Govcoins: The digital currencies that will transform finance

Discussion in 'Digital Currencies' started by willrocks, May 10, 2021.

Tags:
Page 1 of 4
  1. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    7,777
    Likes Received:
    7,199
    Trophy Points:
    113
    willrocks, May 10, 2021
    #1
    STKR and 66rounds like this.
  2. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,984
    Likes Received:
    3,392
    Trophy Points:
    113
    Location:
    Melbourne
    And here we go....


     
    66rounds, May 10, 2021
    #2
    willrocks likes this.
  3. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,680
    Likes Received:
    4,441
    Trophy Points:
    113
    How old is this topic? I’ve always found “The Economist” to struggle with economics and relevance.
     
    mmm....shiney!, May 10, 2021
    #3
    Oddjob and willrocks like this.
  4. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    7,777
    Likes Received:
    7,199
    Trophy Points:
    113
    Well they are owned by the Rothschilds.
     
    willrocks, May 10, 2021
    #4
    STKR, shinymetal, 66rounds and 1 other person like this.
  5. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,984
    Likes Received:
    3,392
    Trophy Points:
    113
    Location:
    Melbourne
    66rounds, May 10, 2021
    #5
    shinymetal likes this.
  6. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    7,777
    Likes Received:
    7,199
    Trophy Points:
    113
     
    willrocks, May 10, 2021
    #6
    STKR likes this.
  7. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,680
    Likes Received:
    4,441
    Trophy Points:
    113
    Yes, there's been lots of speculation about CBDCs, but the one big stumbling block with the story about CBs doing away with the banking sector is that it's basically against their Charter.

    For example the RBA's charter (and it's pretty commonly shared with other CBs) is to contribute to:

    1. financial stability
    2. full unemployment, and
    3. economic welfare and prosperity of the people.

    In regard to financial stability, the RBA must undertake duties that, amongst other things, promote competition in the market place for payments systems.

    https://rba.gov.au/about-rba/our-role.html

    Building a financial "ring road" around the banking and payments system would create financial instability and would definitely be anti-competitive. I'm of the opinion therefore that talk about CBs being given the power to issue currency directly to consumer and industry is just simply speculation. I can understand though why it's a popular topic, especially considering the rise of MMT and cryptos.

    And on the video, since when does depositor's funds finance bank's loans (9:19)? Edit to add: I think she means if we move away from a fractional-reserve banking system.
     
    mmm....shiney!, May 10, 2021
    #7
    hawkeye1 and willrocks like this.
  8. hawkeye1

    hawkeye1 Active Member

    Joined:
    Dec 26, 2020
    Messages:
    169
    Likes Received:
    153
    Trophy Points:
    43
    Location:
    Perth
    Some of the quotes from that article are truly cringe

    I mean, really?? In this day and age who says things like that?

    imo, there won't be any viable model for a CBDC that will pass muster in your average democracy. And we will be able to thank the CCP, yet again, for showing us how bad certain technologies can be in the hands of the state.

    Fixed it for him.

     
    hawkeye1, May 11, 2021
    #8
    mmm....shiney! likes this.
  9. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,486
    Likes Received:
    2,846
    Trophy Points:
    113
    How's the COVID response holding up to their charter?

    All we've being doing is shifting the pain and damage into the future. Financial stability is priority #1 - and that clearly comes before unemployment and prosperity of "The people". Or maybe it doesn't, and their definition of "The People" is more likely "Our People". That's how it's played out so far..
     
    STKR, May 14, 2021
    #9
    mmm....shiney! likes this.
  10. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,680
    Likes Received:
    4,441
    Trophy Points:
    113
    That's the point, under the new monetary system we have no "pain gets shifted into the future" because taxpayers don't fund the government, therefore future generations aren't paying the debts of the past.
     
    mmm....shiney!, May 14, 2021
    #10
  11. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,486
    Likes Received:
    2,846
    Trophy Points:
    113
    And how could this occur without a "great reset"? How is a new system, where past debts are no longer accountable, going to prevent pain from being shifted? Someone has to lose from this pursuit, and it looks like the retail banks have a target on their backs.

