In March, Daisy wrote about FedNow, the instant payment system currently in the works/ The American banking and government systems expect to start using it in July. As Daisy discussed, FedNow isn’t a centralized bank digital currency (CBDC), but it provides the framework for one.
I encourage you to read Daisy’s FedNow article. It will give you a good idea of how digital payments will be initially billed as a convenience, then something we can’t do business without. Read the article, and then imagine digital currency on a global scale.
This is in the works, too.
Worldwide digital currency
On April 10, the Digital Currency Monetary Authority (DCMA) launched its international central bank digital currency. Proponents claim that this Universal Monetary Unit (UMU, Ü) will be used exactly like any other form of digital money.
Side note: DCMA has also been referring to the Universal Money Units as Unicoin. However, since there is a separate cryptocurrency also going by the name “Unicoin,” we’ll refer to this as UMU. (source)
You may be wondering, what is the DCMA? What countries is it affiliated with? Is it part of the United Nations?
As explained in this Redacted video, DCMA is run by bankers and unnamed government officials from around the world.
The DCMA is described as “a world leader in the advocacy of digital currency and monetary policy innovations for governments and central banks. Membership within the DCMA consists of sovereign states, central banks, commercial and retail banks, and other financial institutions.”
On its website, the DCMA states that its mission “is to enable trade globalization through the monetary integration of international payments and settlements while strengthening national economies [sic] monetary sovereignty. The first wave of cryptographic cash was designed for public untrusted networks. The DMCA reimagines the next wave of cryptographic innovations engineered for adoption by central banks, retail and commercial banks, Fintech, governments, and cryptocurrency exchanges.”
Here’s what makes UMU Unicoin different
UMU’s big advantage, what makes this different from individual countries’ proposed CBDCs, is that it can be used for cross-border transfers of money. Offering UMU users discounted foreign exchange rates is part of the plan to encourage adoption. International Monetary Fund (IMF) representatives claim that right now, exchanging currencies between different nations slows down transactions and increases the cost of doing business; they claim that UMU will dramatically speed things up. Like FedNow, they are using the convenience of instant payments, coupled with the promise of the best foreign exchange rates, as a method of promoting this new payment framework.
As of January, 114 countries, representing over 95% of the world’s economy, are exploring CBDCs, and a few have already rolled them out. However, as BeInCrypto noted, the rollouts haven’t gone particularly smoothly, which makes this rollout of a global crypto framework linked to the international banking system somewhat surprising.
Here’s what happened when the Nigerian government tried to force the issue.
China’s use of the digital yuan to enforce its rigid social credit system is well known. However, we can also look to Nigeria to see what can happen when governments attempt to impose CBDCs on the population.
In 2021, Nigeria became the first African country to implement a CBDC, the eNaira. Nigeria struggles a great deal with terrorism and counterfeiting operations; CBDC cheerleaders claimed that switching to digital currency would address some of these problems. Since 35% of Nigerians use cryptocurrencies, government officials assumed that Nigerians would hop right into a CBDC system.
They were wrong.
35% of Nigerians may be comfortable with crypto, but less than 0.5% signed up for the government-issued eNaira. The ones that did download it gave it lousy ratings. No one really wanted it; many vendors wouldn’t accept it.
So, the Nigerian government tried forcing everyone to use it. They restricted cash withdrawals to about US $44 a day or no more than about US $217 a week.
Authorities hoped that this would force people onto the CBDC. Instead, it resulted in chaos. A tremendous cash shortage ensued, and some governors claimed their territories were “on the verge of anarchy.”
Since then, the Nigerian government has slowed down its rush to become a cashless society. They had originally planned to be totally cashless by January. This did not work, and people will be able to use their bank notes until the end of 2023. (source)
No one would call this an inspiring success. But no one seems to want to change courses, either.
Sweden is NOT actually a cashless society.
Mainstream media continually holds Sweden up as an example of a wealthy, functional cashless society, but this is disingenuous. Sweden’s not actually cashless. Yes, most Swedes choose not to use cash, but the government has actually passed laws saying that it has to be available. Why? Because the Swedish government, quite sensibly, admits that digital money is vulnerable to disruption, whether through natural disasters that disrupt the grid or something like an EMP. They know that they need backup currency in case of emergency. (source)
Sweden is investigating CBDCs, just like everyone else. We’ll see where they land. Interestingly enough, their mostly-cashless society is being sold on digital currency for the same reason the Africans are: the ease of cross-border payments. The Swedes have been functioning mostly without cash but also without a CBDC. So why would they want an e-krona? To make international trade easier, and that brings us right back to the UMU.
Things are not going well in the financial world.
