JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER. 1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
SATANIC WORSHIP AND THE MICRCHIP IMPLANT UNDER YOUR SKIN.
REVELATION 9:20-21
20
And the rest of the men which were not killed by these plagues yet
repented not of the works of their hands, that they should not worship
devils, and idols of gold, and silver, and brass, and stone, and of
wood: which neither can see, nor hear, nor walk:
21 Neither repented they of their murders, nor of their sorceries, nor of their fornication, nor of their thefts.
DEU 32:17-18
17
They sacrificed unto devils, not to God; to gods whom they knew not, to
new gods that came newly up, whom your fathers feared not.
18 Of the Rock that begat thee thou art unmindful, and hast forgotten God that formed thee.
1 Corinthians 10:20-King James Version
20
But I say, that the things which the Gentiles (WORLD NATION) sacrifice,
they sacrifice to devils, and not to God: and I would not that ye
should have fellowship with devils.
GERMAN SOCCER FANS WORSHIP SATAN OUT IN THE OPEN.
https://www.youtube.com/watch?v=gtwE5q7yp-I
AS
YOU WILL SEE IN THIS VIDEO THOUSANDS OF GERMAN SOCCER FANS HAVE A
RITUAL CEREMONY COMPLETE WITH A PENTIGRAM. WITH SATAN RISING FROM THAT
PENTIGRAN. AND WITH THESE WORDS WRITTEN IN GERMAN. HEAR US LUCIFUR OR
SATAN AND RISE FROM THE ABYSS. TAKE ARE SOULS.
I
KNOW THIS MARK WILL BE A MICROCHIP IMPLANT UNDER THE SKIN. LETS LOOK UP
WHAT THE WORD MARK SAYS IN REVELATION 13:16-18, 14:9,11, 15:2, 16:2,
19:20, 20:4-ALL THESE VERSES FROM THE BOOK OF REVELATION SPEAK OF THIS
DICTATORS MARK. NOW LETS SEE WHAT IT MEANS FROM STRONGS EXAUSTIVE
CONCORDANCE OF THE BIBLE. UNDER MARK PAGE 684.MARK UNDER MARK. THE OLD
TESTAMENT IS UNDER HEBREW AND THE NEW TESTAMENT IS UNDER GREEK. SO WHEN
WE LOOK UNDER REVELATION 13:16-17 WE SEE IT IS UNDER GREEK, SO WE GO TO
GREEK IN THE BACK SECTION AND GO TO 5480 TO SEE WHAT IT SAYS THIS MARK
WOULD BE. SO LETS GET TO IT.MARK IN STRONGS GREEK 5480 XAPAYUA CHARAGMA,
KHAR-AG-MAH: FROM THE SAME AS 5482: A SCRATCH OR ETCHING, I.E STAMP (AS
A BADGE OF SERVITUDE), OR SCULPTURED FIGURE-(STATUE):-GRAVEN, MARK FROM
5482 XAPAE CHARAX, KHAR-AX; FROM XAPAOOW CHARASSO (TO SHARPEN TO A
POINT; AKIN TO 1125 THROUGH THE IDEA OF SCRATCHING); A STAKE, I.E
(BYIMPL.) A PALISADE OR RAMPART (MILITARY MOUND FOR CIRCUMVALLATION IN A
SIEGE): - TRENCH FROM 1125 YPAPOE GRAPHO, GRAF-0; A PRIM. VERB; TO
"GRAVE", ESPEC. TO WRITE; FIG. TO DESCRIBE:-DESCRIBE, WRITE (-ING,
-TEN).G5516-GO TO G4742-666 - STRONGS NT 4742: στίγμα - στίγμα,
στιγματος, τό (from στίζω to prick; (cf. Latinstimulus, etc.; German
stechen, English stick, sting, etc.; Curtius, § 226)), a mark pricked in
or branded upon the body. According to ancient oriental usage, slaves
and soldiers bore the name or stamp of their master or commander branded
or pricked (cut) into their bodies to indicate what master or general
they belonged to, and there were even some devotees who stamped
themselves in this way with the token of their gods (cf. Deyling,
Observations, iii., p. 423ff); hence, τά στίγματα τοῦ (κυρίου so Rec.)
Ἰησοῦ, the marks of (the Lord) Jesus, which Paul in Galatians 6:17 says
he bears branded on his body, are the traces left there by the perils,
hardships, imprisonments, scourgings, endured by him for the cause of
Christ, and which mark him as Christ's faithful and approved votary,
servant, soldier (see Lightfoots Commentary on Galatians, the passage
cited). (Herodotus 7, 233; Aristotle, Aelian, Plutarch, Lcian, others.)
THE INVENTOR OF THE MICROCHIP IMPLANT-CARL SANDERS MICROCHIP ENGINEER LEADER
https://www.youtube.com/watch?v=rgH9D6n4ZWo
CENTRAL BANK DIGITAL CURRENCY - POWER CORRUPTS
https://www.youtube.com/watch?v=KGpQLbZXKME&t=1326s
LIKE
THE NEW WORLD ORDER NUTCASES ALWAYS SAY-WE CAN'T LET A GOOD CRISIS GO
TO WASTE-TO STEAL PEOPLES RIGHTS AND CONTROL ALL THE WORLDS
(SHEEP)-(SUCKERS).WELL THE NEW WORLD ORDER SHOULD BE GREATFUL TO TRUMP
FOR DOING THESE WORLD TARIFFS. WITH THE STOCK MARKET GOING DOWN FOR A
WEEK OR MORE. THEN IT GOES UP 2,900 POINTS. NOW DOWN 1,000 YESTERDAY.