    This "great reset" is an accumulation of the shifted pain concentrated to a singular point in time - a reset event. Do you ever wonder why bank bail-in laws were passed several years ago? For this exact moment.
     
    STKR, May 14, 2021
    #11
    markcoinoz, jultorsk and mmm....shiney! like this.
  12. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,486
    Likes Received:
    2,846
    Trophy Points:
    113
    This thread is a reminder to me of the warnings from the past. The Late Aaron Russo comes to mind and the things he spoke of, warned us about, we're living it right now:

     
    STKR, May 14, 2021
    #12
    66rounds likes this.
  13. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,486
    Likes Received:
    2,846
    Trophy Points:
    113
    What's the bet these COVID immunisation passports are going to be used to show how effective such data verification systems are and how such a system could be utilised in finance.

    We can expect Hollywood to make several blockbuster movies where people have already adopted such technology, in an attempt to 'discretely' propagate new social norms.
     
    STKR, May 14, 2021
    #13
    Oddjob and 66rounds like this.
  14. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,486
    Likes Received:
    2,846
    Trophy Points:
    113
    Problem, Reaction, Solution.

    Create a crisis, blame it on COVID. A financial crisis/system collapse leads to Bank bail-ins, wiping out the wealth of the middle and lower class. The population is then offered a credit of their former bail-in losses which can be redeemed on the new CBDC system.

    Out of desperation, many people choose to take said credits and, in-turn, usher in a new, completely digital, one-world financial governance system.
     
    STKR, May 14, 2021
    #14
    markcoinoz and 66rounds like this.
  15. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,680
    Likes Received:
    4,441
    Trophy Points:
    113
    The only great reset I can see, and it doesn't have short odds on it unfortunately, is a move to private fractional-reserve banking based upon algorithmic stablecoins.

    Ok, I keep telling you but obviously it's not sinking in. It's not a new system. It's been around in its modern version in Australia since Keating floated the dollar, and earlier in the US.

    Past debts are no longer accountable? What sorcery do you speak of? When a government issues a bond it has to pay the bondholder back. That's pretty accountable in my books. And in the case of sovereign nations that issue their own currencies there's absolutely no pain involved. That is only going to change on the dead bodies of Central Banks and Federal Treasury departments.

    No because I fail to see its importance. If someone wants to deposit money into a financial institution knowing full well of the risks involved in losing their money - then good for them.
     
    mmm....shiney!, May 14, 2021
    #15
  16. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,680
    Likes Received:
    4,441
    Trophy Points:
    113
    On the topic of "bail-ins" apparently it can't happen.

    https://www.abc.net.au/news/2020-08...-deposits-rba-household-debt-covid19/12594380
     
    mmm....shiney!, May 14, 2021
    #16
  17. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,486
    Likes Received:
    2,846
    Trophy Points:
    113

    Can you explain how you reached this conclusion then?

    Just because tax payers aren't buying the bonds, doesn't mean they aren't paying the debt, or the interest on that debt.
     
    STKR, May 14, 2021
    #17
  18. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,486
    Likes Received:
    2,846
    Trophy Points:
    113
    ABC News is my ZeroHedge in regards to credibility. APRA still has the power to protect Australia from financial chaos by enacting bail-ins, should they deem it an appropriate coarse of action.

    "there is already legislative certainty that deposits cannot be subject to any form of conversion, write-off or bail-in".

    What's the bet that this "legislative certainty" is referring to the government's $250,000 guarantee, which needs to be activated in the event of a financial crisis and impeding banking collapse.
     
    STKR, May 14, 2021
    #18
  19. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,486
    Likes Received:
    2,846
    Trophy Points:
    113
    What % of the population do you believe is "Knowing full well of the risks involved", vs the % of the population that believe their savings are safe?

    How many would understand they are classed as an "unsecured creditor" to the banks?
     
    STKR, May 14, 2021
    #19
  20. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,680
    Likes Received:
    4,441
    Trophy Points:
    113
    No idea. According to the Senator they're not "unsecured creditors".

    They just reported what the Senator said. If you did a google search you could probably find the same thing from a news source you prefer.
     
    mmm....shiney!, May 14, 2021
    #20
Page 1 of 4

Share This Page