CBDC - here to help us

[MBE2017]

So after FTX being wiped out of existence, within a matter of a few days, what a coincidence, the big American banks are testing towards launching a CBDC. 12 weeks of testing, and then expect it to be launched, to help protect YOU, but giving them TOTAL control of YOUR money.

After the last few years of almost everyone saying this was a conspiracy theory, it is becoming reality.

There is sense of inevitability about the whole process since most people have little idea of the ramifications.

 

[The Byre]

This is either a solution looking for a problem to solve, or it is yet another way for CitiBank to relieve its customers or their money!

The jargon coming out of the NY Fed about this CBDC is the most unintelligible gobbledygook ever.

Facilitating Wholesale Digital Asset Settlement

The New York Innovation Center participated in a research study that explored the feasibility of distributed ledger technology to facilitate safe and efficient wholesale payments.

www.newyorkfed.org

Just two business days after the ****** exchange FTX filed for bankruptcy and headlines swirled around the world suggesting it had used its ****** token to perpetuate a massive fraud reminiscent of Madoff’s Ponzi scheme, the New York Fed thought this would be the perfect time to announce it was launching a digital token pilot with the serial fraudster, Citigroup (see below!)

If is not bad enough, the New York Fed also states “Legal services are being provided by Sullivan & Cromwell LLP for the pilot token project."

That is the same Sullivan & Cromwell that was handling acquisitions for FTX while simultaneously representing Alameda Research. The co-founder and CEO of FTX Sam Bankman-Fried is reported to have used $10 billion of FTX’s customer money for trading at his hedge fund, Alameda Research, and to prop up his ****** token, FTT. Most of that customer money has now vanished according to media reports, together with FTT itself.

Citigroup has been repeatedly charged by Federal regulators with multiple crimes against its pooled mortgage (MBS) investors, credit card and banking customers, student loan borrowers and for serious foreclosure fraud. It had to pay billions of dollars in fines. In 2015, it had to admit to rigging foreign exchange markets. In short, Citigroup is a repeat lawbreaker. If it were an actual human, it would be serving a long prison term.

Instead of serving in prison or just being closed down for being a criminal organisation, Citigroup is now playing in the CBDC sandbox! Amazing!

The New York Fed pumped out about $3 trillion in 2019 to various trading houses on Wall Street to ease a liquidity crisis that has yet to be credibly or properly explained. It also launched an asset purchase program, buying up $60 billion each month in U.S. T-bills.

The NY Fed is owned by the larger US banks - Citigroup being one of them. There are 12 regional Feds, the NY Fed is one of them and they are governed by the Federal Reserve Board in Washington. The largest shareholder of Citigroup, Sandy Weill, sits on the board of the New York Fed.

Now isn't that all nice and cosy!

 

[dramewaiver]

Nice thoughts! And interesting to see these changes in our banks's system

 

[WaveJumper]

This is either a solution looking for a problem to solve, or it is yet another way for CitiBank to relieve its customers or their money!

The jargon coming out of the NY Fed about this CBDC is the most unintelligible gobbledygook ever.

Facilitating Wholesale Digital Asset Settlement

The New York Innovation Center participated in a research study that explored the feasibility of distributed ledger technology to facilitate safe and efficient wholesale payments.

www.newyorkfed.org

Just two business days after the ****** exchange FTX filed for bankruptcy and headlines swirled around the world suggesting it had used its ****** token to perpetuate a massive fraud reminiscent of Madoff’s Ponzi scheme, the New York Fed thought this would be the perfect time to announce it was launching a digital token pilot with the serial fraudster, Citigroup (see below!)

Ponzi scheme is a great description for what was the FTX exchange, putting one's hard earned cash into a scheme which has absolutely no protection was bound to end in tears, this has happened time and time again. At the flick of a switch oops you can't get your hands on your funds, a hard lesson for many.

When will people learn these platforms offer you no protection.

If is not bad enough, the New York Fed also states “Legal services are being provided by Sullivan & Cromwell LLP for the pilot token project."

That is the same Sullivan & Cromwell that was handling acquisitions for FTX while simultaneously representing Alameda Research. The co-founder and CEO of FTX Sam Bankman-Fried is reported to have used $10 billion of FTX’s customer money for trading at his hedge fund, Alameda Research, and to prop up his ****** token, FTT. Most of that customer money has now vanished according to media reports, together with FTT itself.

There's was another scheme along the same lines as this a few years back which actually got shut down by the FED, people buying bitcoin and then exchanging this into the platforms own token's fuelled by the lure of earning massive interest daily. Another scheme that ended in tears.

Citigroup has been repeatedly charged by Federal regulators with multiple crimes against its pooled mortgage (MBS) investors, credit card and banking customers, student loan borrowers and for serious foreclosure fraud. It had to pay billions of dollars in fines. In 2015, it had to admit to rigging foreign exchange markets. In short, Citigroup is a repeat lawbreaker. If it were an actual human, it would be serving a long prison term.

Instead of serving in prison or just being closed down for being a criminal organisation, Citigroup is now playing in the CBDC sandbox! Amazing!

The New York Fed pumped out about $3 trillion in 2019 to various trading houses on Wall Street to ease a liquidity crisis that has yet to be credibly or properly explained. It also launched an asset purchase program, buying up $60 billion each month in U.S. T-bills.

The NY Fed is owned by the larger US banks - Citigroup being one of them. There are 12 regional Feds, the NY Fed is one of them and they are governed by the Federal Reserve Board in Washington. The largest shareholder of Citigroup, Sandy Weill, sits on the board of the New York Fed.

Now isn't that all nice and cosy!

 

[WaveJumper]

Quite eye watering numbers:

FTX crypto exchange owes biggest creditors $3.1bn

FTX owes about $1.45bn to its top 10 creditors, according to its US bankruptcy court filings.

www.bbc.co.uk

 

[WaveJumper]

Another one stands on the brink as ****** brokerage Genesis warned that it may need to file for bankruptcy if it fails to raise fresh cash for its lending unit.