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What is Fiat Money?

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dedollarization and the introduction of a BRICS basket currency

Fiat currency, also known as fiat money, is a type of currency that is declared by a government to be legal tender and is accepted as a medium of exchange within a specific country or region.

Unlike commodity money, which has intrinsic value because it is backed by gold or silver coin, fiat currency has no inherent value and is not backed by a physical commodity.

Instead, its value is established and maintained by government decree and the trust and confidence of the people who use it.

Modern currencies, including the US Dollar, European Euro and the British Pound, are all examples of fiat currencies.

The United States began transitioning away from the gold-standard during the first half of the 20th century. During the Great Depression, the government took the extreme step of confiscating all of the gold coins that were circulating throughout the economy and made it illegal for private citizens to own gold.

Many of the gold coins were melted into large format gold bars and were moved to the Gold Depository at Fort Knox, where they remain sealed away to this day.

In the case of the dollar, its value is established and maintained through the authority and credibility of the Federal Reserve. It’s essentially a social agreement that people will accept the currency in exchange for goods and services.

Commodity Backed Money

Fiat currency has no inherent value as it is not backed by a physical commodity. Commodity backed money, which is backed by gold, silver or other commodities, has value due to its intrinsic properties.

The Treasury and Federal Reserve have the authority to control the supply of dollars. They can print more money or remove it from circulation, which can influence factors like inflation and deflation.

The regulators at the Fed and Treasury Department have a few monetary policy tools at their disposal to manage the economy. This includes adjusting interest rates, implementing quantitative easing, and regulating the money supply to influence economic conditions.

One of the major concerns with fiat money is the potential for inflation. Since fiat money is not backed by gold or silver, governments and central banks have the authority to print money at will. If the money supply increases faster than the growth of goods and services in the economy, it will lead to inflation, eroding the purchasing power of money and causing prices to rise.

Unlike commodity money like gold or silver, which have intrinsic value, fiat money has no inherent value. Its value is solely based on the trust and confidence that people have in the issuing government. If that trust wanes, the value of fiat currency can be at risk and individuals and everyday workers will continue to see the purchasing power of the dollar diminish over the years. It can impact the ability to save for the future and plan for retirement.

While physical coins and banknotes are common forms of fiat currency, many of today’s transactions are conducted digitally using electronic forms of money, such as online banking, credit cards, and digital wallets.

Fiat Money CBDC

The Federal Reserve and other central banks are pushing for the adoption of a Central Bank Digital Currency (CBDC), which will allow the government to control how you spend your money, and what you will be allowed to purchase.

While this can be used to manage the economy, it also means that economic decisions are concentrated in the hands of a few, which will lead to potential abuse or mismanagement.

CBDC transactions can be easily tracked and monitored by the central bank and government authorities, raising significant concerns about individuals’ financial privacy and the potential for government surveillance.

The digital nature of CBDCs also makes them vulnerable to cyberattacks and hacking attempts. A successful breach could lead to the theft of funds or disruption of the financial system.

The introduction of CBDCs will continue to disrupt traditional banking and payment systems, affecting financial institutions and fintech companies.

CBDC allows central banks to have more direct control over monetary policy and money supply. Fiat currency is influenced by central bank policy but also impacted by commercial banks and economic factors.

The introduction of CBDC requires additional technological infrastructure and regulatory frameworks for digital payments and security. Earlier this year, the Federal Reserve introduced the FedNow payment gateway system, requiring commercial banks to adopt this new payment system is part of the long-term launch plan.

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SEC Tightens Crackdowns on Crypto Exchanges as Federal Reserve Forces Banks to Adopt FedNow CBDC

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The Securities and Exchange Commission launched another attack on crypto exchanges Coinbase and Binance this week, a move that had been expected. Given the overlap with the timeline of the Federal Reserve forcing banks across the country to implement FedNow as part of the backbone of an ongoing effort to implement a central bank digital currency.

The charges against Binance allege that the exchange “misled” its users about how their deposited funds for staking would be used, including by allegedly funneling customer assets into separate entities owned and controlled by its founder, Changpeng Zhao.

The charges against Coinbase allege that the company is acting as an unregistered broker and exchange. The government alleges that the Coinbase’s flagship prime brokerage, exchange and staking programs violate securities laws, adding that the company “has for years defied the regulatory structures and evaded the disclosure requirements” of U.S. securities law.

The SEC is demanding that the company be “permanently restrained and enjoined” from continuing to do so.

