Where were you on March 9, 2022…
…when President Biden signed the death warrant on American freedom?
On that day, in a hushed ceremony at the White House…
…without the approval of Congress, the states, or the American people…
Biden signed into law Executive Order 14067.
Buried in his Order are a few paragraphs, titled Section 4…. https://www.federalregister.gov/documents/2022/03/14/2022-05471/ensuring-responsible-development-of-digital-assets
Section 4 reads as follows:
Sec. 4 . Policy and Actions Related to United States Central Bank Digital Currencies. (a) The policy of my Administration on a United States CBDC is as follows:
(i) Sovereign money is at the core of a well-functioning financial system, macroeconomic stabilization policies, and economic growth. My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC. These efforts should include assessments of possible benefits and risks for consumers, investors, and businesses; financial stability and systemic risk; payment systems; national security; the ability to exercise human rights; financial inclusion and equity; and the actions required to launch a United States CBDC if doing so is deemed to be in the national interest.
(ii) My Administration sees merit in showcasing United States leadership and participation in international fora related to CBDCs and in multi-country conversations and pilot projects involving CBDCs. Any future dollar payment system should be designed in a way that is consistent with United States priorities (as outlined in section 4(a)(i) of this order) and democratic values, including privacy protections, and that ensures the global financial system has appropriate transparency, connectivity, and platform and architecture interoperability or transferability, as appropriate.
(iii) A United States CBDC may have the potential to support efficient and low-cost transactions, particularly for cross-border funds transfers and payments, and to foster greater access to the financial system, with fewer of the risks posed by private sector-administered digital assets. A United States CBDC that is interoperable with CBDCs issued by other monetary authorities could facilitate faster and lower-cost cross-border payments and potentially boost economic growth, support the continued centrality of the United States within the international financial system, and help to protect the unique role that the dollar plays in global finance. There are also, however, potential risks and downsides to consider. We should prioritize timely assessments of potential benefits and risks under various designs to ensure that the United States remains a leader in the international financial system.
(b) Within 180 days of the date of this order, the Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies, shall submit to the President a report on the future of money and payment systems, including the conditions that drive broad adoption of digital assets; the extent to which technological innovation may influence these outcomes; and the implications for the United States financial system, the modernization of and changes to payment systems, economic growth, financial inclusion, and national security. This report shall be coordinated through the interagency process described in section 3 of this order. Based on the potential United States CBDC design options, this report shall include an analysis of:
(i) the potential implications of a United States CBDC, based on the possible design choices, for national interests, including implications for economic growth and stability;
(ii) the potential implications a United States CBDC might have on financial inclusion;
(iii) the potential relationship between a CBDC and private sector-administered digital assets;
(iv) the future of sovereign and privately produced money globally and implications for our financial system and democracy;
(v) the extent to which foreign CBDCs could displace existing currencies and alter the payment system in ways that could undermine United States financial centrality;
(vi) the potential implications for national security and financial crime, including an analysis of illicit financing risks, sanctions risks, other law enforcement and national security interests, and implications for human rights; and
(vii) an assessment of the effects that the growth of foreign CBDCs may have on United States interests generally.
(c) The Chairman of the Board of Governors of the Federal Reserve System (Chairman of the Federal Reserve) is encouraged to continue to research and report on the extent to which CBDCs could improve the efficiency and reduce the costs of existing and future payments systems, to continue to assess the optimal form of a United States CBDC, and to develop a strategic plan for Federal Reserve and broader United States Government action, as appropriate, that evaluates the necessary steps and requirements for the potential implementation and launch of a United States CBDC. The Chairman of the Federal Reserve is also encouraged to evaluate the extent to which a United States CBDC, based on the potential design options, could enhance or impede the ability of monetary policy to function effectively as a critical macroeconomic stabilization tool.
(d) The Attorney General, in consultation with the Secretary of the Treasury and the Chairman of the Federal Reserve, shall:
(i) within 180 days of the date of this order, provide to the President through the APNSA and APEP an assessment of whether legislative changes would be necessary to issue a United States CBDC, should it be deemed appropriate and in the national interest; and
(ii) within 210 days of the date of this order, provide to the President through the APNSA and the APEP a corresponding legislative proposal, based on consideration of the report submitted by the Secretary of the Treasury under section 4(b) of this order and any materials developed by the Chairman of the Federal Reserve consistent with section 4(c) of this order.
The language in Section 4 makes Order 14067…
…the most treacherous act by a sitting President in the history of our republic.
Because Section 4 sets the stage for…
Legal government surveillance of all US citizens…
Total control over your bank accounts and purchases…
And the ability to silence all dissenting voices for good.
In this new war on freedom, the Dems aren’t coming for your guns.
No, they’re thinking much bigger than that…
They’re coming for your money.
