Your Money AND Your Life - Central Banks Digital Currencies will ransom our future. by Edward Snowden

Posted by freedomforall 1 week, 6 days ago to Philosophy
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Excerpt:
"What some economists have lately taken to calling, with a suspiciously pejorative emphasis, “decentralized cryptocurrencies”—meaning Bitcoin, Ethereum, and others—are regarded by both central and commercial banks as dangerous disintermediators; precisely because they’ve been designed to ensure equal protection for all users, with no special privileges extended to the State.

This “crypto”—whose very technology was primarily created in order to correct the centralization that now threatens it—was, generally is, and should be constitutionally unconcerned with who possesses it and uses it for what. To traditional banks, however, not to mention to states with sovereign currencies, this is unacceptable: These upstart crypto-competitors represent an epochal disruption, promising the possibility of storing and moving verifiable value independent of State approval, and so placing their users beyond the reach of Rome.

I risk few readers by asserting that the commercial banking sector is not, as Waller avers, the solution, but is in fact the problem—a parasitic and utterly inefficient industry that has preyed upon its customers with an impunity backstopped by regular bail-outs from the Fed, thanks to the dubious fiction that it is “too big too fail.”

But even as the banking-industrial complex has become larger, its utility has withered—especially in comparison to crypto. Commercial banking once uniquely secured otherwise risky transactions, ensuring escrow and reversibility. Similarly, credit and investment were unavailable, and perhaps even unimaginable, without it. Today you can enjoy any of these in three clicks.

Still, banks have an older role. Since the inception of commercial banking, or at least since its capitalization by central banking, the industry’s most important function has been the moving of money, fulfilling the promise of those promissory notes of old by allowing their redemption in different cities, or in different countries, and by allowing bearers and redeemers of those notes to make payments on their and others’ behalf across similar distances.


For most of history, moving money in such a manner required the storing of it, and in great quantities—necessitating the palpable security of vaults and guards. But as intrinsically valuable money gave way to our little napkins, and napkins give way to their intangible digital equivalents, that has changed.

Today, however, there isn’t much in the vaults. If you walk into a bank, even without a mask over your face, and attempt a sizable withdrawal, you’re almost always going to be told to come back next Wednesday, as the physical currency you’re requesting has to be ordered from the rare branch or reserve that actually has it. Meanwhile, the guard, no less mythologized in the mind than the granite and marble he paces, is just an old man with tired feet, paid too little to use the gun that he carries.

These are what commercial banks have been reduced to: “intermediating” money-ordering-services that profit off penalties and fees—protected by your grandfather.

In sum, in an increasingly digital society, there is almost nothing a bank can do to provide access to and protect your assets that an algorithm can’t replicate and improve upon."

Read the whole article.
Snowden at his best exposing the deep state and their intention to enslave you.
SOURCE URL: https://edwardsnowden.substack.com/p/cbdcs


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  • Posted by $ Dobrien 1 week, 6 days ago
    Shiny Silver and Gold. Fed digital currency is like buying o rings replacements from Morton Thiekold
    for very cold shuttle launches. Well on second thought it’s like taking advice on a virus by the creator of the virus.
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  • Posted by term2 1 week, 4 days ago
    If one cannot store up value derived from ones work for a time when one cannot work or does not want to work, its time to stop dealing with other prople who set themselves up to take it for their own use.

    Money is the current method of storing value. It has been debased and made unsafe. Fiat currencies of today are more convenient than precious metals or fixed assets, but backed by nothing at all today. Its very disturbing to contemplate this CBDC stuff. Its even less safe than paper dollars in that your personal "savings" could be gone in an instant. Currently, the government can inflate, but it takes more time,
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  • Posted by DrZarkov99 1 week, 4 days ago
    Cryptocurrency is the ultimate Ponzi scheme, dependent on the "greater fool" concept to keep jacking up the fictional value as the supreme fiat currency. Of course when the national currency is quickly becoming worthless, why not adopt your own fictional medium of exchange?

    I'm relying on real metal as my holdout currency, mostly lead. We may soon see a day when only the preppers have a chance of safe survival.
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