Patterns are emerging. Failures abound. Fox just fired its most popular host. Anheuser-Busch slapped its working-class customer base in the face with its hiring of TikTok star Dylan Mulvaney as a promoter. It’s cost the company at least $5 billion.
Coffee the Christian way: Promised Grounds
And then the bank failures! Three out of the four biggest bank failures in American history have occurred in the last two months. Daisy wrote about First Republic failing on Monday. Signature Bank and Silicon Valley Bank both failed in March. As of Tuesday, several other regional banks started to collapse, as reported by ZeroHedge.
When small businesses go under, bigger establishments win. J.P. Morgan Chase is now the biggest bank in the U.S. As there are fewer and fewer banks to negotiate, implementing new rules (like CBDC) becomes easier because fewer entities need to agree.
The bank bailouts of the past 15 years have been rewarding poor investment decisions and destabilizing the financial system, as explained by Peter Schiff.
We’re at the beginning of another round of crashes, but what is the financial sector doing? As of May 1, the Biden administration will be slapping those with high credit scores with additional mortgage fees to subsidize home loans for people with poor credit. We had a collapse in 2008; it looks like we’re at the beginning of another crash.
And yet we insist on incentivizing poor lending behavior.
Businesses are making poor decisions left and right, seemingly heedless of consequences. Those trying just to make money are being hampered by ESG and CEI scores. It’s like there’s a conscious effort to destroy business as usual.
The more time goes by, the more I suspect that’s the point. As Daisy noted in the FedNow article, widespread bank failures will make people desperate, and desperate people become willing to sign on for “solutions” like CBDCs that they otherwise may not have.
Is this the road to global governance?
Once CBDCs are common among nations, UMU will follow. And UMU will greatly facilitate global governance.
This probably sounds crazier than it should, but we’ve been sleepwalking toward global governance lately. Look at the WHO’s most recent treaty. If this gets ratified, which is very likely, all signers will have given sweeping powers to a huge, unelected group of global bureaucrats. Global currency is just another nail in the global governance coffin.
I don’t think this will happen overnight. I agree with Rebel Capitalist’s recent assessment that this will be a process. Getting everyone onboard with a CBDC will take time, particularly if governments want to avoid social disruption. Nigerians were stripping their clothes off and smashing bank machinery in protest when they couldn’t get cash. I imagine American bank owners would prefer to avoid that.
Adding a global layer of infrastructure is that much more work. But just because it’s five years down the road doesn’t mean we should ignore what’s going on right now. Frameworks are being put in place that, in a perfect world, could conceivably lead to streamlined international business. But we don’t live in a perfect world.
Between Covid, and the Afghanistan debacle, and the widespread dysfunction within the business community, I don’t think it’s far-fetched for anyone to harbor serious concerns about the competence and motives of those in power.
CBDCs are a danger to freedom.
The frameworks being constructed will enable a level of surveillance and control that past dictators could only dream about. We need to call it what it is and do what we can to delay implementation. Florida Governor Ron DeSantis and Texas Senator Ted Cruz are both calling for CBDC bans. I don’t live in Texas or Florida, but I applaud those politicians for speaking out about it
Most of us probably need to educate friends and relatives about CBDC, too. I’ve been shocked at how many people have no idea that this is in the works. Advertisements for instant payments are all over the place; if most people had better spending habits, this wouldn’t be anywhere near as appealing. If you have teenagers and young adults in your house, talk about finances with them. Solid budgeting skills make instant payments unnecessary. Make the youngsters in your life aware of the costs of constantly doing whatever is most convenient.
Unfortunately, I agree with Daisy in that this is probably going to happen regardless of what we do. However, we can still do our best to starve the beast by minimizing our digital footprints and doing as much as we can on our own or within a trusted network of friends. We don’t have to stumble into the New World Order blindly. We can be difficult.
Two years ago, there was a widespread push to mandate certain medical treatments across the workforce. People stalled, argued, and filed lawsuits. Mandates started going away, and just this month, the U.S. is finally ending its vaccine requirement for foreign travelers.
Do I think this is a permanent reprieve? Oh no. I think medical passports will come back in some other form, for some other disease. My point is simply that dragging our collective feet might buy us a little time.
Sunlight is the best disinfectant for government policies as well as laundry. By spreading awareness about the CBDC and UMU frameworks being put in place, hopefully, we can slow the adoption of these massive surveillance tools.
What are your thoughts?
Do you think UniCoin or Universal Monetary Unit is part of the plan to institute one global currency? Do you think this will move the world further toward digital currencies and cashless societies? What potential problems do you see with that, if any?
Let’s talk about it in the comments.
Coffee the Christian way: Promised Grounds
About Marie Hawthorne
A lover of novels and cultivator of superb apple pie recipes, Marie spends her free time writing about the world around her. Article cross-posted from The Organic Prepper.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
