reserve Note”) that is currently looming over the horizon. Both he and his side-kick named Janet Yellen have been bashing the flagship crypto coin since about August 2020.
Hoping to dissuade potential holders of Bitcoin from within America’s financial institutions Powell keeps repeating the mantra: “crypto assets – we call them ‘crypto assets’ – they’re highly volatile, see Bitcoin, and therefore not really useful as a store of value, and they’re not backed by anything”.
Of course the Federal Reserve Notes (aka US Dollars) he keeps printing to infinity are certainly NOT backed by anything other than the military might of the US Navy and Air Force. And those printed notes have certainly not enjoyed any backing from Gold Bullion since August 1971, when President Nixon was “instructed” to close the gold window.
The Fed Chairman continued:
“They’re more of an asset for speculation, so they’re not particularly in use as a means of payment. It’s more a speculative asset. It’s essentially a substitute for gold rather than for the dollar.”
https://youtu.be/G5bVtzQt4Uc | https://www.zerohedge.com/markets/powell-slams-bitcoin-says-crypto-more-substitute-gold-dollar
In their March 22, 2021 article, Zerohedge pointed out that Powell’s words provided … some of the most direct Fed opinions on Bitcoin in recent weeks and added to the perspective offered in 2019. They also come weeks after incoming Treasury Secretary Janet Yellen made clear her misgivings about decentralized cryptocurrencies. As with Yellen, Powell sparked a burst of negative market sentiment, with bitcoin dropping almost $1,000 following his response.
Judging by the immense salaries and perks being paid to these mediocre characters, you’d be forgiven for thinking they are discussing “rocket science”. But no, here (below) is a tabulated summary of the terrain they are seeking to manipulate back into serving their (perpetual) “pseudo-royal” purposes:
Interestingly, the Bundesbank’s Jens Weidmann seems happy to hint he’s basically content to live with or alongside private sector issued currencies when he said: “central banks shouldn’t crowd out the private sector with their efforts to create digital currencies.”
If we dare to interpret that statement as it appears to have been meant, then this cabal of Central Banker types may yet cease seeing non-central bank crypto as a threat. They may even elect to design and build their own digitized currency as a centralized “companion”.
But of course … I do not recommend you attempt to “hold your breath” nor lay down a speculative bet! And yes, I’ve not seen a flying Pig either.
Here’s the { 70 minute duration } video of this online event courtesy of CNBC Television:
VIDEO HIGHLIGHTS:
- Ms. Tett asks if it is “legal” to create a CBDC, and they answered they will create laws to make it legal;
- The Bitcoin question to Powell arrives at 26:16;
- Herr Weidmann is being subconsciously guided by what happened during the Wiemar Republic;
- At 27:30 Bitcoin is described as not being backed by anything. Yet it then gets quickly compared to Gold, which is definitely not backed by anything (i.e., if you ignore chronic paper market manipulation);
- The Manhattan based cynic broadcasting this obfuscation heads an (arguably illegal) organization that is responsible for printing the paper currency that it pretends are US Dollars when in reality they should be called Federal Reserve Notes. Yet while playing their game of Venetian Masks they also keep printing those “notes” by the billions, out of thin air!
Outsourced World 