A former BoE governor weighs down the CBDC

The Bank of England is pushing its pawns to create a CBDC. But surprise, former Old Lady Governor Mervin King railed against this dystopian currency.

The “Britcoin”

Governor Jon Cunliffe spoke to the House Finance Committee on Tuesday about CBDC Britcoin, one of Prime Minister Rishi Sunak’s priorities.

This interview follows the turmoil that started in early February, when J. Cunliffe revealed a ceiling of 20,000 pounds per person in the CBDC. Or even just 10,000 pounds.

This Tuesday, Jon Cunliffe confirmed that the CBDC will be freely convertible into cash:

“You should still be able to exchange the CBDC from the Bank of England for a pound deposited in a bank account, cash or stablecoins […]. For us, currency uniformity means that you can switch from one form of currency to another on demand, without loss of value. »

“If cash is here to stay, a digital pound issued and guaranteed by the Bank of England could be a new way to pay that is reliable, accessible and easy to use”confirmed British Finance Minister Jeremy Hunt.

Nevertheless, the Deputy Governor of the Bank of England said that the “fundamental motivation is to provide the digital equivalent of Bank of England notes for everyday payments “.

Clearly, central bankers are villainously presenting the CBDC as an alternative to cash due to its declining use. Except that wouldn’t be the case if there weren’t exorbitant withdrawal fees and fewer and fewer distributors. In reality, everything is done to limit the use of cash.

For Mr. Cunliffe, there is “more than 50% chance” that the old lady creates a CBDC, “even if it does not yet have the technical skills”…

Lord King weighs down the CBDC

Former Bank of England Governor Mervin King warns against the bank run:

“CBDCs are about ways to make payments; they are not a new currency. Whether a country needs a CBDC therefore depends on the state of its payment system. What problems with our payment system could a CBDC solve? There are not any. Our payment system is more efficient than those of most other countries. Most transactions are already digital.”

For Lord King, “The enormous risk is that during a financial crisis people suddenly withdraw their money from banks and deposit it in their CBDC account with the Bank of England, forcing the latter to immediately transfer these deposits to the banks to avoid a system collapse.

“In 2008, when the Bank of England, with the approval of the government, lent a large amount of money to the RBS and the Bank of Scotland to prevent their collapse, the operations were secret and revealed only a few months later. late to avoid a loss of confidence in the whole system. It would be impossible if the British could switch without limit instantaneously from all commercial banks to the Bank of England”he launched in front of the House of Lords last month.

Hence the £10,000 limit. This is what everyone would be left with in the event of a financial Great Reset. This scenario is not impossible given the recent hints of world war.

They walk on tiptoe

Faced with the pitfall of the bank run, why the British government and the Bank of England are pursuing their efforts with such vigor. What are their real motivations?

J. Cunliffe Bank of England advance without batting an eyelid that the CBDC “could protect consumers in the event of a failure of the banking system”.

Hardly reassuring… The Cypriots know something about it. The Lebanese too. CBDCs and digital identities are sold to us as being “for our safety and comfort” whereas they are the bars of an open-air prison.

There is no doubt that the primary goal of this charade is to get rid of the cash. In “war economy”it will then be possible to ration the population, prohibit certain purchases, set an expiry date for the currency or even introduce negative rates.

Speaking at a roundtable in Washington in October 2022, IMF Deputy Managing Director and former PBoC Deputy Governor Bo Li spilled the beans:

“The CBDC can enable government agencies and private sector actors to program targeted policies. For example, it will be possible to program how social aid or food vouchers are spent. »

Bo Li’s interest in a programmable currency (CBDC) is shared by J. Cunliffe in this speech dated February 07…

One CBDC to control them all

This is the grand design: a total surveillance society where little people can no longer spend their money as they see fit. All that is missing is a Chinese-style social credit to perfect this totalitarian society into which the World Economic Forum would like to plunge us.

This social credit will be all the easier to implement if the government will have access to our purchase history. Such data would catalog the entire population according to their carbon footprint, among other Orwellian joys.

And during this time, the nobility will buy carbon credits to continue traveling by jet.

This dystopia does not pass in the United States, a country where one does not trifle with freedom:

“The US administration would work on the CBDC (Digital Dollar)”

The only currency that will allow you to protect your savings against the hyperinflationary Great Reset is Bitcoin and its 21 million units. Certainly not the CBDC. Bitcoin is the only currency that cannot be censored or depreciated.

Bitcoin is quite simply the best store of value in the world. And the fact that it is so successful in Nigeria, where the launch of the CBDC is a fiasco, bodes very well…

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