VERY VOLATAL. THIS IS WHAT THE NEW WORLD ORDER LOVES. THEY COULD DO A
STOCK MARKET CRASH. AND BRING IN THE CENTRAL BANK DIGITAL CURRENCY. THEN
LATER ON FROM THE CBDC TO A MICROCHIP IMPLANT IN YOUR HAND. FOR THE
CONVIENCE AND THEN A SINGLE EUROPEAN UNION LEADER CAN CONTROL EVERY
TRANSACTION A PERSON DOES. AND TRACK EVERY WHERE THAT PERSON GOES 24
HOURS A DAY. SATAN ALWAYS WANTED TO BE WORSHIPPED AS A GOD. BUT GOD
THREW HIM OUT OF HEAVEN WITH 1/3 OF THE ANGELS THAT ALSO REBBELED
AGAINST GOD. SO SINCE SATAN IS A CREATED BEING LIKE US HUMANS. HES NOT
AS POWERFUL AS GOD. GODS EVERY WHERE AT ALL TIMES. AND SATAN NEEDS
TECHNOLOGY AND A FALSE RESURRECTION TO DECIEVE THE WORLD INTO
WORSHIPPING HIM AS GOD LIKE HE HAS ALWAYS WANTED. WELL DURING THE LAST 3
1/2 YEARS OF THE 7 YEAR TRIBULATION PERIOD. THE EUROPEAN UNION LEADER
WILL STOP THE ISRAELIS FROM DOING ANIMAL SACRIFICES IN THE 3RD TEMPLE.
THEN I BELIEVE A JEW WILL KILL THE EU LEADER WITH A SWORD WOUND TO THE
HEAD. FOR STOPPING THE ISRAELIS FROM DOING SACRIFICES TO GOD IN THE 3RD
TEMPLE. THE EU LEADER DIES. BUT THREE DAYS LATER WHILE MICHAEL THE ARCH
ANGEL ISRAELS WAR ANGEL IS FIGHTING SATAN AND HIS FALLIN ANGELS. IN THE
HEAVENLIES. MICHAEL WINS AND BOOTS SATAN AND THE 1/3 OF FALLIN ANGELS
OUT OF THE HEAVENLIES. AND FORCED TO LIVE ON THE EARTH ONLY. SO SATAN
AND HIS DEMONS CAN ONLY DECIEVE THE PEOPLE OF THE EARTH. AT THE MID
POINT OF THE 7 YR TRIBULATION PERIOD. I BELIEVE THIS ISRAEL-SATAN WAR
WILL BE GOING ON FOR THE 3 DAYS WHILE THE EU LEADER ID DEAD. THEN ON THE
3RD DAY MICHAEL ISRAEL DEFEATS SATAN. AND SATAN GETS BOOTED TO THE
EARTH ONLY. AND SINCE A SPIRIT BEING NEEDS A HUMAN BODY TO POSSESS TO BE
SUCCESSFUL. SATAN INCARNATES INTO THE EU LEADERS BODY. AND BRINGS HIM
BACK TO LIFE WITH A FALSE RESURRECTION. THE WORLD WILL WONDER AND SAY.
HE MUST BE A REINCARNATION OF JESUS. JESUS IS THE ONLY EVER PERSON ON
EARTH TO HAVE A RESURRECTION. AND COME BACK TO LIFE. THE WORLD SAYS HES
GOD. LETS LET HIM BE THE EUROPEAN UNION WORLD LEADER. AND NOW SATAN GETS
WHAT HES ALWAYS WANTED SINCE HE REBELLED AGAINST GOD IN HEAVEN BECAUSE
OF HIS PRIDE AND SIN. HE NOW SITS IN THE 3RD TEMPLE CALLING HIMSELF GOD.
BUT HE GOES EVEN FUTHUR. IN ORDER TO WORSHIP HIM AS GOD. AND NOT JESUS.
YOU MUST GET A MICROCHIP IMPLANT IN YOUR RIGHT HAND. AND IF YOU HAVE NO
RIGHT HAND. YOU CAN TAKE THE MICROCHIP IMPLANT IN YOUR FOREHEAD. INSIDE
THAT MICROCHIP IMPLANT WILL BE YOUR BANK ACCOUNT. AND IT WILL ALSO HAVE
EITHER THE NAME OF THE WORLD EU DICTATOR NOW IN IT. OR THE NUMBER OF
HIS NAME 6006006 IN THE CHIP IMPLANT. IF YOU DO NOT TAKE THIS CHIP
IMPLANT UNDER YOUR SKIN. WHICH MEANS YOU WORSHIP JESUS AS GOD AND NOT
HIM. YOU WILL NOT BE ABLE TO BUY OR SELL. AND YOU WILL BE KILLED BY HIS
NEW WORLD ORDER MUSLIM POLICE (BEHEADED) OR THE AI STATUE THATS SET UP
IN THE 3RD TEMPLE. WILL BE ABLE TO CHOP YOUR HEAD OFF ALSO WITH A
GUILOTINE. AND FOR THE LAST 3 1/2 YEARS OF THE 7 YEAR TRIBULATION
PERIOD. SATAN WILL GET HIS WISH TO BE WORSHIPPED AS GOD. UNTIL WHEN AT
THE 7 YRS END. JESUS THROWS SATAN INTO A SPECIAL PLACE IN HELL. WERE HE
CAN NOT DECIEVE THE WORLD FOR 1,000 YEARS.WHILE JESUS IS RULING FROM THE
4TH TEMPLE OF EZEK CHAPTERS 40-48 ON EARTH OVER HIS ISRAELIS. AND
BEFORE SATAN GETS THROWN IN THE PIT OF HELL. AS SOON AS JESUS RETURNS TO
EARTH WITH THE RAPTURED CHRISTIANS THAT WENT TO HEAVEN 7 YEARS EARLIER
IN THE RAPTURE. THE EU WORLD DICTATOR AND THE FALSE PROPHET POPE
FRANCIS. WILL BE THE FIRST 2 ON EARTH NOT ONLY TO BE CAST INTO THE
OUTTER DARKNESS BLACK HOLE LAKE OF FIRE. BUT THESE 2 WILL BE CAST ALIVE
IN THE LAKE OF FIRE WITHOUT EVER DYING BEFORE GOING TO THE LAKE OF FIRE.
