We have an official denial from the European Commission on Central Bank Digital Currencies. 
First Rule of Politics
Privacy Fears Dominate Launch of Digital Euro Plan
Politico reports Privacy Fears Dominate Launch of Digital Euro Plan
When the European Commission unveiled draft legislation paving the way for a digital version of the euro, its jitters over how to allay privacy concerns were only too apparent.
“This is not a Big Brother project,” Finance Commissioner Mairead McGuinness told reporters on Wednesday after presenting what, if it becomes a reality, will be a virtual extension of euro banknotes and coins and which will settle payments across the eurozone in seconds.
Supporters say the digital euro goes beyond providing a public good and will ensure the currency and European Central Bank remain relevant in a digital economy, where cryptocurrencies circulate and Big Tech companies dream of printing their own money.
But critics fear it will give governments a way to snoop on buying behavior. At the extreme end, conspiracy theorists portray the digital euro as a covert plan to phase out cash and monitor people’s shopping habits. Unease about how to sell the project was underscored by a last-minute attempt by Commission President Ursula von der Leyen’s team to delay the proposal until after the summer over concerns that language on payment privacy wasn’t sufficiently strong.
The Commission is confident its bill addresses these concerns by limiting how many digital euros people can hold, and has pledged to cap shopkeepers’ fees.
But industry criticism has a habit of creeping into the European Parliament, which will soon begin its scrutiny of the proposal. Right-wing MEPs have already lambasted the project for turning EU society into the Soviet Union. The Parliament and EU Council, representing national governments, will have to agree on the final shape of the legislation.
The phrase “Never believe anything in politics until it has been officially denied” is from Otto Von Bismark via Brainy Quote.
Additional Otto von Bismarck Quotes
- Laws are like sausages, it is better not to see them being made.
- There is a Providence that protects idiots, drunkards, children and the United States of America.
- The secret of politics? Make a good treaty with Russia.
- When a man says he approves of something in principle, it means he hasn’t the slightest intention of carrying it out in practice.
- To retain respect for sausages and laws, one must not watch them in the making.
- Whoever speaks of Europe is wrong: it is a geographical expression.
The Green Deal in the EU Goes Unfunded, Expect a Total Collapse
In case you missed it, please see The Green Deal in the EU Goes Unfunded, Expect a Total Collapse
“We have an official denial from the European Commission on Central Bank Digital Currencies.”
CBDC are “safe and effective.”
But only when used as directed…
Only the uneducated will balk at using CBDC
Central Bank Digital Currency is NOT about Big Brother.
The Big Brother part is simply an incidental benefit.
CORRECTO MUNDO
when does fonzie, i mean mish jump the shark
What many conspiracy theorists don’t consider is the levels of incompetence and short-term self-interest via petty politics that dominates the short range Brownian motion of cogs in a bureaucratic machine.
As with the rollout of the hysteria cough mixture, they will cough it up completely, and any EUSSR style totalitarian system, is more likely to resemble Terry Gilliam’s Brazil, than some ultra efficiant Star Wars style regime.
correct. if you live in proper places in USA the sawbucks and hunges will be traded for a century. the law abiding middlebrows will load themselves on the freight trains voluntarily without a peep. live amongst non native amerikans who have lived through all this crap our empire is doing. native born amerikans are weak in body and mind.
Over 95% of currency is already digital. And the creation of ALL currency in our system is digital. So the Central Bank Digital Currencies are really not that big of a change.
In the USA, all money is created when banks issue loans. Banks create new, digital money in their computer AFTER the borrower signs the loan contract. Banks create this new, digital money with no need for prior reserves or deposits. Banks charge interest for loaning money they create in their own computers.
Here are some experts admitting that banks create all money (Proofs from “bank LIES dot ORG”).
“The actual creation of money ALWAYS involves the extension of credit by private commercial banks.” – US Treasury Assistant Council (Attorney) Russell L. Munk, 1982
“Money is created when loans are issued…money is extinguished when loans are repaid.” – John B. Henderson, Senior Specialist in Price Economics, Library of Congress, 1983
“The money that one borrower uses to pay interest on a loan has been created somewhere else in the economy by another loan.” – John M. Yetter, Attorney-Advisor, United States Department of the Treasury, 1996
“Commercial Banks…create new checkbook dollars and add them to a borrower’s checking account. Because commercial banks have the power to create new dollars, they play a special role in our financial system.” – Federal Reserve Bank of New York, 1979.
“In the communist countries, money is created in the same was as in capitalist countries — through the extension of bank credit.” – George Garvey, Federal Reserve Bank of New York, 1966.
“Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.” – Bank of England, 2014
If everyone paid off their loans there would be no money left. Strange but true.
You’re right! The system is designed to keep us enslaved to private bankers from cradle to grave. Total debts from all sectors is over $80 trillion. This dwarfs the money supply of approximately $21 trillion. And since money is extinguished when bank loans are repaid, it is impossible for everyone to get out of debt. If we tried, we’d be around $60 trillion short!
That is why I don’t pay off my mortgage.
I am doing a public service maintaining the money supply.
“If everyone paid off their loans there would be no money left. Strange but true.”
I’ve seen this stated on occasion over the years. It is not correct.
It would be true if banks were black holes into which money went and never came back out but that is not the case. They are actors in the economic system just like other businesses, except they have the ability to create and destroy money via accounting entries.
