Just a detail, but in case you’re not aware, the translation of “Satoshi Nakamoto”, is “central intelligence.” Since our rulers do seem to be fond of telling us what they are up to this may be a strong hint as to where this particular digital scheme came from.
IT'S THE OMNIWAR! They can stick their f*cking damned AI, Wearables, Chips, CBDC/NO CASH, NANO, Digital IDs, and Jabs up their asses where the sun don't shine!
HELL NO TO GENESIS MISSION/STARGATE/DEEPSEEK! HELL NO TO AI! technocracy.news
Life everywhere is being assaulted by THE TECHNOCRATIC OMNIWAR! RESIST! DO NOT CONSENT TO ALL THINGS DIGITAL, 'SMART', AI, 5G, NO CASH - ALL OF IT! dhughes.substack.com Technocrat ruling class psychos get a sadistic thrill from their powers over life and death and hurting all who stand in their way and they need the resources worldwide to build their digital total slavery control grids (herd survivors into 15 minute city digital prisons)!
AI is designed to be anti-human/anti-life programmed by technocrat control freak psychos - garbage in = garbage out. Everyone got along just fine without all these absurd and downright satanic electronic gadgets that did not exist until recently. NOBODY NEEDS THIS AI CRAP!
CREATIVITY! ARTISTRY! IMAGINATION! SPIRITUALITY! HUMOR! LOVING KINDNESS! These are all BEAUTIFUL, the best ways to fight THEM!
I also have a landline, a wired laptop and a wired monitor screen, and I never had or will have those infernal mobile devices designed to enslave you. I also use cash as much as possible, no cash is TOTAL SLAVERY.
How to fight back against this TOTAL SLAVERY!
RESIST! DO NOT COMPLY! DITCH THE DAMNED 'SMART' PHONES AND THE DAMNED QR CODES AND GO BACK TO LANDLINES OR FLIP PHONES AND USE CASH AS MUCH AS POSSIBLE! INSIST ON CASH! CBDC IS TOTAL SLAVERY!
It is heartbreaking to witness the holocausts happening and so many fellow citizens are brainwashed/bamboozled by the propaganda media, they are oblivious!
MISTAKES WERE NOT MADE! THEY can't get rid of the 'useless eaters' fast enough!
Peddling pure poison! Folks have to wake up to reality: health comes from organic diet, daily exercise and clean living and never from a needle or a pill except in dire, rare traumatic injuries.
It was NEVER about health! The Powers That Should Not Be were ALWAYS about they want you DEAD or a SLAVE! This is a painful truth to accept but we the people must wake up and fight back! And toxic injections/pills were/are a huge part of their arsenal!
This horrifying Congress Critters, Gates, Governor 'Gruesome Newscum', 'Lone Scum', Soros, 'Benedict' Biden and Harris and even Trump, Vance, and 'Ramaswampy' et al are blatant fully owned and operated puppets of their globalist technocrat parasite masters same as other numerous 'PUBLIC SERPENTS' infesting by design from above, the bureaucratic apparatus.
Can't say this often enough! The Military/Industrial Complex and the Biowarfare/industrial Complex, WEF agenda and the evils assaulting humanity are from one and the same source - it is the 99% against the diabolical GREED of the 0.01% who should not be in charge of anything!
The monsters in human skin suits who rule the world get a sadistic vampiric thrill and boost from perpetrating the vilest most demonic crimes against the most vulnerable (babies and small children) and then corrupting the system to get away with it scot free! We the People must stop them, there are a lot more of us than them!
JAB INJURIES: GROSS CALAMARI BLOOD CLOTS/AUTISM TSUNAMI/SADS/TURBO CANCER/BIZARRE TERMINAL ILLNESSES: More tragic victims of the ruling parasite genocidal enslavement agenda, sacrificed on the altar of psychopathic greed and hatred of humanity.
And BIG pHARMa is an arsenal making permanently sickly addicted slaves dependent on their products - the complete opposite of actual health.
Can't say this often enough!
SCREW THE HYPOCHONDRIA GERMAPHOBIC FEAR HYSTERIA! DO NOT CONSENT! Avian flu is for the birds! RESIST!
KEEP FIGHTING! All the perps who pushed this greatest crime against humanity, all the way down to the local level, must get their comeuppances!