THEN 1,000 YEARS LATER SATAN IS SET FREE FROM THE HOLDING CELL IN HELL
WERE SATAN HAS BEEN. HES ALLOWED BY GOD TO TEST ALL THE CHILDREN BORN
DURING THE 1,000 YEARS. TO SEE IF THEY WILL REBEL AGAINST JESUS. WHEN
EVILS SATANIC INFLUENCE IS BACK ON EARTH.AND THIS RESULT SHOULD NOT
SURPRISE ANYBODY. THAT MILLIONS WILL REBEL AGAINST JESUS. AND ONCE AGAIN
THEY COME TO JERUSALEM TO GET RID OF JESUS. BUT GOD SENDS FIRE DOWN
FROM HEAVEN TO BURN THEM UP. AND THROWS THEM IN HELL. THEN AFTER THAT.
SATAN IS FINALLY THROWN IN THE LAKE OF FIRE FOREVER. WERE THE EU WORLD
DICTATOR AND POPE FRANCIS HAVE BEEN BURNING FOR THE LAST 1,000 YEARS.
WELL THIS DEMOLISHES THE CATHOLIC CULTS PURGATORY THEORY. AND ALL THE
REINCARNATION CULT THEORIES ABOUT PRAYING YOURSELF OUT OF PURGATORY OR
THINKING YOU WILL BE REINCARNATED. AND COME BACK TO LIVE ON EARTH AGAIN.
THESE 2 LIES ARE FROM THE PITS OF HELL. THE SECOND YOU CLOSE YOUR EYES
IN DEATH. YOU GO DIRECTLY TO HEAVEN OR HELL. NO SUCH THING AS PURGATORY
OR RE-INCARNATION. THEN THE FINAL JUDGEMENT IS DONE. JUST LIKE POPE
FRANCIS AND THE EU WORLD DICTATOR WERE THROWN ALIVE (BODY AND SPIRIT) IN
TO THE LAKE OF FIRE TO BURN FOREVER. NEVER ENDING. THEN ALL THE LOST
FROM ADAM TO THE LAST SINNER THROWN IN HELL. WILL HAVE THEIR DEAD BODIES
BROUGHT BACK TO LIFE. AND THEIR SPIRITS PUT BACK INSIDE THEIR NOW ALIVE
BODIES. TO STAND IN FRONT OF JESUS TO BE JUDGED FOR THEIR WORKS AND
DEEDS. ONLY TO BE THROWN ALIVE INTO THE LAKE FIRE LIKE POPE FRANCIS AND
THE EU WORLD DICTATOR A THOUSAND YEARS EARLIER. AND AFTER THE JUDGEMENT
BY JESUS. SHEOL OR HELL WILL BE EMPTY. AND CAST INTO THE OUTER DARKNESS
BLACK HOLE LAKE OF FIRE WERE ALL THE LOST WILL BE LIVING FOREVER AND
EVER. NEVER ENDING. WHILE THE CHRISTIANS AND JEWS WILL BE LIVING ON
EARTH FOREVER. NEVER END WITH JESUS. AND SINCE SHEOL OR HELL (OR THE
LOCAL JAIL) IS CAST INTO GEHENNA OR THE LAKE OF FIRE (OR THE FINAL
PENETENTUARY OF JUDGEMENT). THERE WILL BE NO SIN IN THE CENTER OF THE
EARTH ANY MORE. SO JESUS WILL FILL IN WERE HELL USED TO BE IN THE CENTER
OF THE EARTH. AND THE EARTH WILL BE LIKE THE GARDEN OF EDEN AGAIN.
BEFORE SATAN DECIEVED EVE AND ADAM INTO REBELING AGAINST GOD. AND
POLLUTING THE EARTH WITH SIN AND DEATH.
Charles Doyle
of the University of Georgia, my coauthor on the forthcoming Yale Book
of Modern Proverbs, has found that this expression is now commonly
applied to economic or diplomatic crises that can be exploited to
advance political agendas, but he traced it back at least as far as
1976, when M. F. Weiner wrote an article in the journal Medical
Economics entitled “Don’t Waste a Crisis — Your Patient’s or Your Own.”
Weiner meant by this that a medical crisis can be used to improve
aspects of personality, mental health, or lifestyle.
