What do the Central Banks have planned?

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Central Bank Digital Currency (CBDC).
This is significant. Very significant. Like the video. Comment 665 or 667. Avoid everything else in between...
What I have here is the future.
A Report by the Federal Reserve Bank of Philadelphia, released just four months ago.
The topic? Central Bank Digital Currency.
The implications for society? Colossal.
The Abstract of the paper outlines what we are going to discuss in this video.
"The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits."
What does this mean in practical terms?
Well, what is a Central Bank Digital Currency?
Well, it is essentially a current account at the Central Bank.
When they say "competing with private financial intermediaries for deposits", it means the Central Banks are going to streamroll the Commercial Banks.
"...the central bank arises as a deposit monopolist, attracting all deposits away from the commercial banking sector."
This is again emphasised in the introduction of the paper:
"Besides its potential role in eliminating physical cash, a CBDC will allow the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits (and, likely engaging in some form of lending of those deposits).
In other words, a CBDC amounts to giving consumers the possibility of holding a bank account with the central bank directly."
As we discussed in the previous video, academic economists are being used as a propaganda tool to push the narrative of the Central Banks and their wider Agenda.
When people hear the word "banker", they often think about the excesses of Wall Street and firms like Goldman Sachs, they don't split it up into Investment Banking, Commercial Banking and Central Banking.
They think about the movies they watched and how it was the investment bankers who caused the Great Recession in 2008.
Complex jargon like Mortgage Backed Securities and Collateralised Debt Obligations.
Although there were some Investment Bankers worthy of jail time in that particular crisis, in reality it was the Fed, the Central Bankers, who facilitated the 2008 recession.
It is the Central Bankers who are creating these boom/bust cycles, and they are already more powerful than ever before.
So how will this play out?
Well, as I mentioned in the video in March - From Chaos, Comes Order - a video I unfortunately believe will age very well, CBDCs will result in more control, and will facilitate negative interest rates and easier tax collection.
Richard Werner agrees.
But, we are missing a key piece...
Incentive drives human behaviour.
If you are trying to promote a change of this magnitude, you need an incentive.
But you also need a catalyst - you need people to be desperate and psychologically worn down.
I'm not sure what that catalyst could be, of course.
But what is the incentive?
Well, probably some form of Universal Basic Income - but this short term carrot comes with a long term stick.
We are witnessing the erosion of free speech, and now financial privacy will be tied into that structure...

SOURCES:
Richard Werner: Today’s Source of Money Creation
https://www.youtube.com/watch?v=IzE038REw2k
Richard Werner - ECB wants to become the only bank in town
https://www.youtube.com/watch?v=OdYmdKUiQNw

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