American banks are taking part in central bank digital currency trials funded by Epstein-linked MIT lab
03/10/2024 // Cassie B. // Views

American banks have been quietly taking part in a trio of pilot programs for central bank digital currencies (CBDCs), and some of the funding for these projects comes from an MIT lab that has been linked to child trafficker Jeffrey Epstein.

This is according to Aaron Day, who wrote a book called The Final Countdown about the threat of CBDCs, a type of digital currency that requires people to open up bank accounts directly with a central bank like the Federal Reserve. This is something that would naturally provide governments with an unsettling level of control over their citizens' access to money.

According to Day, well before President Joe Biden signed an executive order pushing for CBDCs to be established in March of 2022, the Federal Reserve was already hard at work on the currencies.

All three of the pilot programs for CBDCs were backed by funding from the Epstein-linked Massachusetts Institute of Technology's Media Lab. The media lab's former director is Joi Ito, who has visited Epstein’s infamous private island and has benefited personally from Epstein’s funding.

One of the CBDC initiatives is known as Project Hamilton. This one has already concluded and was a joint program between MIT and the Federal Reserve Bank of Boston that looked into the “technical feasibility of a potential CBDC.”

This project published research on transaction processing for CBDCs and developed a type of “electronic cash” that the Federal Reserve would issue in place of the dollar. The Executive Vice President of the Boston Fed, Jim Cunha, insisted that the project was “agnostic” regarding policy decisions related to American currency.

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Another CBDC program is Project Cedar, which is a joint project between Bank of New York Mellon, State Street, JP Morgan Chase, the Federal Reserve Bank of New York, the MIT Media Lab and the Bank of International Settlements.

This project is now in its second phase and aims to study the potential for using CBDCs as multi-currency cross-border payments. In this case, Day said that the focus was on high-value transactions that take place between financial institutions such as banks and corporations.

Could a global CBDC be in the pipeline?

The project's researchers proposed a “multi-CBDC common platform” as a way of addressing the challenges involved in making cross-border payments, implying that there would be a global CBDC technology involved. This is something that the International Monetary Fund has reportedly been working on. Last year, the managing director of the IMF, Kristalina Georgieva, said that such a project was underway and explained during a policy roundtable discussion: “If we are to be successful, CBDCs could not be fragmented national propositions. To have transactions more efficient and fairer, we need systems that connect countries. In other words, we need interoperability.”

In fact, the Bank of International Settlements (BIS) has been looking into how a common multi-CBDC system could control the flow of international payments since at least 2020. The BIS would operate the platform, and analysts have cautioned that there is a very real risk that authorities such as central banks could “use CBDC systems as an instrument for state surveillance and control.”

Assigning digital "tokens" to all assets

The third project is perhaps the most disturbing one. Known as the Regulated Liability Network, it involves a database that can track every financial transaction, whether it involves CBDCs or not, assigning digital tokens to every asset a person owns.

Day explained what this could entail: “In addition to being able to censor and freeze your money if you don’t behave the way those in control demand, they can also block the sale and perhaps even the use of your assets.”

In other words, all of the ways the Chinese Communist Party controls its citizens could be facilitated in any country with the use of these currencies, and anyone who values their freedom should start paying close attention to what is happening with CBDCs.

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