How about the very recent “Don’t waste a crisis”? Did that phrase/quote have usage prior to Rahm Emanuel?”
Never Let a Good Crisis go to Waste.-Stoic Meditation
It's
the mid 1940's. The world is on fire. Millions of lives have been lost
in the largest war ever fought on planet earth. As the end of 1942
approached the Allied forces secured two key victories at El Alamein and
Stalingrad allowing the first offensive push for the allies in all of
WWII. Victory however remained uncertain, and it's safe to say the world
leaders on at the time had a lot on their plate to manage. Then in
February of 1945, President Roosevelt, Winston Churchill, and Joseph
Stalin met in Crimea to discuss their vision a post-war reorganization
of Europe.Churchill's guiding philosophy for the meeting was this:
"Never let a good crisis go to waste."Just a month later the United
Nations was formed by 50 governments with the stated purpose of
maintaining international peace and security. Imagine that. Just a year
before the entire planet had been consumed in war, and the result was an
intergovernmental organization whose goal was to make sure a war like
this never happened again.Most of us are fortunate enough to not be the
leader of a country during an international war. Yet, sometimes our
crisis's can still feel catastrophic. It could be a the loss of a job, a
particularly painful breakup, or the death of a loved on. Plans are
always subject to change without notice.What I like about this quote
from Winston Churchill is that it's very stoic in nature in that it
reminds us that we are in control of the lens in which we view our
perceived crisis."Nothing is so conductive to spiritual growth as this
capacity for logical and accurate analysis of everything that happens to
us." Marcus Aurelius, Meditations 3.11Or as Epictetus once said, every
pot has two handles. There are always two ways to look at things. We can
spend our time telling ourselves that we are victims to fate, or we can
choose to learn from the Crisis that are guaranteed in life.The choice
is up to you.
WEF Says CBDCs Must Be ‘Implanted Under Your Skin’
if You Want To Participate in Society-Fact checked by The People's Voice
Community-July 10, 2023 Sean Adl-Tabatabai News.
The WEF has
declared that all citizens must be implanted with a CBDC microchip in
the very near future, in order to be able to fully participate in
society and do basic things such as purchase food and water.According to
Professor Richard Werner, in the very near future citizens will “need
to use the latest technology” such as a “CBDC chip implant” in order to
access their bank accounts.Professor Richard A. Werner is an economist
and professor of banking and finance. He is known as the proponent of a
new post-crisis monetary policy he called Quantitative Easing (“QE”) –
which he proposed in Japan in 1995 as chief economist of a British
investment bank.He has also worked as a researcher at the University of
Oxford, the Bank of Japan, the Development Bank of Japan, and the Asian
Development Bank. He is involved in supporting the establishment of
not-for-profit community banks through an initiative called Local First
CIC.Expose-news.com reports: At the Amsterdam Science Summit 2022, Prof
Werner gave a lecture on central bank digital currencies (“CBDCs”) and
the 2030 Agenda. At the sidelines of this year’s Amsterdam Science
Summit, he spoke to Ivor Cummins about CBDCs and how high inflation has
been orchestrated by central banks to further their agenda.There are two
aspects to QE monetary policies that Prof. Werner proposed: QE1 and
QE2. QE1 is for the central bank to step in and purchase the
non-performing assets in the banking system. The central bank buys up
non-performing assets at face value and the problem is solved, banks
have a strong balance sheet. But that won’t be enough to get banks to
increase credit. So, Prof. Werner proposed QE2 which allows the central
bank to force the banks to create more money and push it into the
economy. This would be accomplished with central banks buying assets,
e.g., property, from the non-bank sectors. The money the non-bank
sectors receive from the sale of the property would then be deposited
into the seller’s bank account. When an economy is experiencing
deflation, “that’s how central banks can push money into the economy
directly,” Prof Werner explained.QE1 was followed by Japan in the 1980s
but the USA disallowed Japan subsequently using QE2. And then out of
the blue and at the wrong time, QE2 was adopted by the US Federal
Reserve and other central banks in March 2020. The intention of
adopting QE2 at that time was to cause high inflation. Why? To move
economies onto a CBDC system.“You have to think of CDBCs as a control
system [or a permit system], not a currency,” Prof. Werner
explained.“It’s a conditional currency based on you actually getting
that permit. Now, if you happen to be some kind of critic of government
policy or a critic of central banks this could be difficult. Or if you
dare to step out of the 15-minute city zone, you know, maybe you’ll find
that: ‘Oh [my CBDC is] not working’. Of course, these are things we’ve
seen already in China. There’s plenty of videos where somebody tries to
use it to buy a ticket and it doesn’t work because his social credit
scores are low.”And, effectively, there’s no real right to appeal. With
very few people controlling the very many, the controllers will use
computers and algorithms to run the system. If you appeal the blocking
of CDBCs you’ll be dealing with automated responses.Prof. Werner
explained that the central planners, as he calls them, orchestrate
inflation to cover up changes to banking systems. For example, in the
1970s high inflation was orchestrated to cover up the move of the
gold-backed US dollar to the petrodollar. And the high inflation we’ve
experienced in 2021/2022 has been orchestrated to cover up the move from
the petrodollar to CBDCs.In March 2020, the Federal Reserve and other
key central banks adopted QE2, a recommendation for deflation or a
shrinking economy. In March 2020 economies weren’t shrinking but the
Federal Reserve adopted QE2 and bought up assets from non-banks forcing
banks to create credit. It was very clear it was going to create
inflation. This was not an error in judgement, it was intentional, Prof
Werner explained. It’s a very specific policy that is very rarely
