To the editor: A fundamental reimagining of the existing financial banking system and global commerce was the centerpiece of the keynote speech by Agustin Carstens, General Manager of the Bank for International Settlements (BIS) in Singapore on Feb. 22.
He envisioned central banks as the guardians of the public trust in money. Therefore, central banks are best positioned to foresee what the future of money should look like and they intend to make a new financial infrastructure the: “unified ledger.”
The simple translation in common parlance is central banks are going “all in” on central bank digital currencies, not to be outperformed by the private sector. While the crypto sphere provides a glimpse into promising technological advances, the BIS has serious concerns about decentralized, unregulated intermediaries taking on a role in the banking sector, as seigniorage is an important source of revenue for the government. However, if the same technological advances could be usurped and controlled by the central bank, this could become a significant first step in Agustin Carstens’s financial utopia.
For years, the BIS has quietly deliberated on how to build a better technological grid of control of all assets, not just monetary. Their goal has been to inventory all finances, commodities, land, timber, houses, etc., on one ledger under their exclusive management and control. On June 20, the BIS published “The Blueprint for the Future Monetary System: Improving the Old, Enabling the New.” This unified ledger system, if implemented, will accomplish their long-awaited goal: complete control of all global resources. This comprehensive blueprint gives new meaning to the World Economic Forum’s mantra: “By 2030; you’ll own nothing and you’ll be happy.”
One might question the timing and hubris of the guardians of the public trust when G-7 countries are teetering on a global debt crisis, BRICS nations are about to roll out a new currency and the U.S. just had a significant downgrade in their bond market by Fitch Rating Agency.
FedNow, a prerequisite to the rollout of the unified ledger, was quietly unveiled on July 20. However, central banks enjoy immunity protection under Article 14, in case things don’t work out as planned. As central banks tokenize your house and assets for the greater good of humanity, ignorance will be blissful until the consequences rain down hard. History has confirmed freedom and liberty come at a high price.
Lucinda Shmulsky, New Marlborough
The Berkshire Eagle