Several weeks ago, the New York Federal Reserve quietly launched a 12 week long trial of a CBDC “digital dollar” pilot program in partnership with global banking giants like Citigroup Inc, HSBC Holdings Plc, Mastercard Inc and Wells Fargo & Co.
The NYFR describes the project as an attempt to test the feasibility of using blockchain tokens and distributed ledger technology as a mechanism for settlement of liabilities.
This is one of many software and technology projects that the Federal Reserve Bank of New York has been developing through their New York Innovation Center.
The Biden administration has been attempting to take control over the digital assets markets through a combination of Executive Orders and enforcement with the hiring of 70,000 new IRS agents.
On March 9, 2022, Biden signed Executive Order 14143, titled “Ensuring Responsible Development of Digital Assets”.
Government agencies have been funding research projects at private institutions aimed at implementing a fully programmable digital currency such as those endorsed by the G7 and World Economic Forum (WEF).
What is the Federal Reserve New York Innovation Center?
The Federal Reserve Innovation Center is a group within the bank who’s mission is to collaborate on technology research, experimentation and prototyping with banking regulators, the banking industry, academia and international central banks, the Federal Reserve System, the Bank for International Settlements (BIS) Innovation Hub, academia, and the private sector through technical research, experimentation, and prototyping.
The team is chartered to generated insights into high-value central bank-related opportunities, enabling stakeholders and the central bank community to enhance the functioning of the global financial system.
Much of the G7 are following recommendations for CBDC systems endorsed by the WEF that are designed to be centrally controllable and programmable which is the opposite of having a decentralized blockchain.
Back in 2019, the General Manager of the International Bank of Settlements openly spoke about their intent to use CBDC to control which products citizens will be allowed to spend their digital dollars.
The Federal Reserve New York Innovation Center is likely following suggestions endorsed and suggested by the WEF, IBS, G7 and other organizations that have no absolutely no legal authority over the US economy or any other economy.
According to data provided by CBDCTracker.org, more than 60 countries are currently researching or launching pilot programs using CDBC blockchain ledger technology.
Many of the political rank and file in Congress reportedly received donations from FTX and affiliated crypto organizations in the run up to the mid-term elections.
Republicans in Congress have already announced their intent to hold hearings on the collapse of the FTX crypto exchange and into influence peddling by the White House.
In the current bankruptcy petition, the company discloses that it owes its top 50 creditors a total of $3.1 billion dollars but has yet to publicly disclose the list of names.
Shortly after signing EO 14143, former US President Bill Clinton and former UK Prime Minister Tony Blair were both guest speakers at the Crypto Bahamas Conference.
Private Gold Ownership in the United States
During the pandemic the US Mint sold more ounces of gold, silver and platinum coins than ever before.
As a result of the pandemic, private ownership of gold and silver is now the highest it has been since Roosevelt confiscated gold in 1933.
Looking at only cumulative bullion sales of the American Gold Eagle coin series, the US Mint has sold roughly 45.5 million troy ounces of gold eagles from 1986 until 2021.
So far in 2022, it’s reported that the US Mint has sold roughly 976,000 ounces of gold coins as of November.
There have been a variety of problems reported by the US Mint in recent years related to supply chain and planchets that have effected the production of both Gold and Silver bullion coins.
Many investors have been fleeing from the stock and crypto markets due to ongoing inflation, mass layoffs, rising interest rates and fears of a recession or worse. Millions of Americans continue to lose faith in the US economy as millions face layoffs the war in Ukraine drags on without any end in sight.
Buyers demand low premiums on gold and silver. Investors, preppers and many every day Americans continue to search for a safe haven investment as some lobby for a return to a gold-standard economy.
As of March 5 2021, the US Mint stores 147.3 million troy ounces of gold at Fort Knox, down from the highest highest historic gold holdings of 649.6 million ounces in December 31, 1941.
According to the US Mint more than 512.3 million troy ounces of gold has been removed from the Fort Knox Gold Repository since 1941.
According to weekly published reports by the Federal Reserve, roughly 20 million troy ounces is stored in the New York Federal Reserve system.
Monthly Gold Report data provided by the Department of Treasury shows 261,498,926.2 million troy ounces in their inventory, with roughly 147.6 million ounces being held in Fort Knox, 43.8 million in Denver, CO and 54.0 million in West Point, NY. The DoT reports gold holdings at the Federal Reserve to be around 13.5 million ounces.
Between 1941 and 2022, the Department of Treasury seems to have a discrepancy of roughly 388 million troy ounces of gold.
Maybe someone should be asking where did all the gold that was removed from Fort Knox go?
Blockchain Backed Gold Ownership
Many central banks that increased their gold holdings during the pandemic, including Russia, China and other BRICS nations are experimenting with blockchain technology and how it may be able to help their economy.
Bitcoin and other decentralized blockchain technologies are a perfect use case to establish trust amongst sovereign central banks and in developing and emerging nations to validate their gold, other precious metals and minerals holdings to allow for fair participation in world trade and wealth building.
The first mined Bitcoin’s Genesis block contains an encrypted message attached to the blockchain that reads, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
Cryptocurrency technology was created in response to the crash of the financial markets in 2008.
The purpose behind the bitcoin, cryptocurrency and blockchain movements have evolved over the last decade.
Most importantly, these technologies can enable trust for the banking and financial system that has been plagued by corruption and mistrust since Roosevelt helped the bankers at the Federal Reserve steal the gold from the American public in 1933.