Proudly ANTI-VAXX! Reiterating for the sake of newbies and to support this post.
Ban all vaccine jabs! There has never been a 'safe and effective' vaccine since Edward Jenner's fraud over 200 years ago as per 'Dissolving Illusions' by Suzanne Humphries and 'Turtles All the Way Down' by Anonymous. Health can never come from a needle or pills, but from healthy eating, healthy exercise and healthy living! virustruth.net
Divide and rule! Agents provocateurs anyone, FALSE FLAGS, propaganda social engineering psyops? Keeping us proles at each others' throats while the globalist technocrat predators laugh all the way to the BIS and The Bank of Rothschild's!
Cunliffe has been a source of personal merriment for me for some years. I think it was in 2023 when he said the BOE had absolutely no plans at all to get rid of cash before going on to explain that the plan was to pay all public sector workers in rCBDC which should finally see-off cash for good.
When Cunliffe said that he “would probably refer to it as central bank digital money, because money is a means of payment, rather than central bank digital currency” he was referring the wholesale CBDC (wCBDC) which is envisaged to act as digital reserves. When he spoke about paying the public sector with CBDC he was talking about retail CBDC (rCBDC) which will effectively serve as a “currency.”
Cunliffe has at times said there are no plans to introduce a rCBDC except that there are, providing the “regulatory environment” suits. I absolutely guarantee that it will, either for a UK rCBDC or for the appropriately approved stablecoins or tokenised bank deposits.
I appreciate the useful distinction you have made between “currency” and payment systems. I agree that what is being rolled out are new programmable payment systems. I would go further and say it is an “interoperable” network of new programmable payment systems. A currency is just a transferable medium of exchange, I think I have written about the MAK (tins of mackerel) that US prisoners used as currency before the governors deliberately devalued it. The state flooded prisons with suspiciously deposited stacks of tins of mackerel in communal areas, causing MAK hyperinflation and rendering it practically useless as a prisoner's currency.
I maintain that the issuance of a central bank liability in the form of, for example, rCBDC is intended to serve as a currency, the clue is in the name despite Cunliffe’s silly argument that this was some sort of mistake. I suggest you you that it isn’t an error at all. Digital currency is not a replacement for fiat currency it is a digital form of fiat currency, that is to say it is a programmable central bank liability. The debt basis of issuance is not notably different as far as I can tell.
If we consider why gold is such a valuable asset (that can also be used as a currency) it is because we collectively value it. I do not suggest in the book, at least I hope I don’t, that Bitcoin is a “new form of gold” only that oligarchs want it to be a new form of gold for the age of programmable digital currencies transferred through programmable payment systems and settled on unified programmable ledgers. A process for which some sort of digital gold asset is perfect. Of course, they could just tokenise real gold, which is another plan also underway.
A Network State has to be able to issue its own “digital currency.” This is the “backbone” of the ledger system which enables it to control the lives of its “customers” through the smart contracts managing every transaction on the Network State (neostate) ledger---almost certainly a permissioned blockchain though, notably, the NRx is a bit coy about clarifying permissioned access. (though that is obviously what they mean)
I noted in the book that for nonbank entities the OCC acts as the regulator for the federal qualified nonbank payment stablecoin issuer. I also noted that the OCC is uniquely independent. The US Congress reports:
“The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency [OCC], and may not intervene in any matter or proceeding before the Comptroller of the Currency.”
It is no surprise therefore that the Praxians’ (NEONERDS’) Erebor bank, that consolidates their control of the crypto-industry, was granted full market approval by the OCC in virtually no time at all.
I think if we are expecting so-called regulatory systems, in the US or anywhere else, to function as real regulatory systems we are barking up a “very wrong” tree. They’re rubber stamps for those who can afford the rubber.
As you highlight, I also stress that the GENIUS Act ensures that stablecoins “will not take the form of a national currency, bank deposit, interest-bearing instrument, or a security under federal securities laws.” I fully acknowledge that stablecoins are not supposed to be “currency.” I then go on to argue that this is, for all intents and purposes, a meaningless distinction from our perspective.
