The Next Step in the Global Reset - Resetting the Monetary System

On April 19, 2021, this statement appeared on the Bank of England's website:

 

The Bank of England will work together with the United Kingdom's Her Majesty's Treasury to explore the implementation of a potential United Kingdom Central Bank Digital Currency or CBDC.  This move is not unexpected given that other central banks around the world are exploring or experimenting with digital currencies.

Let's start by putting digital currencies into perspective.  According to Michael Casey, Chief Content Officer at CoinDesk, the panel moderator at the recent Davos Agenda Resetting Digital Currencies session:

"We're talking about the disruption of money.  A technology so deeply-rooted into the structure of society that we so often just take it for granted....This isn't just another digital upgrade to our existing bank centric  system of money.  With digital currencies, the money itself is software.  It's programmable and when that happens, a lot of our assumptions about what money is and how it functions may need to be reexamined."

  

Now, let's go back to the Bank of England's statement.  Here is a quote from the statement:

  

"A CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses. It would exist alongside cash and bank deposits, rather than replacing them.

 

The Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.

 

The Taskforce aims to ensure a strategic approach is adopted between the UK authorities as they explore CBDC, in line with their statutory objectives, and to promote close coordination between them. The Taskforce will: 

 

1.) Coordinate exploration of the objectives, use cases, opportunities and risks of a potential UK CBDC.

 

2.) Guide evaluation of the design features a CBDC must display to achieve our goals.

 

3.) Support a rigorous, coherent and comprehensive assessment of the overall case for a UK CBDC.

 

4.) Monitor international CBDC developments to ensure the UK remains at the forefront of global innovation.

The Bank of England will also set up two forums as follows:

 

"1.) A CBDC Engagement Forum to engage senior stakeholders and gather strategic input on all non-technology aspects of CBDC. The Forum will have an important role in helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a CBDC. It will consider issues such as – but not limited to – ‘use cases’ for CBDC, functional needs of CBDC users, roles of public and private sectors in a CBDC system, financial & digital inclusion considerations, and data & privacy implications. Members will be drawn from financial institutions, civil society groups, merchants, business users and consumers.

 

2.) A CBDC Technology Forum to engage stakeholders and gather input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum will have an important role in helping the Bank to understand the technological challenges of designing, implementing and operating a CBDC. Members will be invited by the Bank and drawn from a range of financial institutions, academia, fintechs, infrastructure providers and technology firms."

In March 2020, the Bank of England released a discussion paper on CBDCs.  The discussion paper noted that a Central Bank Digital Currency would be an electronic form of central bank money that could be used by households and businesses to make payments and that the monetary system in the United Kingdom would change as follows:

 

"Any CBDC issued by the Bank of England would be denominated in pounds sterling just like banknotes and would be introduced alongside rather than replacing cash and bank deposits.  It would not be a cryptocurrency."

 

One of the reasons for the Bank's interest in CBDC is because methods of payments are changing as shown in this graphic:

 

Here is a quote from the discussion paper:

 

"The use of banknotes - the Bank’s most accessible form of money – is declining, and use of privately issued money continues to increase, with technological changes driving innovation. 

 

These developments provide the public with new ways to pay for goods and services, which support and enable the digital economy, but also present new risks. 

 

They raise an important question for the Bank: 

 

As the issuer of the safest and most trusted form of money in the economy, should the Bank provide the public with electronic money – or a Central Bank Digital Currency (CBDC) – as a complement to physical banknotes?"

Here is a graphic showing the declining use of physical currency, one of the alleged drivers behind the move to CBDCs:

 

Now, let's "follow the money".  The World Economic Forum/Davos Overlords have long had an interest in digital currencies as shown here:

 

The January 2021 Davos Agenda featured two sessions about Resetting Digital Currencies as shown here:

 

Note the presence of the current Governor of the Bank of England, Andrew Bailey, among the speakers at this session:

Here is a video of the Session 1 panel:

 

Here is a video of the Session 2 panel:

There is also a very significant additional connection between Central Bank Digital Currencies, the Bank of England and the World Economic Forum as shown here:

 

 

So, there you have it.  Mark Carney, former Governor of the Bank of England (2013 to 2020) and the Bank of Canada just happens to be a member of the Board of Trustees of the World Economic Forum.

  

Given the Bank of England's current foray into exploring the development and implementation of a digital currency and its links with the World Economic Forum and its elite leadership, one of the great cheerleaders of the digital currency movement, we can pretty well assure ourselves that digital currencies are going to be a bedrock of the economy in the not-too-distant future.  While the Bank of England states that physical currency will circulate as it is now, my prediction is that physical currency will completely disappear, allowing the ruling class to further control our behaviours and track our spending.

Let's close with the opening comments from World Economic Forum insider Michael Casey as I noted above as a reminder of where we are headed:

"We're talking about the disruption of money.  A technology so deeply-rooted into the structure of society that we so often just take it for granted....This isn't just another digital upgrade to our existing bank centric  system of money.  With digital currencies, the money itself is software.  It's programmable and when that happens, a lot of our assumptions about what money is and how it functions may need to be reexamined."