Gary Gensler, a long-time advisor to Sam Bankman-Fried and the FTX Exchange prior to becoming the Chair of the SEC, has made statements in the past that he believes that there should be less cryptocurrency options in the marketplace.

The cases are likely to extend for years and will likely have long-term implications for the future of crypto investing that extend far beyond only these two companies. The agency is targeting the marketplaces where trades are brokered and cleared, which is at the heart of the cryptocurrency industry’s critical infrastructure., an unwelcome development for pro-crypto groups like the Blockchain Association.

However, advocates for crypto claim that Congress is responsible for establishing the laws regarding digital assets, with two proposals currently circulating in Committees to create a federal framework for regulation for crypto assets.

“Contrary to what [SEC Chairman Gary Gensler] says, there is no regulatory clarity for digital assets,” said Kristin Smith in a statement Tuesday. She is the CEO of Blockchain Association, a pro-crypto lobbying group who also pointed to two regulatory proposals the House currently under debate.

The Federal Reserve continues to drive CBDC efforts, while gaslighting the public with denials about their ongoing efforts to implement a central bank digital currency as the use of the dollar continues to dwindle around the world.

While the FedNow service is being pitched as a solution to the high fees charged by private banking networks, the platform will also enable the Federal Reserve to launch an assortment of consumer-to-business, business-to-business or consumer-to-consumer.

Topics around CBDC implementations have organically risen as issues in the current presidential race.

Democrat presidential candidate Robert Kennedy Jr believes that the FedNow service is part of a long-term strategy to outlaw bitcoin and any cryptocurrency that competes with the Federal Reserve.

While the FedNow service is initially restricted to interbank transactions, Kennedy points out that this is “the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933.”

He goes on to explain that digital currency could give the US government power to freeze and seize citizens’ assets or even limit your spending when you fail to “to comply with arbitrary diktats.”

Binance has announced that it will be halting all withdrawals of US dollars as soon as June 13 and transitioning to an all crypto model.

The exchange saw the withdrawal of more than $700 million dollars in customer assets this week, with huge sell-offs occurring for certain tokens that were outlined in the government’s lawsuit.

The government’s war against bitcoin and other cryptocurrencies is reminiscent of the efforts to restrict gold ownership and gold bank withdrawals leading up to the government seizure of all privately owned gold in 1933.

Many of the tactics being used by the government are to sow Fear, Uncertainty and Doubt (FUD) and to keep consumers and everyday Americans confused about cryptocurrencies and scared of risking their financial security to private digital tokens. While at the same time, failing to warn or be transparent with the public about the inherent dangers of a central bank controlled digital form of money.

The government does not like competition. The Federal Reserve sees the use of any non-central bank controlled digital currency as a competitor to the dollar. Compared to crypto, gold and silver are the most trusted and proven long term store of value.

Private ownership of precious metals like silver, gold and platinum has been legal since 1974. There are currently an assortment of States, such as Texas, that are pushing to return to the gold-standard with the introduction of precious metals backed digital tokens that can be exchanged for gold.

The Goldback is an existing physical gold-based private legal currency in several states, with the gold-foil notes being issued for New Hampshire, Utah, Wyoming and Nevada is also among the option available to investors.

If you’re an investor looking to use crypto to buy silver bars, you can find a variety of trusted and reputable online bullion dealers who accept various forms of crypto for payment and have the generic 10 oz silver bars shipped directly to your door.

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Florida and Indiana Ban Use of CBDC

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Both Florida and Indiana have recently passed laws banning the use of a central bank digital currency (CBDC) as money in those states.

These laws explicitly exclude a CBDC from the definition of money in Florida and Indiana, effectively banning its use as such in these states.

The Florida law defines central bank digital currency as a “digital medium of exchange, or digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system that is made directly available to a consumer by such entities” and that is “processed or validated directly by such entities.”

In the law, central bank digital currency is specifically excluded from the definition of money under the Florida Uniform Commercial Code (UCC) which regulates commerce in the state.

The provisions in the new Indiana law are similar, but the bill took a very different path to enactment.

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North Carolina joins Texas, Florida and South Dakota in Fight Against CBDC digital dollar

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A growing number of states are passing new laws in the fight against CBDC from being introduced by the Federal Reserve.

The Federal Reserve system is the country’s central bank. The system is comprised of regional banks that are responsible for the oversight of the privately run banks within its banking district. The regional banks were established by the Federal Reserve Act and have been self-managed by banking insiders that are selected from within their own ranks.