The new programmable payment systems are designed to enable us, the people, to use rCBDC, tokenised deposits and stablecoins as if they were currency. Bridging card payment systems have already been introduced to enable us to make payment in the high street using stablecoins. Of course, the oligarchs also want to treat “digital currencies,” in the wider sense, as “money” with the money supply, incorporating assets, stocks and bonds, remaining firmly under their programmable control.
As you know, this control of the money supply has been the sole purview of the transnational capitalist oligarchs for a few centuries. The NEONERDS are relative upstarts. The question I ask is why would they be allowed to participate in this grift as I strongly argue that they have indeed been brought into it.
The mechanism for creating “money” as debt has not changed. The question you rightly ask is when, for example, Tether issues a stablecoin, is any new money created. You suggest it is not, I maintain that it is.
US stablecoins are cryptoassets backed, in USDT’s case, by the USD and other dollar instruments. Despite the US eye-watering national debt, the advent of stablecoins (and similar digital “currencies”) enables the continued expansion of the issuance of debt as “money.” That is to say, though “officially” the issuance of, for instance, USDT does not “require” the creation of new debt, such stablecoins are obviously intended to further facilitate the process of “money creation.” Not to mention spreading that liability globally. New debt will be issued to back “payment stablecoins” which “are obviously designed to function as digital dollars.”
So are the NEONERDS in control of the issuance of the stablecoins, i.e., invited to join the money creation grift? They absolutely are in my view. Not least of all by virtue of the fact that they currently control the US government and have just set up Erebor Bank to provide their “digital currency” issuing partners the necessary liquidity, if they deem it appropriate.
Having read the book, many thanks btw, I am sure you are aware of the emphasis I put on public-private partnerships. I am not suggesting that the NEONERDS are “muscling in on central bank, or commercial bank, money creation,” rather that they have been invited to join it.
Not only do they control to so-called crypto regulators, having been instrumental in the design of the regulations, now they're managing the US crypto industry’s access to liquidity and they are deeply invested in many of the leading issuers. In fact, the current US digital currency industry has been brought into existence primarily by the NEONERDS and their private sector partners.
Over the three pieces, you have offered some very incisive observations and I thank you for your excellent critique that has made me rethink many of the points I made in the book. With regard to the transformation of the international monetary system, much of how it will eventually pan out remains to be seen imho.
If I was to put my money on what it will eventually look like, I will stick with the thesis I offered in the book:
“All forms of currency transactions (whether using e-money or stablecoins or traditional digital fiat currency) will be interoperable. All transactions will be connected to the Finternet by APIs, and all inter-bank settlement will ultimately resolve using wholesale CBDC (wCBDC): the two-tier monetary scam for the digital transformation.”
“When he spoke about paying the public sector with CBDC he was talking about retail CBDC (rCBDC) which will effectively serve as a “currency.””
Whether it’s wholesale or retail, it’s still not a currency. The Pound is a currency, USD is a currency etc. If they started paying public sector with CBDC, people would still be getting pounds into their bank accounts via a digital payment system. New money, or a new currency, would not be created or printed to make those payments. We really must think of it as putting an existing currency into a digital wallet instead of a normal bank account. All that will happen is that the name of the bank account changes to “digital wallet”. Yes the digital wallet is more evil because of programmability, but it’s not currency or new money.
So, while Cunliffe certainly lies about a lot of things, I don’t think he was lying when he said it’s not a currency. It is fundamentally a payment system. The creation of a central bank liability will not increase the money supply. This is accounting mundanity, although accounting is generally important, especially when it comes to commercial credit creation which proves money creation.
The stablecoin is an example of digital money being introduced without the need for central bank help / intervention. That’s because, whether the central bank gets involved or not, the commercial money is not increasing. Existing deposits are being swapped out of ‘normal’ bank accounts and into digital accounts.
I think we are really stuck on the meaning of “currency”.
I agree with you on the points you make about the OCC. I wasn’t trying to defend it. But I still maintain that we need to separate out the concept of the existing national currencies and the digital money. To help make this distinction, let’s imagine a scenario in which the US decides to make the whole payment system digital, and makes a plan to do this with effect from 1 May 2026. What do you suppose would happen to the US dollar and the total USD supply currently in circulation? Wouldn’t it stay constant? We wouldn’t even need to see a change in the name of the currency because nothing would happen to it quantitatively. The money supply would remain unchanged but everyone would now have a digital account of some sort. That being the case, they’re not changing the currency – they’re changing the way we make payments.
