For the entities pursuing a one world government and one world monetary system, the creation of the Blockchain may have been exactly what they were looking for.
Anarcho-capitalists and anti-central bank revolutionaries were in many ways behind the creation of both Bitcoin and Blockchain technologies, and yet their creation may actually one day come back to haunt them. Right now four major banks are working hard to create and implement a crypto-currency that would start out as a settlement currency for interbank transactions, but could evolve into their dream scenario of replacing cash completely, and forcing everyone to function under the auspices of a completely centralized monetary system.
UBS, Deutsche Bank, Santander and BNY Mellon have partnered up to create a new digital currency to facilitate intra-bank settlements, the FT reports. The cryptocurrency will use blockchain technology underpinning the Bitcoin.
Why is this different than any other Bitcoin startup – there sure have been many. Because these are the banks that control the global currency market, also known as AKA ‘the cartel’ according to court documents.
So why does any of this matter? Central Banking policy has run the global economy into the ground. Central Banks OWN $25 Trillion of Financial Assets. $13 Trillion worth of Government Bonds in the world have NEGATIVE YIELDS. The financial system as it is now, is on the path for implosion.
Settlement Coin apparently is targeting ‘back office settlement’ to reduce costs which are about $80 Billion per year. But why then does RT compare it with SDRs:
If implemented, the new cryptocurrency would be the first to be used officially between major financial institutions. The concept resembles the IMF’s Special Drawing Right (SDR), introduced in 1964. Based on a basket of currencies (the US dollar, euro, the Japanese yen, pound sterling and the soon to be joined Chinese yuan this October), it is used to supplement the IMF’s member countries’ official reserve. As of March 2016, 204.1 billion SDRs equivalent to about $285 billion had been created and allocated to countries.
Once implemented, these banks have the means to quickly connect this new cryptocurrency “Settlement Coin” to their existing global network, as well as adding their own proprietary currencies such as “CitiCoin.”
It will take some time before the cryptocurrency is even released, and still probably years before it’s widely accepted. What makes this week’s announcement unique is that, for the first time the banks publicly announced they are making a new digital ‘crypto currency’ that isn’t issued by a central bank, that can be implemented by them across and without borders, which is a perfect fit for a replacement of the US Dollar and other fiat currencies when they completely run out of QE steam. – Globalintelhub via Zerohedge
Some may or may not remember the former JP Morgan Head commodities trader Blythe Masters, who left the institution to start her own digital company tied to creating financial systems using Blockchain technology. And just a few months ago during a conference in Copenhagen at the Money 2020 symposium, Masters intimated that banks will be fully integrated into the Blockchain within two years.
Blockchain technology – the backbone of bitcoin – will be used by financial services companies in two years’ time but mainstream adoption will take longer, according to an ex-top JPMorgan executive who now runs a blockchain company.
Speaking to CNBC at the Money 2020 conference in Copenhagen, Blythe Masters, who is credited with leading the development of credit default swaps and now is at the helm of Digital Asset Holdings, said that the deployment of blockchain technology is around the corner.
“My view is that we will see this technology in various forms be deployed in a commercial setting in less than a couple of years. That doesn’t mean it will become mainstream in that time frame, I think that the time frame that it’ll take to get to be mainstream would be five to ten years,” Masters said on Tuesday. – CNBC
The fact of the matter is nearly all central bankers know that the days of the monetary system based on fiat currencies is dying. However, no one ever desires to give up the power once they have it, and it appears that the bankers are jumping on board the Blockchain with open arms to build and create the next financial system, which they hope will not only be the last, but will also be the one that they can control as the world’s single currency.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.