The Federal Reserve system is overseen by a Board of Governors. Each governor is nominate by the President and receives approval from Congress to serve a 14-year term.

Two of the recent bank collapses, Silicon Valley Bank (SVB) and First Republic Bank, both failed under the watch of the current management of the San Francisco Fed.

According to reports, it seems that the staff, which “include 29 PhD economists, an associate economist and an economic analyst, and 15 research associates who are recent graduates from colleges across the country”, may have been spending much of their time focuses on pursuing the DEI agenda instead of doing proper oversight of the banks within their districts.

While the dollar is quickly losing its status as the global reserve currency, actors from a consortium of government agencies are actively pushing the Federal Reserve to implement a digital dollar.

It’s believed that issuing a digital dollar will help restore some credibility with leaders from emerging economy central banks that has been lost due to the widespread weaponization of the currency against foreign governments and individual foreign citizens.

Treasury Under Secretary Nellie Wang has confirmed that a digital dollar implementation is being explored with wholesale CBDC options that include providers of stablecoins. However, the reality is that various CBDC projects have been underway within the Federal Reserve system since the start of the pandemic.

US banks are ramping up in anticipation for the introduction of the FedNow system later this year. Various government agencies actively deny that Fednow is related to CBDC implementation. However, the instant payment service could provide the underpinnings to support institutional transfers that incorporate near real-time settlement.

The ramifications FedNow will have on the remittance industry and the global abandonment of the dollar in favor of local currency trade agreements are being speculated on by industry analysts.

Earlier this year, legislators in Texas became the first to offer a solution against a federal CBDC by introducing legislation to create a state managed gold-backed digital currency.

Texas was also the first state to open a public gold depository where investors can securely vault their wealth.

Several more states are now throwing hats into the fray against a centrally controlled digital dollar.

This week, legislators in North Carolina pushed forward a law that would ban the state’s agencies and institutions from accepting any payments in central bank digital currency (CBDC).

Florida and South Dakota lawmakers are pushing similar legislation as Universal Commercial Code laws emerge as battleground to roadblock a national CBDC.

On Twitter this week, Presidential Candidate Robert Kennedy Jr announced his position against CBDC implementations, decrying that monetary freedom is as important as free speech. In his tweet he cites numerous examples of how Paypal, Visa, Mastercard and GoFundMe have all been weaponized against citizens by both the United States and Canadian governments during the pandemic.

The US economy continues to be hit with a wave of record high inflation. Some analysts see the Feds latest quarter point increase likely leading to period of stagflation across the economy, which had been suggested last year as a possibility by banking and hedge fund executives.

Low Premiums on Britannia and Philharmonic Silver Coins

Precious metals remain one of the few sectors of the economy that remains stable. Utilizing gold and silver as a store of value and wealth continues to motivate many investors.

Premiums for government minted silver coins remain relatively low despite the offerings from the US Mint. Britannia and Philharmonic silver coins remain some of the cheapest options available and are both favorites of stackers.

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Preparing for the Next Dollar Crisis

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The American dollar system is broken. All of the major swings in the economy over the last few years that have been driven by political and policy-based initiatives have led to a decline in global trust of the American dollar. The ongoing banking crisis makes it more evident.

The breakneck pace at which the global banking system is becoming multipolar is supported by central banks continuing their gold stacking efforts into first quarter.

JP Morgan Chase is among the largest banks in the world. CEO Jamie Dimon made headlines last year with dire warnings about the economy.

In March of this year, JP Morgan Lead Strategist Marko Kolanovic suggested that as investors lose confidence the possibility of a Minsky moment in the markets could lead to a sudden crash in across some sectors.

Reports from the IMF and World Gold Council show the largest purchases in the first two months were Singapore (51.4 tonnes), Turkey (45.5 tonnes), China (39.8 tonnes), Russia (31.1 tonnes) and India (2.8 tonnes). 

Very few countries have reported a reduction in their central bank gold holdings. However, many reports show various countries have increased their yuan currency holdings.

Some current trends suggest the Chinese yuan is gaining a foothold because of some recent lucrative trade deals, such as those with Saudi Arabia and Brazil.

Reports from the Russian government have made the allusion that the basket currency will provide support for countries that may be rich in natural resources and could include fertile soil, rare earth elements, and of course, precious metals including gold, silver and platinum.

