(Summarizing an article by Tyler Durden on zerohedge.com and highlighting his suggestion on the possible future of crypto-currency to be used for the one world currency. https://www.zerohedge.com/news/2018-11-22/did-imf-reveal-cryptocurrency-new-world-order-end-game)
There are a few things to know about crypto-currency:
- It is backed by nothing. Anyone can create it out of thin air identical to the well-known Bitcoin. If anyone can create, then there is no intrinsic value to the technology. So literally thousands of such currencies can be created.
- In the event of a grid down or an internet lock-down (as it has occurred in the past in nations under crisis), the currency can be rendered useless because the blockchain ledger is no longer accessible.
- The amount of time and energy required to accumulate these digital currencies seem counterproductive in light of the fact that they might not be there when we actually need them. Trading with private wallets also make no sense because running into someone in the community with the same is very slim.
- The only attributes that made Bitcoin valuable are its branding and the amount of hype that is generated around it. Earlier, one more valuable characteristic is the supposed anonymity but now we know that any crypto-currency based on a block-chain ledger is highly traceable.
- What is happening to the boom and bust of crypto-currencies now can be likened to the Dutch Tulip mania.
As precious metals alternative system can be a threat to the current economic environment of fiat currencies, Bitcoin and its likes can distract such attempt.
“In 1988, The Economist, a globalist publication, “predicted” that a global currency system would be launched in the year 2018. It is now clear that crypto and the block-chain are that system. This system would eventually use the IMF’s Special Drawing Rights basket as a kind of bridge to a one world currency, which they referred to as the “Phoenix”. Though some people claim that the SDR itself is not a currency, globalists apparently disagree.
Mohamed El-Erian, former CEO of PIMCO, praised the idea of using the SDR as a world currency mechanism and as a means to counter “populism,” reiterating the plan outlined in The Economist in 1988.
In The Economist article, it is also hinted that the role of the U.S. as an economic center for the world and the role of the dollar as world reserve currency will have to be diminished in order to clear a path for the new world order system. We see this already taking place now, as we verge on an economic crisis which could easily collapse equity markets, bond markets, as well as the reserve status of the dollar itself.
Lagarde’s latest piece is written like a sales pitch, selling the idea of central bank crypto not to central bankers, but to the financial media. The media will undoubtedly run with the talking points Lagarde suggests and regurgitate them in a blaze of articles as to why global crypto controlled by the IMF is the solution to all our fiscal problems.
The very core of the movement toward global crypto, I believe, is the destruction of anonymity in trade through a “cashless society”. When all trade is watched, all trade can be controlled. Beyond this, by monitoring trade transactions on a macro-scale, globalists can also, in a way, monitor mass psychology and predict public behaviour to a point.
Lagarde notes specifically in her article that anonymity from government oversight is unacceptable. She argues that any central bank cryptocurrency will have to ensure that private exchange is limited, and that centralized surveillance of transactions is warranted and necessary. What she of course fails to mention is that blockchain technology is already set up for government surveillance. It always has been. Not only this, but the very fabric of the blockchain requires that transactions are added to the ledger in order for the system to function. There is a built-in excuse for surveillance.
The only question is how exactly the IMF plans to attach the SDR basket to a crypto framework. This is not specifically described in Lagarde’s paper. I expect that this will not be a process of slow adaptations. Instead, it will be introduced swiftly in the midst of public panic.
The “everything bubble” created by central banks over the past decade is ready to pop. The Federal Reserve in particular has been enthusiastic about cutting off all stimulus measures, dumping assets from their balance sheet and raising interest rates into economic weakness during the worst corporate and consumer debt environment since 2008.
I suggest that the IMF already has a cryptocurrency mechanism ready to replace the dollar as world reserve, and that it will be infused into the SDR basket at the height of the coming crash. The fact that the IMF has been introducing central bank crypto talking points over the past year indicates to me that the crash is imminent.” – Tyler Durden.