Amidst an American banking pandemonium that has now spread across the world rattling the markets and economies, on Wednesday, March 15th, the United States Federal Reserve quietly announced the release of a new instant payment system called “FedNow,” that will serve as the springboard for the implementation of central bank digital currencies (CBDCs).
The Federal Reserve has occasionally made small announcements about their new system for the last several years but limited details had been provided. However the Fed indicated in 2022 that their system was expected to launch by late-Spring or Summer of 2023.
Upon the news that FedNow is set to launch soon, TD Cowen analyst Jaret Seiberg said in a note to clients on Wednesday,
We reiterate our view that FedNow will represent a material change in how consumers use electronic money. It provides for instant settlement, which eliminates clearing risk. And it will be less expensive than debit interchange.
He said, reported by MarketWatch
Prior to this announcement Seiberg had said in 2022 that FedNow “will jumpstart the adoption of real-time payments for peer-to-peer, consumer-to-merchant, employer-to-employee, and consumer-bank-account to consumer-bank-account transactions.”
FedNow is an instant payment platform that is interconnected with people’s personal bank accounts interlinked with participating banks, allowing payments of all kinds to be rapidly transferred in a minute or less. Once launched, the platform will be operational 24/7, 365 days, including weekends and holidays. At the end of each business day depositories will report real-time records of all the balances to the Federal Reserve.
According to a press release from the Federal Reserve published last year, explaining the system, wrote:
The FedNow Service will be available to depository institutions in the United States and will enable individuals and businesses to send instant payments through their depository institution accounts. The service is intended to be a flexible, neutral platform that supports a broad variety of instant payments. At the most fundamental level, the service will provide interbank clearing and settlement that enables funds to be transferred from the account of a sender to the account of a receiver in near real-time and at any time, any day of the year. Depository institutions and their service providers will be able to build on this fundamental capability to offer value-added services to their customers.
The FedNow Service will be designed to maintain uninterrupted 24x7x365 processing with security features to support payment integrity and data security. The service will have a 24-hour business day each day of the week, including weekends and holidays. End-of-day balances will be reported on Federal Reserve accounting records for each participating depository institution on each FedNow Service business day. Access to intraday credit will be provided to participants in the FedNow Service during its business day under the same terms and conditions as for other Federal Reserve services.
The FedNow Service will provide a liquidity management tool to support instant payment services. The tool will enable participants in the FedNow Service to transfer funds to one another to support liquidity needs related to payment activity in the FedNow Service. The tool will also support participants in a private-sector instant payment service backed by a joint account at a Reserve Bank by enabling transfers between the master accounts of participants and a joint account.
The first release of the FedNow Service will also include optional features: fraud prevention tools, the ability to join initially as a receive-only participant, request for payment capability, and tools to support participants in their handling of payment inquiries. The FedNow Service will be released in phases and additional features and service enhancements will be introduced over time. Other aspects of the service, such as fee structures and governing terms, will be announced prior to the launch of the service.
This system is set to launch very soon. According to a press release published on March 15th, FedNow is set to launch in July of this year. The Fed adds that starting the first week of April they will begin accepting ‘the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system,’ the Fed explained.
The Federal Reserve added: ‘Certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness and network experience. In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch.’
In a statement, Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive, said:
We couldn’t be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution.
With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service.
Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor, added:
With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible. The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy.
The implementation of this system, according to Fed governor Michelle Bowman in a meeting last August, said that this system will essentially act as the launchpad for CBDCs as the Federal Reserve continues to develop theirs as do other central banks.
FedNow will help transform the way payments are made through new services that allow consumers and businesses to make payments conveniently, in real time, on any day, and with immediate availability of funds for receivers. Our assessment of these benefits has not changed even as we consider whether a central bank digital currency (CBDC) might fit into the future U.S. money and payments landscape.
My expectation is that FedNow addresses the issues that some have raised about the need for a CBDC. As I’m sure you are already aware, earlier this year we published a discussion paper that outlined some design principles, costs, and benefits of a CBDC and solicited public comments. We received over 2,000 comments, and we are currently reviewing these comments and plan to publish a summary of them.
She said during the VenCent Fintech Conference, Little Rock, Arkansas, last year
SEE: Central Bank Digital Currencies Would Bring Hyperinflation
Fed Chair Jerome Powell also touted FedNow’s benefits, but was a bit bearish to say that this system will be a springboard for CBDCs, hinting that this system is actually better than a CBDC and that a CBDC is still “years in evaluation.”
A CBDC is going to be years in evaluation.
And I think we can get this into the hands of the public very quickly, and we’ll have real-time payments in this country very very soon.
