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Is the FTX Collapse Meant to ‘Justify’ CBDCs?


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The FTX crypto Ponzi scheme has dominated the headlines the past couple of weeks.

The collapse of FTX sent massive shockwaves in both the crypto markets and political landscape.

In a nutshell, FTX is alleged to have been used as a political money laundering operation in which ample amounts of capital were siphoned to, and between, both political parties and Ukraine.

FTX And The Democrat-Ukraine Connection REVEALED!

Your taxpayer dollars get sent to Ukraine, Ukraine ‘invests’ in FTX, and FTX donates tens of millions of dollars to Democrats and RINOs.

MAJOR Republican RINOs Caught In FTX Donation Scandal…

But what if the FTX catastrophe is a purposeful strategy to psychologically manipulate the masses to trade ‘financial freedom’ for ‘financial security?’

Zero Hedge wrote:

Central bankers and international corporate financiers have long been pretending to hate the very concept of cryptocurrencies like Bitcoin and Etherium while at the same time investing heavily in blockchain technologies and infrastructure.  The purpose of the ruse is not clear, but more than likely it was an attempt at mass reverse psychology – “We don’t like crypto and digital currencies because we supposedly have no control over them; free market proponents should embrace them blindly because that is how you will beat us.”

In the meantime, while major banking firms are investing billions into various blockchain products, central banks and global institutions like the BIS and IMF have been developing their own systems.  In fact, the BIS notes with enthusiasm that around 90% of central banks around the world are already in the process of adopting CBDCs.

As WeLoveTrump has previously reported, CBDCs would mean financial and economic enslavement of the masses.

CBDCs must be stopped at all costs!

These CBDCs are blockchain based cryptocurrencies that act as programmable money and are a state attempt to compete with private sector and independent cryptocurrencies such as Bitcoin.

Central bank digital currencies have programmable features and can be used to stifle dissent as the government or an employer can choose to lock out bank accounts and decline the use of this money in any unsanctioned place.

If an employer or the government doesn’t want you spending money on something they can just add some code to the CBDC protocol so you can’t spend the money on that particular item or in that particular place.

In short, these CBDCs are not even money; they’re vouchers as Maajid Nawaz explains:

Cont. from Zero Hedge:

But why would anyone want to use government and establishment bank controlled cryptocurrencies when they have access to Bitcoin and dozens of other coins that are supposedly independent?  Why trade freedom for more centralization?

First, existing cryptocurrencies are not as free as many people believe, with ample government tracking of blockchain transactions in place for years, the notion of the completely anonymous crypto user is a bit of a fantasy, and the idea that a product such as Bitcoin is going to “bring down” the central banks is becoming less realistic by the year.

Second, the crypto market is highly unstable in part because it is still very limited.  While crypto use in America is higher than most other countries with around 12% of people using it as an investment (not as a currency), the rest of the world is mostly uninterested with an estimated global footprint of around 4%.  Of that 4% only a handful of people actually own the majority of the market; these people are known as “whales” and they have the ability to tip the market up or down with little effort.

This happens in many other trade commodities and paper currencies also.  The point is, crypto is not immune to manipulation.

Third, crypto is enticing to people because of the quick profits that can be had, but massive losses are also a danger.  The overall crypto market has plunged by $2 trillion in the past year alone – Over 60% of its value.  The implosion of huge trading companies like FTX also undermines the stability of the market and usually it’s the average investor that ends up suffering the consequences.

All of these factors and more can be used by banking elites as a rationale for the implementation of CBDCs and global regulation of crypto trading.  And, if the bloodbath in existing coins continues, people may even welcome CBDCs as a “safe” investment or currency system.

Could banking elites use investment losses in blockchain products and cryptocurrency scandals as the ’emergency’ to justify their own currencies as a replacement?

What’s the old government trick for control of its population?

Create an emergency for your pre-determined solution.

The FTX scandal is already being used by the U.S. House to hold hearings with an emphasis on regulation.

Cointelegraph reported:

The United States House Financial Services Committee has announced it will be holding a hearing to investigate the events around the collapse of crypto exchange FTX.

House Financial Services Committee Chair Maxine Waters said Nov. 28 that lawmakers will explore the collapse of FTX at the Dec. 13 inquiry, expected to be the first in a series of hearings about the bankruptcy of a major crypto exchange. This one was first announced on Nov. 16 but not scheduled until now.

The House committee said in its previous announcement that it expected to hear from individuals and companies involved in the events that led to FTX filing for Chapter 11 bankruptcy, including former CEO Sam Bankman-Fried, Alameda Research and Binance. Though Bankman-Fried was reportedly still based in the Bahamas at the time of publication, New York Times journalist Andrew Sorkin said on Nov. 24 that the former CEO intended to speak at a conference in New York City on Nov. 30.

cont.

FTX has been a target for lawmakers and regulators around the world following the firm filing for bankruptcy in the District of Delaware on Nov. 11. The Australian government says its Treasury department plans on implementing regulations aimed at improving investor protection next year, while the Monetary Authority of Singapore has faced scrutiny for not warning investors about FTX.

The FTX scandal has also prompted crypto analysts to demand regulation, calling crypto “broken and irrelevant” until government steps in to control trade.

Cointelegraph noted:

Crypto executives and politicians are becoming louder in their calls for crypto regulation as the aftermath of the FTX collapse continues to reverberate through the industry.

In just the last 24 hours, the European Central Bank (ECB) president Christine Lagarde called regulation and supervision of crypto an “absolute necessity” for the European Union, while United States House Financial Services Committee Chair Maxine Waters announced that lawmakers will explore the collapse of FTX in a Dec. 13 inquiry.

On Nov. 28, United States Senator and crypto supporter Cynthia Lummis described the collapse of FTX as a wake-up call for Congress, according to the Financial Times.

During an interview at the Financial Times’ Crypto and Digital Assets Summit, Lummis said the bipartisan bill she introduced this year would have prevented the FTX collapse as regulators would be able to see if an exchange fell below the threshold “Immediately.”

“Those are things that had they been in place for FTX, would have set off alarm bells, that would have created regulatory enforcement actions and reviews by federal regulatory agencies,” she explained.

Meanwhile, in an on-stage talk at the University of Nicosia as part of a Binance Meetup Nicosia, Binance CEO Changpeng Zhao said he believes regulation is a way to help the industry develop, “protect consumers” and apply consequences to those caught breaking the law.

Even before FTX’s collapse, the Federal Reserve already had plans in motion to develop CBDC infrastructure.

Central Bank Digital Currency (CBDC) Infrastructure Coming to America May 2023! Refuse Digital ID NOW!

Federal Reserve Takes Major Step Toward Chinese-Style Social Credit Score System

Zero Hedge added:

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It means even more pervasive centralization.  With paper currencies at least there is true anonymity, but with CBDCs the existence of the blockchain ledger precludes any and all privacy in trade.  Not only that, but the institutional ability to cut off people from their wealth and economic access is going to be profound.  If you think corporate and government led cancel culture is bad now, just wait until they can freeze your digital accounts at a moment’s notice because of something you said on social media.  And, in a cashless society there are few alternatives beyond some kind of black market.

CBDCs mean the total death of any economic freedom the public has left, and central banks are exploiting disasters like FTX to make that death happen even faster.

Perhaps FTX was a controlled demolition to subvert public opinion in support of crypto regulation and oversight?

Time will tell how lawmakers, central banks, and corporate financiers may exploit the FTX Ponzi scheme to justify CBDCs for ‘financial safety.’

However, as I’ve warned in the past:

CBDCs must be rejected by the public at ALL COSTS!



 

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