Was thinking about CBDC and FedNow while I slept last night and looking at the logical progression of a Global currency payment system. Woke up still thinking about it.
Banks grant credit to generate interest income, by giving loans. Credit cards are a form of loan and all payments made are money transfers from bank to bank.
By connecting all banks to the IMF platform, all forms of currency become a common currency electronically, by using a globally accepted exchange rate for each currency. So many Greek Drachmas are worth X number of Euros, and each is worth X number of US Dollars, and so on. Once this is established, a common monetary unit for all will follow rapidly. FedNow will enable the instant transfers on the international IMF platform, backed by the US CBDC digital currency, and since the Dollar is the primary international currency, the changeover to digital currency should be quick, possibly by this time in July, 2024.
Banks are often nationalized. Sometimes for going bankrupt, sometimes because the government wants to take the money away from the bank. So I was wondering what would stop governments from taking over the banks once all the money was digital and they controlled it. Since most banks are financed with loans from their governments, it shouldn’t be too difficult.
The Chinese have been taking over poor nation’s most important infrastructure by making them loans they can’t repay and then taking possession. Within China they’ve forced their own people onto a Social Credit system that controls their income and can take it away. This is the system they want to impose on the world.
China is a member of the IMF along with all but 2 other nations. The world’s nations will all share in this emerging system where all currency is digital credits and access to one’s individual account is controlled by one central government, and all transactions are monitored within seconds and scrutinized for social merit. Where all your behavior is recorded by the government through your cellphone and the surveillance around you.
If everyone is using the instant payment system and credit is abolished along with banks, then all the money/credits you have are all that you have to spend. The extension of this is that the central government owns all the housing, means of transportation and so on. Remember what they said, that you will own nothing and be happy.
The conclusion is that money will disappear and be replaced with digital credits. Private property will be abolished, the Central Government will own everything.