[FedNow] will enable all the banks – any bank in the United States, not just the big ones – to offer instantly available funds and real-time payments to their customers. He said during a House Financial Services Committee
But other investors and financial analysts still see this as the entry for an eventual CBDC. Lawrence Lepard, an investment manager at Equity Management Associates, posted in a tweet: “Right on schedule. Here is your CBDC launch.”
Also, Lena Petrova, a certified public accountant (CPA), said that this system will ultimately pave the way for a CBDC. She notes that India already has a similar platform in place and are using it to further advance their CBDC: the Digital rupee.
The more research you do on this, the more it becomes clear that the two systems go hand-in-hand and serve the same goal.
She said
Petrova also notes that this system will greatly benefit those who are living paycheck-to-paycheck, or rely on government aid, or stimulus checks – as the money will be rapidly transferred giving the receiver faster access.
Nigeria has also been trying to do the same thing for their eNaira. The WinePress reported in December that Nigeria was limited ATMs and banktellers to only allow max withdrawals of $45, in order to force citizens to use their CBDC.
Furthermore, it should be reminded that the Federal Reserve has already engaged in the creation of their own CBDC with major U.S. banks and credit card companies, reported by The WP last year.
Moreover, months prior to that, the Fed announced that they would be working on a carbon-based social credit score investing platform with some of the largest banks in the country.
Meanwhile other countries like Norway are almost cashless entirely and are on the brink of releasing their own unique CBDC. The United Kingdom has also considered implementing their own CBDC tied to universal basic income (UBI). The BRICS nations are also working on their own CBDCs and cross-border stablecoins for international trade.
AUTHOR COMMENTARY
Once again, It’s classic Problem. Reaction. Solution. It’s the Hegelian Dialectic. We covered in a post on March 15th that this collapse of SVB and other banks were to foster in a CBDC. And wouldn’t you know, surprise surprise, the same day the Fed announces the launch of a platform to facilitate that!
Jerome Powell is lying and talking out of his rear as usual. This system so obviously will be used to set the stage for a CBDC.
Simply put: a CBDC spells the end of personal financial freedom and liberty. They will know precisely how you spend the money, when it was spent, spent on what, and so forth, all in realtime. No more money under your mattress or piggy bank; no more lemonade stands, garage sales, and vegetable carts; no more money in birthday cards, no more charitable gifts and donations: everything will be tracked and monitored. Wherefore if and when the system is implemented, if the government does not want you buying guns or eating too much meat, they’ll know about it. And that’s certainly not out of the question: why else would the Federal Reserve publicly tell people to not eat meat?
St. Louis Federal Reserve Says To Eat Plants Instead Of Turkey This Thanksgiving
What’s worse is that CBDCs will have expiration dates. This is what China does. The currency, tied to the social credit score, will expire after a certain number of days, so saving money and building wealth is virtually impossible at that point. Either you spend it or lose it.
The bottom line is these things are evil and must be rejected at all costs.
But, alas, as we know, most people are going to gladly accept this, especially if cheap and quick money is attached. We’ve seen the action and contagion this banking turmoil has caused in just one week as the death of the economy is becoming too hard to hide. Now imagine what it’ll be like in July and by year’s end, and how the public will readily accept it. The World Economic Forum has said that the same people who submitted themselves to the Covid nonsense will also accept the social credit scores.
Regardless, we still need to fight this tooth and nail. We cannot just let this readily come in. Some kind of false flag will be needed to really get the masses’ acceptance, especially once the economy and markets finally meltdown on a grand scale.
Beit so, though it will be difficult, we must resist it; and we must warn others. Therefore please share this report so we can stymie this as much as we can.
SEE: Ways To Resist And Slowdown The Introduction Of Central Bank Digital Currencies
[10] If thou faint in the day of adversity, thy strength is small. [11] If thou forbear to deliver them that are drawn unto death, and those that are ready to be slain; [12] If thou sayest, Behold, we knew it not; doth not he that pondereth the heart consider it? and he that keepeth thy soul, doth not he know it? and shall not he render to every man according to his works? [12] Wherefore let him that thinketh he standeth take heed lest he fall. [13] There hath no temptation taken you but such as is common to man: but God is faithful, who will not suffer you to be tempted above that ye are able; but will with the temptation also make a way to escape, that ye may be able to bear it. [14] Wherefore, my dearly beloved, flee from idolatry. Proverbs 24:10-12; 1 Corinthians 10:12-14
Learn about CBDCs below:
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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it wont happen jacob because just like many online have stated that people dont like it or want it and i keep hearing howits falling apart in china and plus for exactly all those reason that you listed and so many more.
you forget all the mafia and thugs around the world wont put up with being tracked and then there are all the secret sexual perverts that must pay cash for child pornography plus just common folk like gun owners wont go long with it and lots of people love their privacy and
you forget just how much people enjoy the freedom of not being told what to do in ever little aspect of their lives. plus drug cartels and human traffikers all deal in cash, right!?
so you see theres too many gaps and above all of that its prophesied that it doesnt even last 3.5 years or past a year WITH THE LOST PEOPLE in the time of Jacobs trouble.