taken.Proof that this was a deliberate action, Prof Werner said, was
that “just before covid in August 2019, there was a conference in
Jackson Hole of the annual Central Bankers conference but it invited
BlackRock the big asset manager … and BlackRock made a proposal, they
said ‘there will be another crisis … but this time we should create
inflation’. They never explain why, they just say we must create
inflation … and here’s how we’re going to do it and they cited my
proposal without mentioning my name, of course.”“And, there’s one more
factor,” Prof Werner said, “the Federal Reserve hired Blackrock in March
2020 to buy assets … QE was for a deflationary situation but the way
they were using it had to cause inflation, there was no doubt. And they
knew it because they even said it.”“So, this [current] inflation is
entirely intentionally created by the central banks, by the central
planners. So how are we going to punish them for this? ‘Oh, let’s give
them more powers, let’s give them unprecedented powers over everything,
over life on Earth through central bank digital currencies.”“The true
reason I think why they wanted this inflation because that is to cover
up, essentially, the disintegration of the petrodollar and move to the
new system which they want to be CBDC based.”At the moment there’s talk
about CBDCs being used via phone-based apps. “Yes, that is the initial
phase. But what was already ready around 2015, is the ultimate goal –
what they really want, apparently, I was told by a Central Banker – is
CBDC looks like a small grain of rice that they want to put under your
skin, which is my view a violation of human dignity. And they realise
there is a hurdle to get people to accept this,” Prof. Werner said.So,
they’re using crises, disruption and unemployment to introduce universal
basic income, to soften the public up to accepting a CBDC chip
implanted under their skin.“You will get 2 000 Euros into your account
every month. But of course, to run this efficiently [they’ll say:] ‘We
need to use the latest technology so you need the CBDC chip implant’.”
Act
early or pay later: the role of qualitative measures in effective
supervisory frameworks-FSI Insights | No 66 | 09 April 2025-by
Monica Balan, Fernando Restoy and Raihan Zamil
https://www.bis.org/fsi/publ/insights66.pdf
Executive
Summary-The March 2023 banking turmoil exposed fundamental failures in
bank governance and supervisory oversight. While the affected banks met
applicable quantitative requirements, they faced unprecedented liquidity
runs, due to poor board oversight, flawed risk management and
unsustainable business models.Supervisory delays allowed these issues to
linger until they culminated in a crisis of confidence, providing a
stark reminder that no feasible amount of capital and liquidity
requirements can offset severe qualitative shortcomings in banks. It
also underscored the critical importance of supervisors taking timely
qualitative measures to foster the safety and soundness of banks and the
banking system.This paper examines various supervisory frameworks that
underpin the use of qualitative measures and identifies key attributes
that can enhance supervisory effectiveness. To strengthen supervision, a
comprehensive approach, targeting each step of the supervisory process,
can help supervisors to make the nuanced judgments needed to determine
the timing, nature and severity of qualitative measures to address
weaknesses in governance and bank business models, before they manifest
in financial metrics.JEL classification: G20, G21, G28
Central bank digital currencies as superheroes?
Keynote
speech by Tara Rice, Head of Secretariat, Committee on Payments and
Market Infrastructures, at the fifth annual meeting of CEBRA's
International Finance and Macroeconomics Program, 20 October 2021.
CPMI
speech | 26 October 2021-by Tara Rice-Introduction-Money has changed
in form drastically over the course of human history – from ancient
shells and stones to today's coins, banknotes, bank sight deposits and
credit cards.* More recent payment innovations include mobile money,
payment apps, stablecoins and even a new form of central bank-issued
money, central bank digital currencies (or CBDCs).1 CBDCs can be seen as
a digital form of the central bank money we have in use today: cash (ie
banknotes) and central bank settlement accounts. Retail CBDCs would be a
central bank liability, a form of "digital cash" accessible to all.
Wholesale CBDCs, also a digital liability of the central bank, could
become a new instrument for settlement between financial
institutions.According to last year's CPMI CBDC survey, nearly 90%
central banks were doing some sort of work on the topic.2 In fact, some
are moving into more advanced stages, progressing from conceptual
research to experimentation. Over the course of the last four years of
conducting this survey, we have seen the work advance
considerably.Particularly in the area of wholesale CBDCs, many central
banks are past the research stage and currently experimenting with
concrete proofs-of-concept. Let me briefly mention a couple of examples
led by the BIS Innovation Hub. Project mCBDC Bridge is testing
interoperability between CBDC systems of four different jurisdictions3
on the same DLT platform while Project Dunbar is exploring the
interoperability between multiple CBDCs on a shared platform.4 -Also in
the area of retail CBDCs, central banks are making large steps. Two
retail CBDCs have been launched, namely the Sand Dollar of the Central
Bank of the Bahamas and DCash of the Eastern Caribbean Central
Bank.5-Most retail CBDC projects focus on domestic issues and use cases.
Last year's CPMI CBDC survey showed that financial inclusion and
enhancing domestic payments efficiency and safety are key motivations of
central banks for issuing CBDC. These are followed by financial
stability and monetary policy-related reasons. But CBDCs are seen by
many central banks as an opportunity to enhance cross-border payments,
as well. Cross-border payments can be defined as where the payer and
payee each reside in a different jurisdiction, most often with a
different currency. As you might have experienced yourself, cross-border
payments have four primary challenges – they are generally costly, can
be slow, suffer from low transparency and are not widely accessible.