And it’s already started.
Former Advisor to Pentagon and CIA: “Your life savings and freedoms are at immediate risk.“
Jim Richards, a former advisor to the Pentagon, the White House, Congress, the CIA, and the Department of Defense and an attorney, investment banker……and author of 7 books on currencies and international economics has stated the following…
When places like Fox, CNBC or Bloomberg want to know what’s about to shakeup the global economy, they call me.
Most of all, like you, I’m a proud American patriot.
The disturbing predictions you’re about to see are based on my independent research and my contacts in the intelligence community.
Someone needs to pull the alarm!
Section 4 of Biden’s Order means for all Americans…it is laying the groundwork for…
The US dollar being made obsolete.
It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors
Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few eurozone troika officials scrambling to salvage their balance sheets. A joint paper by the U.S. Federal Deposit Insurance Corporation (FDIC) and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds. New Zealand has a similar directive, discussed earlier here.
Few depositors realize that legally, the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs. (See here and here.) But until now, the bank has been obligated to pay the money back as cash on demand. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.
Reading the Fine Print
The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.” It begins by explaining that since the 2008 banking crisis, it has become clear that some other way besides taxpayer bailouts are needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors present this alternative:
An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities. In the U.K., the same approach could be used, or the equity could be used to recapitalize the failing financial company itself–thus, the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution. [Emphasis added.]
No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks. The directive is called a “resolution process,” defined elsewhere as a plan that “would be triggered in the event of the failure of an insurer and would facilitate [the failed bank’s] resolution in a controlled manner, avoiding systemic disruption and use of public funds.” The only mention of “insured deposits”is in connection with existing UK legislation, which the FDIC-BOE directive goes on to say is inadequate, implying that it needs to be modified or overridden.
An Imminent Risk
If our IOUs are converted to bank stock, they will no longer be subject to insurance protection but will be “at risk” and vulnerable to being wiped out, just as the Lehman Brothers shareholders were in 2008. That this dire scenario could actually materialize was underscored by Yves Smith in a March 19 post titled When You Weren’t Looking, Democrat Bank Stooges Launch Bills to Permit Bailouts, Deregulate Derivatives. She writes:
In the U.S., depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have turned a blind eye as banks use their depositaries to fund derivatives exposures. And as bad as that is, the depositors, unlike their Cypriot confreres, aren’t even senior creditors. Remember Lehman? When the investment bank failed, unsecured creditors (and remember, depositors are unsecured creditors) got eight cents on the dollar. One big reason was that derivatives counterparties require collateral for any exposures, meaning they are secured creditors. The 2005 bankruptcy reforms made derivatives counterparties senior to unsecured lenders. [Emphasis added.]
One might wonder why the posting of collateral by a derivative counterparty, at some percentage of full exposure, makes the creditor “secured,” while the depositor who posted collateral at 100 cents on the dollar is “unsecured.” But moving on — Smith writes:
Lehman had only two itty bitty banking subsidiaries, and to my knowledge, was not gathering retail deposits. But as readers may recall, Bank of America moved most of its derivatives from its Merrill Lynch operation [to] its depositary in late 2011.
Its “depositary” is the arm of the bank that takes deposits. At B of A, that means lots and lots of deposits. The deposits are now subject to being wiped out by a major derivatives loss. How bad could that be? Smith quotes Bloomberg:
… Bank of America’s holding company… held almost $75 trillion of derivatives at the end of June…
That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.
$75 trillion and $79 trillion in derivatives! These two mega-banks alone hold more in derivatives eachthan the entire global GDP (at $70 trillion).
Smith goes on:
… Remember the effect of the 2005 bankruptcy law revisions: derivatives counterparties are first in line, they get to grab assets first and leave everyone else to scramble for crumbs… Lehman failed over a weekend after JP Morgan grabbed collateral.
But it’s even worse than that. During the Savings & Loan crisis, the FDIC did not have enough in deposit insurance receipts to pay for the Resolution Trust Corporation wind-down vehicle. It had to get more funding from Congress. This move paves the way for another TARP-style shakedown of taxpayers, this time to save depositors.
Perhaps, but Congress has already been burned and is liable to balk a second time. Hence the need for the FDIC-BOE resolution. When it is implemented, the FDIC will no longer need to protect depositor funds; it can just confiscate them.
Note that an FDIC confiscation of deposits to recapitalize the banks is far different from a simple tax on taxpayers to pay government expenses. The government’s debt is at least arguably the people’s debt, since the government is there to provide services for the people. But when the banks get into trouble with their derivative schemes, they are not serving depositors, who are not getting a cut of the profits; and by no stretch of the imagination are the depositors liable for the losses. Taking depositor funds is simply theft. What should be done is to raise FDIC insurance premiums and make the banks pay to keep their depositors whole, but premiums are already high. The FDIC is a government agency, but like other regulatory agencies it is subject to regulatory capture. Deposit insurance has failed, and so has the private banking system that has depended on it for the trust that makes banking work.