Even scripture and history confirm heathens dont want to believe there is a God up in heaven watching them all the time. so they definitely dont want anyone playing God over their finances because they are rebellious. also too many doctors take bribes, drug dealers and drug addicts especially deal all in cash.
theres always money moving under the table in almost every profession and too much crime.
just think about the mafia alone say some guy is making payments to his loan shark or hit job. again it wont work and it wont go through just based on all the money laundering and crime.
I wholeheartedly disagree. The whole world is literally working around the clock to implement one, and all these globalist groups, puppets, and bankers are saying it will come. I never said there will not be flaws and loopholes. It will be a mess of system, on purpose, because the “final solution” is the mark of the beast. But to say this will not happen is simply just sheer willful ignorance: that’s about as nice I as can say it. Trigger events will be needed to be created to get the masses on board with it. If people are begging for bread and are desperate, they will MORE than comply, they’ll cheer for it.
“and lots of people love their privacy and you forget just how much people enjoy the freedom of not being told what to do in ever little aspect of their lives.” -Bud, are you mad? The whole world just got shutdown with mere words for several years over the sniffles; and voluntarily subjected themselves to all kinds of nonsense, including all their churches being shutdown, and have poison injected into them. I mean, I don’t even know what to say to such a comment…
We know the system will collapse. So if you can’t buy food and feed your children, can’t pay your bills etc? The chaos will be huge. If they then introduce it most people will go along with it because they don’t have other options.
Bingo!
We knew for a long time there was something un-American (speaking of the attending miracles & blessing of God which we got by the Bill of Rights & in spite of the Federalists, the ‘brotherhood’ and big Mama, because of the King James Bible & the existence of even a handful of true& faithful believers in this nation; as well as God’s purpose for America in keeping & sending out that word, fulfilling scripture etc…even unintentionally: Richard Nixon aiding Israel etc …..so, as she was founded, & somewhat preserved) and something fishy about the Federal Reserve.
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What we didn’t understand was that it was international from the get-go: an international (catholic) federation, & NOT an American federal institution. It’s not the private-public thing so much as that distinction, they can swing the other into fascism or communism by simply leaning one way or the other in their terminology….same corporate wickedness & tyranny.
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I’m coming to believe that that faction of powerbrokers & craft always meant for the United States to be their stepping stone to their regathering of international power….but God hindered it. Cotton Mather & the earlier Puritans of England, ALL hated the baptists & were Augustinian & nicolaitan statists & kingdom builders. They skewed the history of the baptists from the beginning & serving the cause of Rome from which they never fully separated. Their so-called ‘Christian History of America’ or ‘Church History’ is very different from the reality…..and it’s the one they’re all promoting now, along with its distinctives and eschatology.
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I don’t think that’s an accident. Nixon went around the antichrist internationalist traitor craft Jew Kissinger, even as a brotherhood insider, aiding Israel. The shred of Bible memory & his mother’s biblical faith planting seeds that he obeyed on a whim & by the grace of God, overcoming his direct orders! Even his obedience in opening relations with communist China & with regard to fazing out & transforming our currency in line with Vatican & internationalist aims….didn’t save him from the Watergate revenge, ‘outing’ him for far less than others of the brotherhood & insiders were guilty of, throwing him to the wolves.
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I see truth and scripture for what both Magnolia and Jacob say. I’m not sure they can quite carry it off yet, & there are those foretold wars of Isaiah, Ezekiel & the Psalms…some of the other prophets, which we can see some lingering effects & such of in Revelation 6-19, but not requiring it to all be within that timeframe.
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We all have the same word. The more I watch these guys & how they play things, the more I think they’re going to have a ‘show’ of some travesty of ‘justice’ apparently being done, sacrificing & throwing a few of their own lower levels to the wolves, or giving the appearance of doing so whilst they are truly spirited off to some tropical island or something. A bit like Napoleon, one of their earlier antichrist types, and as some say Hitler was, but ‘quieter’.
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Why would they have guys like Catholic Tucker Carlson, Mormon Glen Beck, that former Blackrock guy, Ed Dowd…. Robert F. Kennedy, Jr….McCollough…. suddenly vindicated? ‘Changing sides’….McCollough, & that other vaccine & military insider. Guys like Steve Kirschner? The whistle-blowers are all Catholic or far-out new-age types & ecumenical ‘evangelicals’ in bed with her. Worldview Weekend & the pillow guy types getting rich off of prepping food, supplies, & such things.
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Meanwhile they let the nutjobs & controlled op types like Alex Jones, the ‘baptist’ and ‘methodist’ and ‘evangelical’ non-Catholic perceived sorts running amock laying hands on Trump (part of the show), having dirty ‘revivals’, & looking more and more stupid & guilty? Or like ‘betrayed heroes’?