Many of today's frictions are rooted in differences among domestic
payment systems (eg opening hours, technical standards, data
requirements).6-In this context, CBDCs are seen by some as a superhero
or superheroine solution; that is, as an opportunity to address all of
the pain points in payments. Superheroes and heroines have fantastic
abilities. They are full of possibilities. They come in many shapes and
sizes: some are gifted with flight (like Captain Marvel), some with
telekinesis (Wanda Maximoff), and others with super strength (Wonder
Woman).We could say that CBDCs also have many potential superpowers, or
design features. They ought to have at least a "required" set of powers –
perhaps strength and agility. Figuratively speaking, these ought to
represent the prerequisites for a safe and secure CBDC.CBDCs offer hope
in improving payments generally, and in enhancing cross-border payments,
more specifically. Like all superheroes, CBDCs do not need the full
spectrum of superpowers. Having a few important design features could be
sufficient for enhancing cross-border payments. Like Kamala Khan, whose
powers include shapeshifting, elasticity, and size alteration – the
ultimate power is perhaps interoperability. On that note, I'd like to
focus my remarks on three topics related to how CBDCs can help on the
international dimension of payments: (i) a taxonomy to describe the
different forms and elements of cross-border interoperability; (ii) the
conceptual trade-off between cost and complexity on the one hand and
benefits on the other (which in this case would be mainly in reducing
the frictions of cross-border payments); and (iii) some thoughts on
lessons learned and the way forward.1.Interoperability-At a very high
level, there are two fundamentally different ways in which cross-border
payments with CBDCs can be envisioned:The first is, like cash, a retail
CBDC of a given jurisdiction is made available to anybody residing
inside or outside that jurisdiction. This model would entirely depend on
the jurisdiction's domestic CBDC design and would not require
coordination between the issuing central banks because, by design, there
will be just one central bank.In practice, relatively few central banks
are considering such fully open (and anonymous) systems. The Bahamian
CBDC – the Sand Dollar – for example, is only available for domestic
use. Non-residents can hold Sand Dollars when visiting the Bahamas, but
only through a special Sand Dollar wallet, with a holding limit of 500
Sand Dollars and a transaction limit of 1,500 Sand dollars per month.
(That is equal to 500 and 1,500 US dollars, respectively). While no
central bank from an advanced economy has yet decided to proceed with a
retail CBDC, many are exploring the topic due to its wide-ranging
implications.Alternatively, cross-border payments with CBDCs can be
achieved through interoperability. This approach – the main focus of my
talk – relies on design choices of the payments system infrastructures,
and requires strong cooperation among central banks.This is the approach
that a number of central banks are following. A survey of 50 central
banks conducted in early 2021 by my BIS colleagues7 shows that a quarter
are considering incorporating interoperable features in designing their
CBDC to reduce frictions in cross-border and cross-currency settlement.
One key advantage of CBDCs compared with the efforts of improving the
existing payments infrastructure is the opportunity to start with a
"clean slate". If central banks take the international dimension into
account when designing their domestic CBDCs and commit to
interoperability, consistent standards and coordination of CBDC designs
are built in from the start. And many problems inherent in today's
legacy technologies and processes could be mitigated.I'll note that my
focus is on how cooperation can help achieve interoperability but also
what challenges can arise. There are a number of critical issues with
regard to the forces at work between competition and interoperability
that I will not cover.A conceptual framework for interoperability-Let's
define interoperability. In a broad sense, interoperability is the
technical or legal compatibility that enables a system or mechanism to
be used efficiently in conjunction with other systems or mechanisms.
There are a number of ways to classify interoperability; let me present
three broad categories:First, technical interoperability refers to
making sure the systems use the same technical standards, such as
message formats and communication protocols, as well as the hardware and
software infrastructure needed for them to operate. Accounts and payees
can be identified in different ways, eg using letters, numbers,
institutional identifiers or even aliases such as a phone number or
email address. Addressing a payment initiated in one system to a
specific account in another system is a non-trivial challenge. For the
non-CBDC systems we see today, technical interoperability is promoted
through common ISO standards and APIs.But agreeing on using the same
standards is not enough to fully leverage the advantages of
interoperability. This is where the second category, terminology (or
semantic) interoperability comes in. Terminology interoperability is
about everyone speaking and understanding the same language. It involves
using the standards and arrangements in a uniform way, developing
vocabularies and schemes to describe data exchanges, and ensuring that
data elements are understood in the same way by all communicating
parties Terminology interoperability is necessary for the effective
delivery of services to a user across multiple systems. For example,
even if messages can be exchanged between two systems, challenges arise
when messages in one system are based on Latin alphabets, and another
could be designed, say, for Chinese characters.Finally, business
interoperability refers to bilateral and multilateral agreements between
infrastructures covering their mutual rights and obligations in
processing transactions on behalf of their participants. For example,
agreements on who can access the payments platform and when, execution
and response times, how to clear and settle obligations among
infrastructures and how to address risks of payment failures.Let's
compare this with how we interact in today's conference on Webex. We
have invested in the technology; we have our computers or mobile devices
connected to the internet, and we are all able to use Webex. We are
clearly technically interoperable, even though we use different
computers or other devices, different operating systems etc.But there's
more to it. The organisers have chosen English as the conference
language and everyone connected via WebEx can be assumed to speak
English (or to have a translate function working properly). So we have
terminology (or language) interoperability.We have also agreed
multilaterally to some common business rules; we are muted when not
speaking, and we raise our hands or the chat function to ask questions.