“As you know, this control of the money supply has been the sole purview of the transnational capitalist oligarchs for a few centuries. The NEONERDS are relative upstarts. The question I ask is why would they be allowed to participate in this grift as I strongly argue that they have indeed been brought into it” – I don’t know, and as I argue, it won’t matter to us if there is a oligarchic coup within the banking system. It won’t change the fact that we’ll have programmable money to deal with.
Money creation currently happens through commercial bank credit creation or quantitative easing. The stablecoins currently in issue don’t to either of those things. The issue of a stablecoin as far as I’m aware does not currently create new debt and a new bank deposit. If you want a stablecoin, you have to exchange an existing commercial or retail bank deposit to get it. That’s not money creation, that’s swapping money out of a traditional account and into a digital one. Money creation may occur with digital money in the future, but I haven’t seen evidence of it happening yet. If it is, you’ll need to convince me that the money supply has increased as a result of stablecoin issuance.
“So are the NEONERDS in control of the issuance of the stablecoins, i.e., invited to join the money creation grift? They absolutely are in my view.” When you use the term NEONERDS, I assume this applies to the Tech industry? Of the stablecoins currently in issue, I think Tether is the largest. Is this owned by NEONERDS? I’m aware that it’s largely a private consortium of opaque individuals. If the bulletin I referenced is correct about the exclusion of Big Tech firms from stablecoin issuance, how have the NEONERDS circumvented this prohibition?
Btw controlling the US government does not amount to actual money creation in the banking system.
I guess there are some assertions here that I don’t think were conclusively proven in the book, and I am totally willing to concede that I need to go back and re-read. At the end of the day, I think we are arguing over 3 things:
1. Whether digital money is an actual currency. I maintain it is not. It’s a payment system.
2. Whether stablecoin issuance to date amounts to money creation, i.e. increasing the money supply. I maintain it isn’t. So far.
3. Whether the NEONERDS have been invited into the money creation grift. I don’t know and I don’t think it matters from a threat perspective. The actual threat remains the same.
Despite the many words we have expended to discuss these differences (or potential differences) we are very much agreed on the main threat – programmable digital money.
Thanks for engaging, Iain. Really appreciate it. And just to be clear – your book is fantastic and very important!
Thank you for clarifying the crucial distinction between currency and payment system. I was always leery about Bitcoin, so I second your thought: "I can’t help thinking that one possibility is that it was launched as a joke – a computer game created by IT geeks to explore human irrationality about money." Except it was probably no joke.....
Thanks for this. But it struck me as I read it that money has been through so many mutations that I don't even understand it anymore. I had similar problems with David Harvey's Marxist attempts to figure it out. I think if Marx came back and saw all this, he'd think, "What the fuck is that?"
-Bitcoin is not and was not conceived as a store of value but as a currency for day to day transactions that is outside the control of anyone but cold hard math.
Because it is open source software, it fell prey to infiltration and alteration of the software ( as well as social engineering to scare people off) by bad faith actors namely the Epstein class parasites, who made it unattractive for use as a currency to displace fiat money and slavery to the bankers.
Bitcoin is bad money because its "mining" requires increasing amounts of energy and faster and faster chips which also take energy and resources to make which result in increasingly serious damage to the ecosystem. The nerds who come up with things like bitcoin are typically very smart but disconnected from biological realities and assume that resources are infinite and tech will just get better and faster, forever....
Just a detail, but in case you’re not aware, the translation of “Satoshi Nakamoto”, is “central intelligence.” Since our rulers do seem to be fond of telling us what they are up to this may be a strong hint as to where this particular digital scheme came from.
Brilliant thank you!
Unfortunately not too many people will read about your takeaways.
Especially about Bitcoin.
It is the best take I have read about it yet.
Thanks
Well, please spread it! And thank you for the kind review.
Thank you for these excellent articles. We have resources discussing the Digital Control Grid (currency, ID, SMART Cities, technocracy) here
https://theylied.ca/DigitalControlGrid/
.
Thank you. I will explore your links and share in due course.
WAKE THE F*CK UP! TOTAL SLAVERY IS UPON US!!