Countries from across the southern hemisphere are expressing interest in joining the trade agreements outside of the dollar currency. The BRICS treaty countries are purportedly preparing for the announcement of a commodity based basket currency in South Africa at their next conference in August.

The G7 was long considered the global financial powerhouse of countries that set many of our current standards since 1975. Data reported in March shows that the BRICS nations combined have overtaken the G7 in GDP, with trend lines suggesting that separation could continue through 2030.

Various reports in recent weeks have suggested that the upcoming FedNow service expected to launch this summer is the first step in a Fed role of out a nationwide CDBC. Of course, the Fed has responded to the rumors with an announcement that the payment system is not a digital currency.

The IMF, a cartel controlled by member banks, has announced that they’ve received unprecedented interest from their member central banks with more than 30 countries asking for help fast-tracking CBDC implementations.

A private organization that advocates on behalf of the IMF called the DMCA recently announced their own CBDC, seemingly backed by the banking cartel.

The Universal Monetary Unit (UMU), or Unicoin that is represented with the ANSI Character, Ü. The IMF says that it can be used to transact in any legal tender settlement currency. It is also fully programmable and can be used to enforce regulations dealing with the international banking system.

The press release claims that it is legally a money commodity but does not specify where it is legal.

The DMCA hopes that central banks will adopt its Unicoin standard when implementing their own national digital currency initiatives.

More investors are beginning to view investing in precious metals as a way to preserve their money for the coming financial hurricane.

Wage growth has tumbled, thousands have been laid off, unemployment levels have started to rise and we are seeing more signs that we are headed for a major recession.

Gold prices continue chasing towards record highs with spot price closing the week at $2,005 per ounce. Silver spot price closed at $25.43 per troy ounce.

Having a diverse mix of gold and silver in your portfolio can offer some financial protection against uncertainty in other markets.

Having a stack at home also helps you to gain the financial independence to be your own bank.

Premiums at online precious metals retailers vary. Whether you’re looking to stack fractional gold, 10 oz silver bars or other physical bullion investments, FindBullionPrices.com can help you find the best deals.

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Preparing for the Impending CBDC Crisis

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Throughout the pandemic, the federal government’s ongoing dictation of seemingly bad policies was an intentional effort to upend the normal everyday lives of millions of people.

As has been pointed out, it is not a conspiracy theory to believe that the central bank intends to control the spending behavior of people using central bank programmable software tokens instead of currency.

The general manager of the banking cartel explicitly announced it to an audience of other central bank leaders during their annual meeting in 2020.

The Bank of International Settlements is an organization owned by its members, the Central Banks of 63 member countries, and acts as a self regulator.

The BIS is creator and establisher of the rules for banks to operate in the global ecosystem of international trade. They also have control over the SWIFT banking network, foreign currency exchange and other major parts of the global economy.

During the group’s annual meeting in 2020, the General Manager of the organization explained to the audience how CBDC will give the central bank absolute control over the rules, regulations and policies that will dictate how money is used down to the transaction level.

During the recorded videoconference he discusses how CDBC technology will be used to force changes in spending behavior amongst consumers and enforce consumer spending policies on behalf of the government.

Last year, Biden signed Executive Order 14067 in order to advance development of CBDCs to skirt push forward without Congressional approval. As usually, there has been a total lack of accountability or transparency.

So far, Federal Reserve and US Treasury have been working in relative secrecy, publishing only a small amount of vague and high-level papers and studies with several quietly announced project trials in conjunction with notable large global banks. Most of the press releases have come during times when other stories were the major focus of the mainstream media, such as the collapse of FTX.

At least one bill has been drafted by Congress in an attempt to prevent the Federal Reserve from weaponizing CBDC against US citizens. However, the rollout of central bank digital currencies is likely to happen soon if and when the Biden administration can attach it to a banking crisis like the failure of Silicon Valley Bank (SVB).

More recent announcements show that the Fed and Biden Admin intend to roll out a CBDC even without the authority of Congress.

In a speech to the Atlantic Council, Treasury undersecretary for domestic finance told the attendees that a CBDC Working Group consisting of policy makers from a variety of agencies is developing an initial set of findings and recommendations to support the Biden administrations agenda.

Make no mistake, the central banks have made it crystal clear that they are coming for your money and will tell you how you can spend it. The move into CBDC in lieu of traditional currency is a political power grab with the goal of having further control of your life.

Nigeria’s Failed Experiment

Initially, the Nigerian government tried several soft approaches to encourage the adoption of CBDC. These included financial incentives such as offering discounts to taxi drivers and passengers to encourage use and adoption. All of which failed.