We have agreed to hold this event at this specific time of the day so
that those from other time zones can attend this event more easily. This
is business interoperability.2. Benefits, challenges and trade-offs of
interoperability-Achieving meaningful progress in enhancing cross-border
payments requires interoperability in all three categories, in varying
forms depending on the initial starting point and the level of
innovation or development desired. There are numerous trade-offs to
consider, and I will come back to this in a moment.Benefits-Generally
speaking, the degree of overall interoperability increases as we adopt
pure technical interoperability and then also include terminology and
finally business interoperability. Various benefits are associated with
increased interoperability between payment systems, and many of these
also apply to CBDCs.Interoperability between different CBDCs will allow
for greater efficiency, which may eventually mean lower costs and
reduced processing times, ie cheaper and faster cross-border payments.
Compatible message standards, for example, will allow payments to flow
without data loss or manual interventions.Common agreements for CBDC
wallet providers or common charging and foreign exchange conversion
practices would enable users to calculate fees and rates prior to
initiating a cross-border payment, resulting in higher transparency. And
having common or compatible compliance regimes reduces uncertainty and
costs, at the same time increasing user access.All this leads to
benefits for existing users and greater inclusion. And from a macro
perspective, having full interoperability can encourage regional and
international economic and financial integration.Challenges-But
achieving interoperability is not easy and requires some heroic power
and determination. The challenges, like the benefits, increase as we
move from technical to also include terminology and business
operability.With technical interoperability, moving to a new payment
platform involves research, development and investment costs. It may be
the case that its benefit can be felt only when there is a sufficient
number of platforms or users that have adopted the new technology. This
can mean inertia, especially when there are legacy systems in place. So
it requires a significant level of commitment, as well as coordination
between domestic and foreign entities and industry groups.With
terminology interoperability, once the investments in the underlying
technology have been made, arrangements must be made to ensure uniform
implementation. This might require additional investments, but
potentially also changes in domestic laws to align standards, such as
those involving anti-money laundering and counterterrorist policies.
This requires again cooperation and coordination, across platform
operators and regulators, which can be challenging and time-consuming,
especially in a cross-border context.As regards business
interoperability, it is a mistake to think that when there's technical
and terminology interoperability, we are almost there. Getting to
bilateral and multilateral agreements might sometimes require a
divergence from common practices. It might involve costs related to
legal, operational, financial risk management, and possible foreign
exchange settlement issues and agreements. This requires a dialogue with
stakeholders, both domestically and internationally.These steps require
investment costs, the commitment of stakeholders and coordination among
them, making interoperability complex to achieve. This holds for any
type of payment system that jurisdictions wish to interlink. But here
CBDCs could be seen as a solution. All jurisdictions start from scratch
and are in the preliminary stages of their designs. And no one has a
legacy CBDC system in place. This is the time to align approaches and
agree on design features that allow interoperability.Central banks
already collaborate closely at an international level and have committed
to the G20-endorsed roadmap to address the key challenges in
cross-border payments. CBDCs are one solution that could be harnessed to
overcome some of the obstacles I noted earlier with cross-border
payments.Trade-offs-Going forward, central banks will consider a variety
of issues in designing CBDC systems. Interoperability is one important
aspect. Many of the issues I've identified are jurisdiction-specific,
which means that the ideal form of the CBDC and interoperability will
vary across jurisdictions, there is no "one-size-fits-all" answer.In
pursuing interoperability between different CBDCs, a trade-off arises
between costs and complexity to overcome on the one hand and the final
efficiency (ie speed, safety, transparency etc) gains on the other.The
optimal choice is not a corner solution: that is, it's not black and
white. Back to my analogy: superhero stories showcase the classic "good
versus evil", but there are often deeper themes behind the stories. This
is the same with CBDC and other innovations in digital payments.Central
banks have multiple options in how they could achieve interoperability,
from harmonising messaging standards to also aligning business rules
and regulatory frameworks. Thus the accrued benefits of achieving
interoperability between CBDCs will differ across jurisdictions.For
CBDCs, technical interoperability will require use of common technical
standards, such as message formats, cryptographic techniques, data
requirements and user interfaces. Terminology interoperability will
require CBDCs to move towards common languages, broadly speaking, for
messaging and data, and to achieve uniform and consistent interpretation
of data and information across systems and jurisdictions. Business
interoperability will require the establishment of links and agreements
between the central banks and/or payment system operators involved and
allows participants – either retail or wholesale – in one CBDC system to
make payments to those in another. But these forms of interoperability
are often interdependent: central banks would, for example, need to
agree on the clearing, settlement and FX conversion across CBDCs
(business interoperability) alongside the commitment to share and
interpret relevant data and information consistently (terminology
interoperability).For countries with many cross-border transactions, the
benefits of cheaper and speedier cross-border payments might outweigh
significant investment costs and the efforts required to modify public
laws and regulations and private contractual arrangements. For others,
having some basic level of compatibility through technical
standardisation might be sufficient if not perfect.If you've studied
economics or business, you are likely familiar with the Pareto
Principle, or the 80/20 rule. The idea is that 80% of the results come
from 20% of the action. Let's apply this to the trade-off between cost
and complexity versus improvements in the efficiency of cross-border
payments and CBDCs. Central bank investments may be relatively low to
achieve the first 80% of improvements, but then costly to achieve the
final 20% of improvements. That said, while we may be happy with, say,
80% of maximum (payments) speed, should we accept 80% of maximum payment
system safety and integrity? I would say that there are some areas
where we cannot and should not compromise.Also, the design of
jurisdictions' current domestic payment systems will play a role. For
central banks that aim to make their CBDC system interoperable with
their current domestic RTGS, they might, for example, decide to use the
same domestic technical interfaces and messaging standards, which might
lead to national differences and complicate cross-border
interoperability. Let me say just a few words on CBDC alternatives to
enhance cross-border payments. Development of stablecoins as a payment
system continues apace, and the cryptoasset market continues to grow
substantially. Are CBDCs the only solution? No, there are potential
scenarios where a well designed stablecoin that meets all regulatory
requirements could provide an affordable and inclusive payment option to
households in some jurisdictions.Let's link this back to the
superheroine analogy. The Incredible Hulk, with potential for good but
also for disruption, might be the appropriate stablecoin hero here.