IT'S THE OMNIWAR! They can stick their f*cking damned AI, Wearables, Chips, CBDC/NO CASH, NANO, Digital IDs, and Jabs up their asses where the sun don't shine!
HELL NO TO GENESIS MISSION/STARGATE/DEEPSEEK! HELL NO TO AI! technocracy.news
Life everywhere is being assaulted by THE TECHNOCRATIC OMNIWAR! RESIST! DO NOT CONSENT TO ALL THINGS DIGITAL, 'SMART', AI, 5G, NO CASH - ALL OF IT! dhughes.substack.com Technocrat ruling class psychos get a sadistic thrill from their powers over life and death and hurting all who stand in their way and they need the resources worldwide to build their digital total slavery control grids (herd survivors into 15 minute city digital prisons)!
AI is designed to be anti-human/anti-life programmed by technocrat control freak psychos - garbage in = garbage out. Everyone got along just fine without all these absurd and downright satanic electronic gadgets that did not exist until recently. NOBODY NEEDS THIS AI CRAP!
CREATIVITY! ARTISTRY! IMAGINATION! SPIRITUALITY! HUMOR! LOVING KINDNESS! These are all BEAUTIFUL, the best ways to fight THEM!
I also have a landline, a wired laptop and a wired monitor screen, and I never had or will have those infernal mobile devices designed to enslave you. I also use cash as much as possible, no cash is TOTAL SLAVERY.
How to fight back against this TOTAL SLAVERY!
RESIST! DO NOT COMPLY! DITCH THE DAMNED 'SMART' PHONES AND THE DAMNED QR CODES AND GO BACK TO LANDLINES OR FLIP PHONES AND USE CASH AS MUCH AS POSSIBLE! INSIST ON CASH! CBDC IS TOTAL SLAVERY!
It is heartbreaking to witness the holocausts happening and so many fellow citizens are brainwashed/bamboozled by the propaganda media, they are oblivious!
MISTAKES WERE NOT MADE! THEY can't get rid of the 'useless eaters' fast enough!
Peddling pure poison! Folks have to wake up to reality: health comes from organic diet, daily exercise and clean living and never from a needle or a pill except in dire, rare traumatic injuries.
It was NEVER about health! The Powers That Should Not Be were ALWAYS about they want you DEAD or a SLAVE! This is a painful truth to accept but we the people must wake up and fight back! And toxic injections/pills were/are a huge part of their arsenal!
This horrifying Congress Critters, Gates, Governor 'Gruesome Newscum', 'Lone Scum', Soros, 'Benedict' Biden and Harris and even Trump, Vance, and 'Ramaswampy' et al are blatant fully owned and operated puppets of their globalist technocrat parasite masters same as other numerous 'PUBLIC SERPENTS' infesting by design from above, the bureaucratic apparatus.
Can't say this often enough! The Military/Industrial Complex and the Biowarfare/industrial Complex, WEF agenda and the evils assaulting humanity are from one and the same source - it is the 99% against the diabolical GREED of the 0.01% who should not be in charge of anything!
The monsters in human skin suits who rule the world get a sadistic vampiric thrill and boost from perpetrating the vilest most demonic crimes against the most vulnerable (babies and small children) and then corrupting the system to get away with it scot free! We the People must stop them, there are a lot more of us than them!
Please check out this substack! ponerology.substack.com
JAB INJURIES: GROSS CALAMARI BLOOD CLOTS/AUTISM TSUNAMI/SADS/TURBO CANCER/BIZARRE TERMINAL ILLNESSES: More tragic victims of the ruling parasite genocidal enslavement agenda, sacrificed on the altar of psychopathic greed and hatred of humanity.
And BIG pHARMa is an arsenal making permanently sickly addicted slaves dependent on their products - the complete opposite of actual health.
Can't say this often enough!
SCREW THE HYPOCHONDRIA GERMAPHOBIC FEAR HYSTERIA! DO NOT CONSENT! Avian flu is for the birds! RESIST!
KEEP FIGHTING! All the perps who pushed this greatest crime against humanity, all the way down to the local level, must get their comeuppances!
Proudly ANTI-VAXX! Reiterating for the sake of newbies and to support this post.
