The proliferation of cryptocurrencies has been so-far quite unrestrained; something that certainly will not last indefinitely. It is noteworthy that governments have allowed ecosystems of alternative monies, whose supply and availability they have no control over, to exist within their economies, particularly in-light of the fact that taxation of crypto exchanges has not been adequately codified yet. A recent NYT article highlights not only this, but the fact that the operation of cryptos is at-odds with governments’ current ‘green economy’ drive. It is inconsonant to speak about reducing the use of planes, automobiles, and the occurrence of cow farts while at the same time as “Bitcoin and Ethereum together consume about as much electric energy annually as Indonesia”.
The future growth directions of DeFi is its own topic, with regard to players, technology, standards, as well as government regulation. Existing banks and other financial institutions would do well to keep an eye on the tech giants’ occupation of the space, and explore partnerships now. But another issue with just the existing crypto marketplace now that the article mentions is the importance that anonymity has played in crypto transactions. Besides the fact that a Blockchain-based CBDC will make all coins’ transaction history transparent to the federal government, the Financial Action Task Force (FATF) is now establishing regulations mandating that financial institutions that transact in crypto will be required to do due diligence on their clients.
Perhaps more important to note than this regulation is the nature of the body issuing it. The FATF was setup as an international monitor for money laundering and terrorist financing. It seeks to set international standards and works to generate the political will to effect regulations and legal reform in this regard. As such, it is an independent international regulator appointed by the G20 that acts outside and independent of any national jurisdictions. Its members are unelected and no financial player in any country has any legal recourse to it. No legal strictures such as the FOIA apply to it regarding discovery. The FATF was the body that drove the limit on non-reportable cash transactions under the Bank Secrecy Act from $10,000 down to $3,000. And your political representatives most likely don’t even know about this group. This all is handy for those in power who are pushing for tyranny.
There is now widespread acknowledgement that there is some sort of chicanery going on with all the curious policies that give more control and power to governments while stripping us citizens of our freedoms and rights. It looks likely that the 20% of Americans who don’t want to get vaccinated will be prohibited from air travel now. However, it is frustrating that no-one commenting on this has connected the dots yet to reveal what is behind it all. The countries of Europe and North America simultaneously embraced “Build Back Better” to lockdown their people and wreck their existing economies. Obviously, they would not all do that in lockstep just because it is vogue with the current political paradigm. The reason they did it is because all these governments have borrowed and spent money since WWII with no intent of paying any of it back, and now all the social security, medical programs, public pension systems, and other social safety nets they promised their people will not be there for them. Those in power know that once the people realize that governments have betrayed the public’s trust in them as the custodian of their retirements and health care, they will rise up against them. And they would rather impose communist tyranny and keep themselves in power than allow that to happen.
What is so unfortunate about the fact that noone has done this dot-connection is that once the people understand that what is happening is a purposeful enslavement of them by the very people who have already sold out their trust, they would stand up against it and stop it. Because then they they will realize at-once why no political party can be trusted, why all the sectarian discord (over race, gender, etc.) is only purposefully-generated divisive noise, why disinformation is rampant, and why – no matter what turn in the COVID infection rates occurs – there will never be an end to the lockdowns that keep us from congregating and organizing. Once people understand the strategy being played upon them ands its purpose, they can no longer be controlled by it. Sadly, we’re not there yet. Hopefully we will get there in-time.
The people who concocted the disinfo red-herrings being used for control obviously needed to come up with something, but they did not think it through very well. COVID is a mutating virus with ‘reservoirs’ in the animal population. The latest lambda mutation circulating around South America appears to already be a particularly vaccine-resistant mutation. This means it can never be eradicated by vaccines so unless policy changes, the lockdown restrictions are not going to end. Just imagine the effect on financial markets when people eventually come to realize that there will no eradication of COVID and no return of society (and markets, commerce, etc.) back to normal ?