Note too that imposing losses on depositors is not a “wealth tax” but is a tax on the poor, since wealthy people don’t keep most of their money in bank accounts. They keep it in the stock market, in real estate, in over-the-counter derivatives, in gold and silver, and so forth.
Are you safe, then, if your money is in gold and silver? Apparently not — if it’s stored in a safety deposit box in the bank. Homeland Security has reportedly told banks that it has authority to seize the contents of safety deposit boxes without a warrant when it’s a matter of “national security,” which a major bank crisis no doubt will be.
The Swedish Alternative: Nationalize the Banks
Another alternative was considered by President Obama in 2009 but was rejected: nationalize failed banks. In a February 2009 article titled “Are Uninsured Bank Depositors in Danger?,” Felix Salmon discussed a newsletter by Asia-based investment strategist Christopher Wood, in which Wood wrote:
It is… amazing that Obama does not understand the political appeal of the nationalization option… [D]espite this latest setback nationalization of the banks is coming sooner or later because the realities of the situation will demand it. The result will be shareholders wiped out and bondholders forced to take debt-for-equity swaps, if not hopefully depositors.
On whether depositors could be forced to become equity holders, Salmon commented:
It’s worth remembering that depositors are unsecured creditors of any bank; usually, indeed, they’re by far the largest class of unsecured creditors.
President Obama acknowledged that bank nationalization had worked in Sweden, and that the course pursued by the U.S. Fed had not worked in Japan, which wound up instead in a “lost decade.” But Obama opted for the Japanese approach because, according to Ed Harrison, “Americans will not tolerate nationalization.”
That was four years ago. When Americans realize that the alternative is to have their ready cash transformed into “bank stock” of questionable marketability, moving failed mega-banks into the public sector may start to have more appeal.
Soon, your cash will be confiscated – or will simply be worthless paper.
The cash currency we have now will be replaced with a new, programmable digital tokens.
But the truth is, few outside the deep state recognize Biden’s move for what it really is.
If my predictions are correct, this so much more sinister than simply replacing the cash dollar with a new digitized version…
FINancial TECHnology that will rule over the lives of everyone on the planet, rich or poor, is due to be unleashed in January of 2021 under what the International Monetary Fund calls a GLOBAL RESET.
They call it Fintech. It will abolish American entrepreneurship and obliterate small business enterprises.
To make this happen, banks will be closing branches under the pretense its workers are quitting over fear of transmission of the COVID-19 coronavirus from bank customer to bank teller. Intentional central bank induced inflation will crush the purchasing power of the American dollar. Then there will be pre-planned shortages of cash and coin that will force the public to beg for currency reform – the elimination of paper money and its replacement with a digital money card, what the World Economic Forum calls THE 4TH DIGITAL INDUSTRIAL REVOLUTION.
Every “digital dollar” will be programmed by the government…that means they will be able to “turn on or off” your money at will.
Not only that, but they’ll be able to TRACK and RECORD every purchase you make.
This is very different than “online banking”…
And it has nothing to do with crypto.
AOC has already publicly declared her support for a government controlled “spyware” currency…
US Dollar Replaced with Trackable “Spyware” Version
The digital dollar means Dems would be able to punish any contribution, purchase, or even social media comment they don’t like.
And this isn’t something years away… It’s starting now.
Biden’s secret army has been hard at work, and…US trials are already well underway.
In fact, our government is racing to catch up…
In my opinion, it’s not a question of “Will the US implement a digital dollar?” It’s just a question of “When”…
- A multi-stakeholder initiative to develop options for a Digital Dollar
- The US Congress’ Digital Dollar Hearing is Today: All You Need to Know
- Congress Weighs Digital Dollars and Crypto Regulations
- DTCC BUILDING INDUSTRY’S FIRST PROTOTYPE TO SUPPORT DIGITAL U.S. CURRENCY IN THE CLEARING & SETTLEMENT PROCESS AS PART OF DIGITAL DOLLAR PROJECT EFFORT
- Biden’s Plan for a Digital Dollar is a Massive Threat to Freedom
- Biden issues executive order to explore cryptocurrency-like digital dollar
China and Russia have already launched pilot programs for their own digital currencies.
More than half the countries in the world and almost 90% of central banks are testing or exploring a digital currency right now.
And the answer to that is… It’s already happening.
Under Project Lithium and Project Hamilton, the new “spyware” currency has been quietly tested for several years.
There’s no stopping it.
The prediction is we’ll see a digital dollar hit circulation next year – or 2024 at the latest.