Ban all vaccine jabs! There has never been a 'safe and effective' vaccine since Edward Jenner's fraud over 200 years ago as per 'Dissolving Illusions' by Suzanne Humphries and 'Turtles All the Way Down' by Anonymous. Health can never come from a needle or pills, but from healthy eating, healthy exercise and healthy living! virustruth.net
Divide and rule! Agents provocateurs anyone, FALSE FLAGS, propaganda social engineering psyops? Keeping us proles at each others' throats while the globalist technocrat predators laugh all the way to the BIS and The Bank of Rothschild's!
BURN BACK BETTER!
PSYCHOPATHS! MEGALOMANIACS!
Bless and thank you for doing what you do.
Hi Amy,Very impressed with your flexibility 😊
You also understand exactly where we are right now.
Just curious,
In UK all landlines will be digital soon,not analogue.
If that applies to you, will you keep your landline?
Yes, I hate those damned infernal mobile devices with a passion as I despise all things technocratic/total slavery!
Preach it Sistah! Thanks Amy. Will check out ponerology stuff.
Cunliffe has been a source of personal merriment for me for some years. I think it was in 2023 when he said the BOE had absolutely no plans at all to get rid of cash before going on to explain that the plan was to pay all public sector workers in rCBDC which should finally see-off cash for good.
When Cunliffe said that he “would probably refer to it as central bank digital money, because money is a means of payment, rather than central bank digital currency” he was referring the wholesale CBDC (wCBDC) which is envisaged to act as digital reserves. When he spoke about paying the public sector with CBDC he was talking about retail CBDC (rCBDC) which will effectively serve as a “currency.”
Cunliffe has at times said there are no plans to introduce a rCBDC except that there are, providing the “regulatory environment” suits. I absolutely guarantee that it will, either for a UK rCBDC or for the appropriately approved stablecoins or tokenised bank deposits.
https://www.bankofengland.co.uk/report/2025/digital-pound-progress-update
I appreciate the useful distinction you have made between “currency” and payment systems. I agree that what is being rolled out are new programmable payment systems. I would go further and say it is an “interoperable” network of new programmable payment systems. A currency is just a transferable medium of exchange, I think I have written about the MAK (tins of mackerel) that US prisoners used as currency before the governors deliberately devalued it. The state flooded prisons with suspiciously deposited stacks of tins of mackerel in communal areas, causing MAK hyperinflation and rendering it practically useless as a prisoner's currency.
I maintain that the issuance of a central bank liability in the form of, for example, rCBDC is intended to serve as a currency, the clue is in the name despite Cunliffe’s silly argument that this was some sort of mistake. I suggest you you that it isn’t an error at all. Digital currency is not a replacement for fiat currency it is a digital form of fiat currency, that is to say it is a programmable central bank liability. The debt basis of issuance is not notably different as far as I can tell.
If we consider why gold is such a valuable asset (that can also be used as a currency) it is because we collectively value it. I do not suggest in the book, at least I hope I don’t, that Bitcoin is a “new form of gold” only that oligarchs want it to be a new form of gold for the age of programmable digital currencies transferred through programmable payment systems and settled on unified programmable ledgers. A process for which some sort of digital gold asset is perfect. Of course, they could just tokenise real gold, which is another plan also underway.
A Network State has to be able to issue its own “digital currency.” This is the “backbone” of the ledger system which enables it to control the lives of its “customers” through the smart contracts managing every transaction on the Network State (neostate) ledger---almost certainly a permissioned blockchain though, notably, the NRx is a bit coy about clarifying permissioned access. (though that is obviously what they mean)
https://unlimitedhangout.com/2025/10/investigative-reports/city-states-without-limits-part-1/
I noted in the book that for nonbank entities the OCC acts as the regulator for the federal qualified nonbank payment stablecoin issuer. I also noted that the OCC is uniquely independent. The US Congress reports:
“The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency [OCC], and may not intervene in any matter or proceeding before the Comptroller of the Currency.”
It is no surprise therefore that the Praxians’ (NEONERDS’) Erebor bank, that consolidates their control of the crypto-industry, was granted full market approval by the OCC in virtually no time at all.
https://unlimitedhangout.com/2026/04/investigative-series/praxian-kill-chain-part-1/
I think if we are expecting so-called regulatory systems, in the US or anywhere else, to function as real regulatory systems we are barking up a “very wrong” tree. They’re rubber stamps for those who can afford the rubber.