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These guys all describe themselves as common sense, reasonable, not holding with any conspiracy theory but just a conspiracy of competing self-interest as they put it…..like any Jesuit or philosophical gnostic witch combining good & evil they’re ‘above’ such things & ‘dispassionate’ as they work the market etc. About as far from King James Bible believers as you can get, though all of them claim some sort of penta-costa-charismania-cosmic-experience-and-power ‘Christianity’…..antichrists & deceivers that they are.
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Masons like Mannerino have been allowed to ‘expose’ the Fed for some time now, & it’s coming out about the selective bailing out of banks. But what if their real endgame is to still transfer as much real American wealth, and strength to fight, as they can ….with a sort of bait & switch game of ‘saving’ us from the plan of the Fed, these evil people, this time around….or with some weak version of it allowing their cronies to transfer more wealth & get more sleepers & signature reduction agents in place? Plenty of crisis, mayhem & fighting, suffering & death…..but playing it out longer, setting themselves as military heroes & such as world empire & antichrists always work biblically & historically? A sort of balkanization in place like the red & blue game, smart cities & ‘fully compliant’…and ‘the rebels’ in the meantime. Getting the surveillance & stuff up to snuff, more militarizing of the police & so forth.
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Some of the corporatists want the factory slop unnatural food thing to prevail (but you can bet they don’t want to be the ones eating it…or working in those places)….while others push the Jesuit reduccione, serf-slave regenerative like is promoted and being set in place in Spain, Mexico, Argentina and such places already. Could they do both? And make the slaves of both feel like ‘winners’ for their ‘superior wisdom’ and ‘choice’ for bondage A or bondage B?
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Then, in the resulting lull & laxity of vigilance bringing it in with the new cosmopolitan Rome as the new & open ‘Fed’…the ‘neutral’ & ‘above suspicion’ head superintending it all? The white horse rider having the bow without arrows? Rome, of course run by men who are whiter than white, but playing behind all the brown people, and the ‘marginalized’ & abused ‘sinners’…..the druggies, drunks and perverts? as their ‘champion’, indulgent ‘mother’, indulgent of their sins while offering their faux salvation in exchange for the bondage & servitude of other lost souls submitting to them not for truth, but for illegit gain & lies. Not only leaving men dead in trespasses & sins…but purposely luring & keeping them there.
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We’ve known for a long time that the biggest chunk of assets held by any American company was in life insurance. Companies that are now going bust, just like they did with real estate & the big 2008 ‘surprise’ that was predictable, purposeful & planned by & for certain inside players ….but this time the ‘surprise’ was caused by covid & the vaccine mandates targeting upper middle class Fortune 500 & other working age & class people.
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What a cold-blooded way to ‘transfer’ that wealth & break that strength of yet American held companies, plus removing those people most able to defend & protect? First responders, the educated class (whatever the reality of the worth of that ‘education’) and so forth are dying or debilitated, & by this third year, very profitable insurance companies are in the red for the first time in their history.
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The willfully non-working class actually having a better life expectancy now than those closer to the biblical order of paid work via individual & private agreement, and private property …..UNLESS they were draining & drawing legal social security & helps originally understood by the people to be for those unable to work. Those sorts of people, the elderly & disabled, largely died off when they withheld or purposely botched early care in the covid ‘leak’, with fear then driving many of those remaining in that class, & in the working classes & targeted middle class, military aged etc to take the second & real weapon: the vaccines.
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People always said that life insurance was one thing that held its value during the Depression, one industry that weathered it, & that it rescued or sustained many families. The wicked would surely target that.
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Just some thoughts. Either way, the apostate portion of America is judged, some sorely chastened, some dying, and some thinking they’re getting away with something & with their even worse judgment yet to come. The fake ‘revivals’ doing their part, too.
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And America is out of the way with regard to those endtime wars & backing of Israel…putting them back front & center before all the world. The antichrist arising as a ‘hero’ from those wars would make sense of a lot of the more, as yet, obscure things to be fulfilled about him in Daniel & elsewhere in the scriptures. America has always been a middleman to the European power center. Useful.
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Moving the UN and financial center of the thing from New York to Babylon would even make sense, and without changing the dual capital Rome and Jerusalem thing in the least. I think BRICS could have its day in that scenario, and it could go very fast….or drag out awhile.
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Like everyone else, I’d like to see the rapture this moment, tonight or tomorrow….and it’s more and more obviously better to be home with the Lord than here in this wicked, but I’m not sure he’s pulling us yet, or that we’ve reached the point of absolute inability to work or to serve the commission so that he would. 2 Peter 3. And we all know that we’re not immune to suffering for the cause of Christ, even to the death, in this age.