Traders beware: We should all stay away from Lagarde’s dodgy digital Euro
A European digital currency could be disastrous and we candidly dissect why it should be avoided. Thankfully the Pound and Dollar will not be digitalized, hence the ‘cable’ should be something that global retail traders can be thankful is tradable everywhere globally on all platforms. Long may it stay that way.
Last week, FinanceFeeds described in great detail the perils of the Chinese government’s digital currency aspirations and how the Chinese government’s world-first effort to create a national digital currency is not to be lauded, but most certainly to be avoided.
Contrary to the naïve ramblings of the tabloid press, most of which has interests in Chinese government owned entities, the launch of a digital currency would mean that for the majority of the general public of the free world, an even greater curtailment on financial freedom than has already been foist upon the world may loom at the hands of Chinese communism.
Today, this elephant in the trading room has expanded to Europe, as left-leaning European Central Bank president Christine Lagarde has issued a report on the possible issuance of a digital euro. This morning in Frankfurt, Ms Lagarde said the euro should be “fit for the digital age”.
Attempts to eradicate sovereign currencies and digitalize them have fallen into two camps over recent years. The first being maverick troublemakers with their preposterous Bitcoin (and many other equally worthless non entities) frauds which have seen non-existent virtual currencies be traded on non-existent virtual exchanges and then for the owner or originator to make for the hills with no recourse.
A trail of destruction has followed gullible ‘investors’ who had become so obsessed with the aura surrounding these schemes that a few years ago, you could not walk outside your front door without a former junior member of staff at a third rate FX white label foaming at the mouth and saying the word bitcoin several times per sentence.
Here we are, a few years later, and those prophets of the future who railed against the traditional banking system and heralded their own self-created non existent ‘currencies’ as the future are either bankrupt or in jail, with a long line of extorted clients lining up at the receivers offices.
The second camp is the Bill Gates and socialist government collaboration, which has caused many sceptics to be labeled ‘conspiracy theorists’ recently, especially those, many of which are qualified economists and financial services industry executives who see the will to ditch fiat currency as a means of tagging and controlling people globally. You disobey the faceless computer, and they switch you off and you starve.
Capital controls, monitoring and other such Orwellian procedures are far more possible at government level with digital currency being the method of legal tender.
Thus, the European Union, which has been under tremendous pressure from the Chinese communist party over recent months to adhere to draconian lockdowns and hand over the entire infrastructure to the Chinese government for $1 when the world goes bankrupt, hence this complicity.
Ms Lagarde spoke to the tabloid press saying “Europeans are increasingly turning to digital in the ways they spend, save and invest. We should be prepared to issue a digital euro.”
Yes, many parts of Europe are highly advanced in terms of how point of sale transactions are conducted. France is one of the leaders in this, as absolutely everything is contactless, however the French public are not tolerant of attempts to lock them down or control their lifestyles, and quite right too. Italy allowed it, and it destroyed their already weak economy.
Germany is up to its eyes in debt, has a corrupt and bankrupt Tier 1 bank (Deutsche Bank) which is creaking and crumbling, has tremendous debt owed to it by the non-producing ‘siesta countries’, and has an old fashioned, low-tech manufacturing sector which cannot modernize.
A digital Euro would create government control outside the EU Parliament and dangle the European Central Bank’s capabilities from a precipice.
It was stated this morning in a clear piece of propaganda that Ms Lagarde identified a number of scenarios that would require the issuance of a digital currency, such as an increased demand for electronic payments in the euro area a continuing decline in the use of cash.
Moreover, said the pro-digital pundits, as other central banks around the world have started to issue digital currencies, Lagarde stressed the time may be right for the EU to follow suit.
Have you ever heard such rot?
Speaking alongside the ECB president, Fabio Panetta, member of ECB’s executive board, said a digital euro would further support Europe’s drive towards innovation and further establish the euro’s role globally. Yes, straight into the hands of the capital controlling APAC based left.
“It would contribute to its financial sovereignty and strengthen the international role of the euro”, Mr Panetta said. Wonder who is lining his pockets.
One of the ECB’s main objections to a digital version of the euro is the risk it may displace traditional deposits, thereby hollowing out commercial banks and crowding out private solutions. This is quite sensible, however what they really should think is that it will not crowd private solutions but decimate them totally.
The ECB said in its report that deposits in digital euros would probably be capped and subject, at least in part, to the ECB’s interest rate on deposits, which currently stands at -0.5%.
As far as trading the Euro is concerned, thank goodness it will never become a default reference currency. That battle will always be between the US Dollar and the British pound.
Given the current influence on decimating the US economy that the Chinese government has had recently, in owning the entire supply chain of major US corporations which have been able to lobby the senate committee into locking down the country and forcing over 40 million citizens out of work, and when President Trump states that there should be no lockdown, the Senate overrules him because he is controlled by the Senate, which is ultimately controlled by China, this could mean that the British Pound will regain its long lost place as default currency globally.
Britain has not capitulated to the fraudulent lockdown bullying from megalomaniac China, and last week actually considered canning a years-long nuclear energy plant construction project led by a major Chinese government owned construction company and sending them packing, saying that the UK does not want to be ordered around by China, and that the UK can produce is own renewable energy sources which will free us up from Chinese totalitarian government bullying.
Good shot, Britain.
Thankfully the Pound and Dollar will not be digitalized, hence the ‘cable’ should be something that global retail traders can be thankful is tradable everywhere globally on all platforms. Long may it stay that way.