Banks don’t just create money when they loan. They also create it when they spend, whether to pay a bill or buy an asset. They don’t have a commercial checking account out of which they can pay someone. They simply create a deposit or direct another bank to create one. The actual payment from the POV of the banks occurs within the Federal Reserve System via transfer of reserves. That is where the bulk of their monetary assets is kept. A small amount is in vault cash.
So while the principal and interest, if any, is destroyed when a payment is made to a bank, it comes back into the system as the bank pays its employees salaries and bonuses, utilities, taxes, dividends, service companies (e.g., cleaning) etc, or when it buys an asset (e.g., bond).
It’s about tracking every penny with the power to confiscate at will, not about creation of money
agreed completely. And it creates yet another way to profile each and everyone of us. the thought scares me and I think it should scare others too. Sadly, too many, seemignly perfectly intelligent freinds of mine have the attitude of “I have nothing to hide” and simply have no interest. a bit depressing.
wow my spelling went haywire – apologies;)
I’d say it’s egomania to think that anybody cares to look at you as anything more than one data point among millions.
But I don’t know what you get up to on a weekend, so you might be of special interest.
Data points got censored on social media.
And forced to take a Vax they might not want.
The point is not that a particular, mundane individual (or particularly mundane individual) can be targeted, but that a specific individual *can* be targeted in such a manner.
In life one usually tries to avoid relationships where one’s partner controls all the money and has numerous secrets while expecting to know nearly every detail about you.
link to nationalreview.com
I’ve noticed you don’t complain about the bank-controlled money scam that has turned the entire world population into debt slaves to the private bankers.
But the idea of these same bankers tracking every transaction and having the ability to restrict access to money upsets you. (The 12 Federal Reserve Banks are private corporations, owned and controlled by their member banks. These are the people pushing for Central Bank Digital Currency.)
Sounds like you support better working conditions for slaves rather than fighting to abolish slavery.
correct, but more properly, it is playing catch up with the chinese tracking currency they already implemented. on CSPAN past couple of years some of the BIS and western money men from fed treasury and EU, are so jealous and need to catch up. and by the way, the move to a currency which will be exchangeable to gold is NOT an if, just a when. since ancient tuscany, this has been the way men trade currency. this little brief period since aug 15, 1971 by the bankrupt Tricky Dick after the french came to NYC to take their gold, is a short little spell of idiocy. the amerikan default 50 years ago caused runaway inflation of the saw buck. not a speck of deflation. a brand new house on long island cost 15,000 units of dollars in early 70s. it ain’t rocket science. i did a stint at NASA, too. i love to brag about that.
To be fair, the much-maligned head-of-state was just doing what he needed to after finally reaching the oval office (after the 1960 election was ‘secured’ for his opponent). Richard didn’t cause the problem nor did he benefit from the ‘solution’, so the name calling is just disparaging a patsy.
**when I write ‘doing what he needed to’, I mean what he was instructed or conditioned to do. Richard wasn’t the great and powerful Oz, just another career politician who had things explained to him in such a way that he closed the window.
Think of all the revenue the Government can create selling profile data to advertising agencies.
Yes, there is that too.
I wonder the same thing. I think 94% of USD is non cash. So is CBDC basically complete elimination of cash? What exactly is it? The devil is in the details.
I always carry cash even though I charge everything. Sometimes the credit card machines don’t work and a few times I’ve had my card shut down without notice.
My hunch is politicians don’t want to completely eliminate cash. Too many make sordid purchases they don’t want traceable.
A new system to block people from conducting commerce for wrong think and criminals from committing fraud also does something else; new system to maneuver around it.
vast majority of the 100 paper usd is not in usa. those things will be exchanged for goods and services for a century. i live in brooklyn, and always use cash. all the immigrant merchants from haiti to russia……..give nice discounts for it. middle amerika is lost. when i lived in AZ i bought and did major renovations on my rental properties using cash and silver coin. of course i never used the fat lazy drugged out native borns. meth heads.
I cannot understand fat lazy meth heads.
Skinny and hyper meth heads with bad teeth – OK.
Plenty of gas stations here in Florida quote prices in cash and another for credit cards. Since using cards costs merchants ~3%, you can typically get 10-15 cents a gallon discount paying cash which can make a few dollars difference in price when filling up.
Just like in Brooklyn, my lawn guy takes cash too and so do plenty of other services like pool cleaning, handy man etc.
100% right. CBDC is a crazy attempt to take over complete power. I believe it will backfire and serve as the catalyst back toward market controlled money, honest money, gold and silver backed money with digital transferrability at the gram level convertibility at the individual level with OzT resolution.
You cannot go from a dishonest money system that is failing with so many people now being aware that the money is failing to another dishonest money system. It has been tried and it never works. That Texas digital dollar is looking better and better.
They wouldn’t use this to control a citizens ability to pay .. like Trudeau’s government did to the truckers’ protest.
Would they?
What Trudeau did was the blueprint for all other governments to follow.
For anyone paying attention it was a flashing neon sign that the government can’t be trusted in the slightest. A LOT of friends I know suddenly started to, or increased the amount of cash they hold at home in a safe / hidden location to around 10K just ‘in case’
The movie ‘Enemy of the State’ seemed like an interesting story when it was released but it’s proven to be prescient.
Well, apparently they already can, using the baling wire and bubblegum system we have in place. Using this instead of blockchain for transactions reminds me of people that used to print stuff out to put in the fax machine.
Fear of what already happened is a dumb thing to let hold you back.
Sorry, but you cannot purchase this meat unless you go back and delete the tweet you made this morning.
“I’m from the government. I’m here to help you.”