As you highlight, I also stress that the GENIUS Act ensures that stablecoins “will not take the form of a national currency, bank deposit, interest-bearing instrument, or a security under federal securities laws.” I fully acknowledge that stablecoins are not supposed to be “currency.” I then go on to argue that this is, for all intents and purposes, a meaningless distinction from our perspective.
The new programmable payment systems are designed to enable us, the people, to use rCBDC, tokenised deposits and stablecoins as if they were currency. Bridging card payment systems have already been introduced to enable us to make payment in the high street using stablecoins. Of course, the oligarchs also want to treat “digital currencies,” in the wider sense, as “money” with the money supply, incorporating assets, stocks and bonds, remaining firmly under their programmable control.
As you know, this control of the money supply has been the sole purview of the transnational capitalist oligarchs for a few centuries. The NEONERDS are relative upstarts. The question I ask is why would they be allowed to participate in this grift as I strongly argue that they have indeed been brought into it.
The mechanism for creating “money” as debt has not changed. The question you rightly ask is when, for example, Tether issues a stablecoin, is any new money created. You suggest it is not, I maintain that it is.
US stablecoins are cryptoassets backed, in USDT’s case, by the USD and other dollar instruments. Despite the US eye-watering national debt, the advent of stablecoins (and similar digital “currencies”) enables the continued expansion of the issuance of debt as “money.” That is to say, though “officially” the issuance of, for instance, USDT does not “require” the creation of new debt, such stablecoins are obviously intended to further facilitate the process of “money creation.” Not to mention spreading that liability globally. New debt will be issued to back “payment stablecoins” which “are obviously designed to function as digital dollars.”
So are the NEONERDS in control of the issuance of the stablecoins, i.e., invited to join the money creation grift? They absolutely are in my view. Not least of all by virtue of the fact that they currently control the US government and have just set up Erebor Bank to provide their “digital currency” issuing partners the necessary liquidity, if they deem it appropriate.
Having read the book, many thanks btw, I am sure you are aware of the emphasis I put on public-private partnerships. I am not suggesting that the NEONERDS are “muscling in on central bank, or commercial bank, money creation,” rather that they have been invited to join it.
Not only do they control to so-called crypto regulators, having been instrumental in the design of the regulations, now they're managing the US crypto industry’s access to liquidity and they are deeply invested in many of the leading issuers. In fact, the current US digital currency industry has been brought into existence primarily by the NEONERDS and their private sector partners.
https://unlimitedhangout.com/2024/10/investigative-series/the-chain-of-command-how-facebooks-libra-bank-regulators-and-paypal-built-a-new-world-currency/
Over the three pieces, you have offered some very incisive observations and I thank you for your excellent critique that has made me rethink many of the points I made in the book. With regard to the transformation of the international monetary system, much of how it will eventually pan out remains to be seen imho.
If I was to put my money on what it will eventually look like, I will stick with the thesis I offered in the book:
“All forms of currency transactions (whether using e-money or stablecoins or traditional digital fiat currency) will be interoperable. All transactions will be connected to the Finternet by APIs, and all inter-bank settlement will ultimately resolve using wholesale CBDC (wCBDC): the two-tier monetary scam for the digital transformation.”
“When he spoke about paying the public sector with CBDC he was talking about retail CBDC (rCBDC) which will effectively serve as a “currency.””
Whether it’s wholesale or retail, it’s still not a currency. The Pound is a currency, USD is a currency etc. If they started paying public sector with CBDC, people would still be getting pounds into their bank accounts via a digital payment system. New money, or a new currency, would not be created or printed to make those payments. We really must think of it as putting an existing currency into a digital wallet instead of a normal bank account. All that will happen is that the name of the bank account changes to “digital wallet”. Yes the digital wallet is more evil because of programmability, but it’s not currency or new money.
So, while Cunliffe certainly lies about a lot of things, I don’t think he was lying when he said it’s not a currency. It is fundamentally a payment system. The creation of a central bank liability will not increase the money supply. This is accounting mundanity, although accounting is generally important, especially when it comes to commercial credit creation which proves money creation.
