Austin Fitts said JPMorgan Chase is a paradigmatic example of how these banks work. She said it is “a bank that has a fundamentally criminal business model, and that business model is protected and supported by the bank and the treasury.” The Solari Report released a report in June 2022 that found between 2002 and 2019, JPMorgan paid at least $42 billion in court settlements for criminal activity. Iversen agreed that the management of this crisis is part of a broader move toward bank consolidation, and ultimately CBDC: “They are going to get everybody to want this [CBDC] and the way they’re going to do that is by allowing Banks to go under one by one … while at the same time consolidating all these small banks into the big banks and those big banks are the Federal Reserve, Citibank, JPMorgan Chase. “They are the shareholders of the Federal Reserve and it would be their currency that we spend.” According to Austin Fitts, “The pandemic killed a lot of small businesses, and it looks to me that in this situation there’s an effort to kill the small banks, which, you know, if that succeeds we’re in real trouble.” “The federal credit is being used to consolidate the banking system and that is very bad for regular people,” she added. ‘CBDCs are not currencies, they are a control tool’ CBDCs are government-backed digital currencies issued by a central bank. They can be issued to financial institutions or to the general public, effectively giving people a bank account the government can directly access, in an account held either by the government itself or a commercial bank. For example, Dimon told Congressional leaders the Federal Reserve would not be able to manage a CBDC itself but would need intermediaries — like existing banks. CBDCs are rapidly being rolled out to bring about a new economic transaction system. The International Monetary Fund last year reported that more than 100 national governments are researching, testing or rolling out CBDCs. This includes the U.S. Department of the Treasury, which announced in November it would soon test a 12-week CBDC pilot program. The World Economic Forum (WEF) has a working group dedicated to ensuring the different national CBDCs are interoperable. Just last week, the WEF argued that CBDCs are “inevitable.” CBDCs are promoted as digital tokens that can simplify monetary policy and bring about convenient cashless societies. They’re also sometimes said to be similar to cryptocurrency due to their digital nature, but there are key distinctions as they currently exist. While cryptocurrencies are decentralized and seek to allow anonymous transactions, CBDCs are centralized and can track every transaction. That’s why CBDC skeptics, like Austin Fitts, have argued, “CBDCs are not currencies, they are a control tool.” For example, CBDCs are programmable, so they could allow authorities to limit purchases, payments and income in whatever ways are deemed socially beneficial, set which vendors money can go to, or reward and punish people for particular behaviors. Critics argue that CBDCs could be used to punish those the government deems are engaging in criminal activity in the way that the Canadian government cut off the protesting truckers’ access to credit cards and bank accounts. Krieger tweeted that the banking crisis contains many elements key to the move toward a CBDC. Proponents of CBDCs — ranging from the U.S. Treasury to the WEF, the U.K. House of Lords, Harvard Business Review and many others — argue that hypothetical CBDCs might offer people personal financial stability when global financial markets are volatile, curb the power of Big Tech, end bank runs, make regulation easier and “improve inclusivity.” The Federal Reserve says on its website that it is exploring CBDCs as a way to improve the U.S. domestic payments system. Experts observed the banks that failed played a key role in providing cryptocurrency transactions that could be a challenge to a CBDC — and particularly to the Fed’s proposed payments system. Crypto businesses also have relationships with large commercial banks, but both Signature and Silvergate provided key on-off ramps between crypto and traditional currencies. In particular, Silvergate operated the SEN network (Silvergate exchange network), which offered 24/7 access to near-instantaneous USD transfers via cryptocurrencies. Signature had a similar program, called Signet. “That’s kind of a CBDC, but being run privately, and so if you are going to actually try to roll out a CBDC run by the Fed, you can’t have a functioning competitor, that’s not in their control,” financial analyst and creator of Liberty Blitzkrieg, Krieger told Whitney Webb. Speaking before the U.S. House Financial Services Committee earlier this month, Fed Chairman Jerome Powell said the central bank was not yet close to releasing a U.S. CBDC. But it is making steps in the form of a new program called FedNow, Fortune reported. The Fed announced last week that in July, it will launch FedNow, its mechanism to facilitate real-time transactions and give customers immediate access to funds. Zerohedge tweeted the FedNow announcement:The twist is that JPM - which has hundreds of billions in excess cash and can be very "generous" - will soon be the largest creditor of small banks, positioning it in perfect spot for the coming debt for equity swaps. https://t.co/FNIz57jp2Y
— zerohedge (@zerohedge) March 16, 2023
How can regular people stop CBDCs? Austin Fitts has long argued that people are not helpless in the face of the potential CBDC rollout. “It is important to recognize that there is a great deal that each one of us can do to take action,” Austin Fitts says. “In a highly leveraged financial system such as we have, a single individual counts for a lot.” She suggested 10 practical steps people can implement in their everyday lives, including using cash, doing business with trusted people and finding a good local bank. She also advocates using analog systems as much as possible — avoiding biometric data collection and QR codes. “In a perfect system,” she said, “we would have digital assets and we would have analog assets. I’m a big proponent of cash because you want to balance between digital and analog. Anything digital can be controlled.” Along those lines, she advocates the U.S. withdraw from the World Health Organization (WHO). “The WHO, among other unacceptable actions, is using the healthcare system to institute vaccine passports,” Fitts said, “which is simply a way of getting the authentication system needed for CBDCs and spatial control.” Fitts also recommends asking your state legislators to start a sovereign state bank that protects the right to free financial transactions. And she recommends people demand financial institutions like the Federal Reserve Bank of New York be held accountable. Fitts isn’t alone in advocating for a strong regional bank system. Sacks told Dore: “My view is we need a vibrant regional banking system in this country because if you don’t have that, our freedom is going to be greatly curtailed. “The easiest way to have a social credit system is to force everybody’s money into four banks, and then they can just implement the system through their terms of service. “Who runs these four banks? All these people who are politically connected in Washington and Davos.” Read more at: ChildrensHealthDefense.orgFedNow Instant Payments Are Coming And CBDCs Will Follow https://t.co/Z8qTIiofDq
— zerohedge (@zerohedge) March 20, 2023
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