The government quickly turned to coercive measures once it became clear that the people weren’t interested.

The largest measures include the introduction of a new currency and devaluing the old currency along with adding restriction on cash withdrawals throughout the country. The plan included the issuance of new currency notes, but only enough to cover 85% of the current naira while promoting cashless transactions by limiting the use of cash for businesses.

Beyond banknote swap, the banking regulators placed policy restrictions limiting cash withdrawals from banks and ATMs to reduce the amount of cash in circulation. With limits of $225 on individuals and $1,110 on businesses to force CBDC adoption.

Central Bank of Nigeria Governor Godwin Emefiele said, “The destination, as far as I am concerned, is to achieve a 100% cashless economy in Nigeria.”

The central bank began devaluing in the months before the switch while removing old notes from circulation leaving millions of Nigerians with no money or food.

Nigerians have violently rejected the new digital currency and cash restrictions as protests and riots have broken out outside of banks and spread throughout the country.

The war on cash and some form of crisis will bring on the introduction of CBDCs.

Precious Metals Stacking for CBDC Insurance

Gold and silver are the oldest and most trusted form of money. With all of the uncertainty in the economy, gold is safe haven from fiat and digital currency tokens.

Investing some of your cash in buying physical gold and silver bullion can help keep you in control of your financial future.

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BRICS, Central Bank Gold and Oil

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BRICS is loose term created by Goldman Sachs to represent the world’s five leading emerging economies. The original list included four: Brazil, Russia, India and China. South Africa was added to the list in 2010.

Combined, the BRICS nations represent 3.21 billion people, roughly 41.5% of the global population.

Over the last year more stories have emerged in the news about the desire for BRICS nations to seek an alternate currency to the US dollar for their international trade. Often referred to as de-dollarization. The removal of the dollar as the reserve currency used in international trade.

Russia has already established the Moscow World Standard to compete with the LBMA and other legacy markets.

In response to economic sanctions following the invasion of Ukraine, Russia’s gas agency began demanding payments for oil and natural gas in Rubles.

Russia’s Central Bank began exchanging gold for Rubles and many countries are now trading oil on a new gold-standard.

The PBoC, the central bank of China continues adding gold bullion to its reserves and holdings.

Worldwide central Bank gold holdings have now reached their highest point since the 1970s.

The 1970s was a time of global economic crisis. Following the oil crisis of 1973, Nixon led the collapse of the Bretton Woods system as part of his measures to fix the stagnant economy.

Nixon resigned in August of 1974 following the Watergate Scandal. Days later, President Ford signed legislation which repealed Roosevelt’s executive order restricting private gold ownership.

This global appetite for gold has the potential to give emerging nations an advantage over the value of their assets and international trading dynamics.

Many emerging nations are rich in oil, minerals and mining. Some of which are necessary components in the development of batteries, solar panels and other advanced manufacturing.

Private ownership of precious metals now continues to grow every year. During the pandemic, from 2020 until 2022, investors bought more than 75 million troy ounces of American Silver Eagles.

The US Mint has been unable to keep up with investor demand which has caused premiums to rise.

Over the same period gold investors bought more than 5 million troy ounces of Gold Eagle and Gold Buffalo coins.

Government silver coins from Canada, United Kingdom, Austria have become popular alternatives for investors looking for lower premiums.

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Tokenizing Gold Bullion Bars with Blockchain Technology

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cbdc blockchain for tracking gold bars

Public trust in government central banks and global banks continues to erode as the world economy staggers to recover from issues caused by the pandemic response.

Many central banks have begun working on CBDC projects as a means of implementing programmable and controllable currencies even though popular opinion opposes the implementation of the G7, WEF and BIS recommendations, further eroding trust in the bankers who have a long history of corruption.

One way that blockchain ledger technology can help enable public trust in central banks, governments and global banks is by providing a means of transparency into the asset being held on behalf of customers.

The Dubai Multi Commodities Center recently announced a partnership with Comtech Gold to create TradeFlow warrants using Comtech Gold Tokens (CGO) based on customers depositing gold in approved vaults.

Comtech Gold is built on the XDC blockchain network with each contract on the network being represented with one gram of pure physical gold.

The DMCC TradeFlow project is already backed by 122 kilo gold bars.

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NY Federal reserve launches CBDC “trial” on the heels of FTX collapse

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central bank digital currency

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.