The stablecoin is an example of digital money being introduced without the need for central bank help / intervention. That’s because, whether the central bank gets involved or not, the commercial money is not increasing. Existing deposits are being swapped out of ‘normal’ bank accounts and into digital accounts.
I think we are really stuck on the meaning of “currency”.
I agree with you on the points you make about the OCC. I wasn’t trying to defend it. But I still maintain that we need to separate out the concept of the existing national currencies and the digital money. To help make this distinction, let’s imagine a scenario in which the US decides to make the whole payment system digital, and makes a plan to do this with effect from 1 May 2026. What do you suppose would happen to the US dollar and the total USD supply currently in circulation? Wouldn’t it stay constant? We wouldn’t even need to see a change in the name of the currency because nothing would happen to it quantitatively. The money supply would remain unchanged but everyone would now have a digital account of some sort. That being the case, they’re not changing the currency – they’re changing the way we make payments.
“As you know, this control of the money supply has been the sole purview of the transnational capitalist oligarchs for a few centuries. The NEONERDS are relative upstarts. The question I ask is why would they be allowed to participate in this grift as I strongly argue that they have indeed been brought into it” – I don’t know, and as I argue, it won’t matter to us if there is a oligarchic coup within the banking system. It won’t change the fact that we’ll have programmable money to deal with.
Money creation currently happens through commercial bank credit creation or quantitative easing. The stablecoins currently in issue don’t to either of those things. The issue of a stablecoin as far as I’m aware does not currently create new debt and a new bank deposit. If you want a stablecoin, you have to exchange an existing commercial or retail bank deposit to get it. That’s not money creation, that’s swapping money out of a traditional account and into a digital one. Money creation may occur with digital money in the future, but I haven’t seen evidence of it happening yet. If it is, you’ll need to convince me that the money supply has increased as a result of stablecoin issuance.
“So are the NEONERDS in control of the issuance of the stablecoins, i.e., invited to join the money creation grift? They absolutely are in my view.” When you use the term NEONERDS, I assume this applies to the Tech industry? Of the stablecoins currently in issue, I think Tether is the largest. Is this owned by NEONERDS? I’m aware that it’s largely a private consortium of opaque individuals. If the bulletin I referenced is correct about the exclusion of Big Tech firms from stablecoin issuance, how have the NEONERDS circumvented this prohibition?
Btw controlling the US government does not amount to actual money creation in the banking system.
I guess there are some assertions here that I don’t think were conclusively proven in the book, and I am totally willing to concede that I need to go back and re-read. At the end of the day, I think we are arguing over 3 things:
1. Whether digital money is an actual currency. I maintain it is not. It’s a payment system.
2. Whether stablecoin issuance to date amounts to money creation, i.e. increasing the money supply. I maintain it isn’t. So far.
3. Whether the NEONERDS have been invited into the money creation grift. I don’t know and I don’t think it matters from a threat perspective. The actual threat remains the same.
Despite the many words we have expended to discuss these differences (or potential differences) we are very much agreed on the main threat – programmable digital money.
Thanks for engaging, Iain. Really appreciate it. And just to be clear – your book is fantastic and very important!
Thank you for clarifying the crucial distinction between currency and payment system. I was always leery about Bitcoin, so I second your thought: "I can’t help thinking that one possibility is that it was launched as a joke – a computer game created by IT geeks to explore human irrationality about money." Except it was probably no joke.....
Thanks for this. But it struck me as I read it that money has been through so many mutations that I don't even understand it anymore. I had similar problems with David Harvey's Marxist attempts to figure it out. I think if Marx came back and saw all this, he'd think, "What the fuck is that?"
My hope is that 'they' don't understand it anymore either and end up blowing up the system they think they understand.
-Bitcoin is not and was not conceived as a store of value but as a currency for day to day transactions that is outside the control of anyone but cold hard math.
Because it is open source software, it fell prey to infiltration and alteration of the software ( as well as social engineering to scare people off) by bad faith actors namely the Epstein class parasites, who made it unattractive for use as a currency to displace fiat money and slavery to the bankers.
Bitcoin is bad money because its "mining" requires increasing amounts of energy and faster and faster chips which also take energy and resources to make which result in increasingly serious damage to the ecosystem. The nerds who come up with things like bitcoin are typically very smart but disconnected from biological realities and assume that resources are infinite and tech will just get better and faster, forever....