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Incomprehensible slow Introduction: This is how the EU Commission plans the digital euro

Similar to the classic euro over twenty years ago, when it starts its digital version, nobody in the EU is asked whether you want it that way. Freedom, privacy and the rest of the financial self-determination that is left are at stake.
Anyone who believes that the digital euro is still the subject of lively debate and that their fate is still uncertain is in the final stages of pathological naivety.
With the recent statements EU Finance Commissioner Mairead McGuinness is now clear where to go:
“ Cash is used less and less. We use our cards and phones to shop, we do electronic commerce. And if there was a time when cash decreased very sharply, where do we have public money – the public money of the central bank - if not in cash? We need a digital version of it. ”
McGuinness also added when she appeared at the Bruegel think tank in Brussels that the EU was obliged to deal with it.
According to her statements, she sees the EU parliamentary election in June 2024 and the subsequent appointment of the new EU Commission only as formalities on the way to the “ imperceptible and slow ” implementation of a digital euro.
Proponents of digital central bank money ( to English: central bank digital currency, or CBDC ) –, which would also include a digital euro –, have always emphasized in recent years, that the term itself is very broad. In the meantime, however, it is certain that the nature of the digital euro is similar to that of today s banknotes and coins – and is therefore covered by the ECB. This coverage is the strongest conceivable guarantee for CBDC enthusiasts, since according to them the central bank cannot fail. For them, the digital euro is a form of state money –, although the premise that central banks are a priori and actually always subject to the respective states, their peoples and their interests as public institutions, is still quite disputable. Even today have the central banks of Greece, Turkey, Belgium, Italy, Switzerland – and of course the USA – large, private shareholders with their own motivations.
In any case, the digital euro will compete with cryptocurrencies –, especially with the stablecoins – created by private companies such as Tether or the USD Coin –, which are calibrated to national fiat currencies. The experts who speak in such high tones rarely belong to critics of state failures in monetary policy – an intentional causality in the rising inflation rate, or a reduction in the purchasing power of the national currency is not even suspected or heard. The invisible power of the “ free market ” is suddenly to blame for such didactic fork, but not the bureaucratic colossus named the father state and its central bank.
In order to put this in the right context, one hears the statements of a Bo Li, who as deputy managing director of the International Monetary Fund, in October 2022 the following about CBDC has explained:
“ CBDC can enable government agencies and private sector actors ... to program targeted political functions. By programming a CBDC, the money can be used exactly for what people can own [ and what they can do ]. ”
With this wording, one should now remember the worldwide, over two-year Corona crisis, in which the greatest deprivation of liberty, the brazen exceedances of the actually constitutionally protected inviolability of body and dignity were organized. The mass psychological means of pressure from the state and system media would have been much more effective, since this was initially announced as “ including ” and “ sovereign ”, digital central bank money suddenly “ programmed in a targeted manner ” can be – to quickly stand up to annoying lateral thinkers, lateral actors or simply hesitant doubters in a “ crisis situation ”: with sanctions and “ suggestions ” of a currency nature. This would create extremely fertile soil on an unprecedented scale for monetary discrimination.
Governments would have unprecedented access to citizens financial data. This in turn should raise deep concerns about monitoring and undermining financial privacy. The ability for the state to track digital transactions in detail and using powerful big data algorithms, to interpret and contextualize – what drives the people s representatives to the gate of potential abuse of power – would have to be internalized. It is a blue-eyed dream that governments will not be tempted to use this information to monitor citizens. This would include persecuting political dissidents and whistleblowers, as well as simply monitoring the spending habits of ordinary citizens.
In recent years, unwanted, politically dissenting people have been sanctioned in such a way that their conventional accounts have been blocked. For example lamented the taz in September 2020 that the GLS was still found among the German banks, which had allowed the supposed “ coronale opponent ” Ken Jebsen to keep a bank account. According to the ethicists of the “ left alternative ” sheet, GLS Jebsen should have strictly refused to manage the account. Before Corona, the Deutsche Bank politicians of the AfD had the accounts canceled. The Internet payment service Paypal did the same with the German journalist Boris Reitschuster. With digital central bank money, such service refusals could be implemented much further up in the financial food pyramid.
