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Incoming CBDCs and Bail-Ins

Illiteracy, that curse of old

Kept the people poor and cold,

Now ignorance of cash is used

To keep the silly geese confused

- Alice and the Money Tree

The Bank of England recently announced plans to introduce a digital pound, CBDC or 'BritCoin'. What they won't tell you is that the digital pound is programmable, that the state will control the code the digital pound runs on and that bail-ins could well pave the way to force this new programmable currency onto unsuspecting customers.

CBDCs are Central Bank Digital Currencies, a digital Pound, which will be issued by the private Bank of England. The way the bank will sell this to us, the consumer, is that CBDCs will ensure financial stability. But stability is not the Bank of England’s strong suit. The bank has had over 300 years to perfect the art of keeping inflation at 2% and has failed spectacularly. Because that was never the intention.

As of 8/3/23, inflation stands at 10.1% thanks to excessive quantitative easing (creating money from thin air) by the very bank whose job it is to keep inflation down. The benefit to the bank of high inflation, is that they can then raise interest rates in order to bring down inflation mainly because it becomes too expensive to buy anything. The central Bank of England makes money from the interest on its imaginary money loan to the high street banks, the cost of which is then passed onto the customer.

While ‘fleecing the flock’ as the central bankers refer to Boom & Bust has kept the worldwide multitude in poverty for centuries, CBDCs will not only be less tangible and anonymous than the printed Bank of England note, they will be programmable; designed with in-built rules to constrain the user. With CBDCs, the choice of when, where and how you spend your money will be taken from you.

Your money can be frozen, purchase choices curtailed, spending limits imposed and CBDC expiry dates set, meaning that if you haven't spent your digital pound within a certain timeframe, it will suddenly become worthless.

The private Bank of England may well pledge to ‘keep issuing cash in the UK as long as people want to use it’, but the government has already limited access to cash, by placing limits on withdrawals, charging outlets a fee to bank cash and closing high street banks and ATMs.

The digital pound removes the right to appeal, rebut or to challenge fines, judgements, price hikes or tax increases, in such circumstances when said charges are deemed to be unjust, unfair, disproportionate, incorrect or punitive. With no recourse to challenge, these fines will be taken directly from your digital bank account whether or not you were speeding, driving a diesel car, or parked in the wrong place.

So long as the state controls the code the digital pound runs on, it can impose as many taxes as it likes, for as long as it wants, from 15-minute cities to Ulez, safe in the knowledge the taxes will automatically be paid. This makes the digital pound as unconstitutional as the state imposing their own statutes, which they have been doing for decades. To the state, silence equates to consent. So don’t be silent and do not consent.

As Bank of England money is already digital and pegged to diddly, changing you over to the programmable digital pound will be easy. It doesn't matter if you bank with Barclays (who are trialing the digital pound along with IBM) or a building society. Both can effectively force bondholders and other bank creditors to bear some of the burden of a failing institution, by writing off debt or converting it into equity. In other words, your 'deposits', which are in fact a loan to the bank even though they charge you interest, could become shares in the bank, which, when it collapses, will be subsumed by the private Bank of England.

Be extremely wary of bank guarantees up to £85,000. Firstly, this is per banking group, not per bank. Secondly, if the banks are due to be folded into the private Bank of England, how can anyone guarantee their money won’t be turned into CBDCs?

Next time you get out your plastic card, Apple watch or iPhone to pay, bear in mind that what seems convenient now, will not feel quite so convenient when your CBDC card restricts your beer intake for posting something offensive online, cancels your flight because you’re low on carbon credits or empties your digital account when the entire system gets hacked.

PROTECT YOURSELF: Stick to cash. Cash is non-programmable, tangible and anonymous. Avoid places which refuse cash, as the more cash in circulation, the greater our protection against CBDCs. Better still, look into issuing local currencies. These are interest and inflation-free and backed by tangibles such as gold, produce and skills. If you’re lucky enough to have more than £85,000 in the bank, get independent advice on investing in tangible assets such as property, precious metals and land which can’t be turned into CBDCs with the flick of a switch.

Unless we remove ourselves from this financial system of private bankers and boom & bust, we will forever be in debt. The only way out of this fiscal labyrinth is an alternative monetary system (be it local currency or The Bradbury Pound) based on credit not debt and backed by items of tangible value like precious metals or the value of the sovereign individual.

There is absolutely nothing, to prevent any sovereign nation from issuing its own debt-free and interest-free money through its treasury based on nothing more than the wealth, integrity and potential of that nation (in other words the nation’s credit) in order to meet the well-being, needs, security and happiness of that nation’.

- Justin Walker, New Chartist Movement


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