Hardly anyone should have missed the fact that there has been an enormous inflation problem worldwide since the Corona crisis, which is now forcing one industrialized economy after another into recession. This trend will continue to do so. That the CBDCs in the specialist media have been “ Healing ” against rising inflation rates for many months be prepared, is clear. There one identifies the origin of rampant inflation in the perplexity and awkwardness of the central banks, which unfortunately have so far lacked accurate economic data in order to be able to make better decisions. Digital central bank money that records all transactions and transfers legibly would provide help. At least that s the populist campaign rhetoric. Ironically, it is a monetary research paper this year funded by the ECB and the EU that scientists look at admit honestly, that the mere presence of a CBDC in the financial system alone would make no difference. On page 27 they clearly say: “ Overall, the effects of a monetary shock on inflation are almost identical, with and without a CBDC. ”
The researchers note that, according to their calculations and simulations, it still shows that it is the monetary policy decision of commissioners, central bank chairs and politicians, which ultimately has the effect on the economy, not the “ new ” or “ new ” money medium itself.
Despite this sobering clarification: the former, promising pretext for introducing the digital euro would offer the chance for an at least partial “ reset ” of the inflation fiasco, to which practically all industrialized nations currently feel exposed. The senior strategist of the Bank of New York Mellon Co. – Geoffrey Yu – claims even that the billions of dollars in money packages could have been used much more efficiently during the corona pandemic with programmable CBDC. If the government had distributed this new money to people, “ the CBDC wallet app could have been programmed like this, that the funds contained therein can only be spent in certain areas and also have a certain expiry date ... The stimulus could therefore be aimed at supporting a certain sector ”, says Yu.
After the most rudimentary dialectic of an apparently genuine triad of thesis-antithesis synthesis, a single instance – is created that first created the systemic problem of modern monetary policy and then deepened – the central bank – provide comprehensive solution. The systemic problem is a dynamic mosaic of inflation, rampant money creation, which leads to an increase in the money supply without imaginable upper limits. This is then alternately joined by the increase in the key interest rate and the always expansively fired public debt (, which nobody cares about and is viewed as a separate, harmless domain ), and finally the passing on of the cushioning of this speculation to the conventional, unsuspecting taxpayer. There can be no linear return from this development.Otherwise, the state-funded economists would have solved the riddle long ago.
Thesis: The classic western central bank is historically infallible. Antithesis: The classic western central bank is fallible – historical examples that were only programmatically obscured in the discourse, there is an abundance of – and the phenomenon of bitcoin has partially helped to bring this insight to light. This means that a regulated reset would have to be found, which on the one hand preserves the status quo of the balance of power in finance and politics – on the other hand gives the public the appearance of a new wind, a new financial paradigm. This will be the synthesis that triumphantly proclaims victory over the mystified, obscure, intimidating, and threatening aura of the phenomenon of inflation. The synthesis in other words: the central banks of the world adopt aspects of blockchain technology,to impose the appearance of decentralization and cryptographically determined uncorruptibility. In reality, the distributor leather technology, as it has been continuously developed in the blockchain industry for over a decade, is ultimately replaced by a centralized database, colored by human blemish and political calculus, dripped again.
Social projects that are urgently to bind citizens even more to the state will follow. Like a supposedly “ unconditional ”, universal basic income that is tied to “ certain ”, small print conditions. It will be such first populist measures that deprive citizens of fear of contact with CBDC and release civil society and constitutional vigilance into arbitrariness.
So yes, digital central bank money is “ programmable money ” – centrally “ programmable money ”. Back to the enthusiasts of that. They stubbornly affirm that despite everything, one must trust the state – if not the state, who then? As already indicated, cryptocurrencies, especially Bitcoin –, are concerned with the concept that no central entity needs to be trusted when exchanging value or funds. Rather relies on mathematically determined cryptography, which verifies transactions multilaterally and decentrally in a blockchain network. Not because a central power authority has identified a transaction as politically acceptable and therefore verifies it.
In October, the European Central Bank is scheduled to make the final decision on the implementation of the digital euro – for the not too distant future –. What will their verdict be?
Source: freeassange.rtde.me
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