Certainly more work is needed – and it is already under way – on the
potential regulation of stablecoin arrangements. Cryptoassets pose more
acute challenges to the current regulatory and monetary system. Loki,
the god of mischief, might be fitting here.Clearly, more research is
needed to further understand the trade-offs faced by different
jurisdictions; on the impact of different interoperability choices on
benefits and costs, and on the various business cases for cross-border
interoperability.3.Lessons learned-As I noted at the outset, the BIS
Innovation Hub, central banks and financial institutions are
experimenting with cross-border CBDC solutions. Let me raise three early
lessons from these experimental projects.First, not all projects will
succeed. Failure lies on the path to innovation. Of course, failure is
not the objective, but if we want to be at the cutting edge, we need to
recognise that not all projects will succeed. As our General Manager
said earlier this week, we need to "fail forward;" that is embrace
failure as a stepping-stone to innovation.8 Not all successful projects
will automatically lead to implementation. Still, the learnings of all
projects – successful and unsuccessful ones alike – will provide
important insights. The interesting thing about this concept is that is
at odds with central banks culture. Central banks are by their nature
quite conservative, and do not seek to fail.Second, we must think ahead
about possible scenarios and their outcomes, even if some of those
scenarios seem at the moment unlikely. Why? Technological disruption is
moving very quickly. We need to stay nimble and be prepared for outcomes
that may not seem likely now, but which could have significant
financial stability and macroeconomic implications. We should be
thinking ahead about potential risks and what could be done to mitigate
them. As noted, while central banks are moving steadily but cautiously
with regard to CBDCs, comparatively, private stablecoin developers are
moving at a very rapid pace. This requires that authorities must be
thinking ahead about the potential regulation of stablecoins. An example
is the recent consultation report on the application of the CPMI-IOSCO
Principles for Financial Market Structures to stablecoin
arrangements.9-Finally, international coordination and cooperation are
essential. Failure to coordinate risks fragmentation of the financial
system and lack of interoperability between countries in technical terms
but also in policy terms. In addition to coordination and cooperation,
we need public and private sector commitment over a sustained period of
time. Without that commitment, I do not think we will be able to achieve
the ambitious the objectives set out in the G20 roadmap, including the
cross-border payment targets, aiming for meaningful progress by
2027.4.Looking ahead-Today I have focused on how CBDCs could enhance
cross-border payments, and in particular on the role of interoperability
in achieving this goal. Let me end by highlighting some policy mistakes
that should be avoided when further pursuing this work.10-First, while
CBDCs have unique features, central banks should be aware that there are
other policy tools to reach their public policy objectives, and that
there's an interplay between them. In terms of improving cross-border
payments, CBDCs are just one of the 19 elements, or building blocks,
that comprise the G20 Roadmap. Other ways to improve cross-border
payments include enhancing existing payment systems and arrangements and
aligning regulatory, supervisory and oversight frameworks for
cross-border payments. They impact each other, and their
interdependencies should be carefully considered.Importantly, CBDCs will
not exist in isolation, and they are part of a broader payments
ecosystem, next to other payment methods and systems. As is generally
the case with any new technology or process, the eventual international
adoption of CBDCs is likely to proceed at different speeds in different
jurisdictions. This calls for interoperability with legacy payment
arrangements, not only domestically but also abroad. Hence, the analysis
of cross-border or domestic interoperability with non-CBDC payment
arrangements calls for further work. Here pursuing backward
compatibility between old and new may provide a solution, as we see in
other areas of industry with strong network externality. Answering these
open questions will be crucial for the appropriate design of CBDCs as a
new form of money in the digital era.Additionally, we clearly need to
watch out for negative spillovers when exploring CBDCs in a cross-border
dimension, especially, the macro-financial implications of cross-border
CBDC use. International use of CBDCs could potentially increase
cross-border flows or lead to currency substitution. However, some
specific design choices for CBDCs could limit such use.Let me close by
saying that the superhero (heroine) motif makes for a great family movie
night, but doesn't solve our real world problems. It reminds us of
classical ideas of virtue and valour. But to be successful as a
cross-border means of payment, CBDCs will require real-world solutions
that only we can define and resolve. It will require material investment
in infrastructures and resources, significant forward thinking, a
little failing forward, and a heroic amount of international
collaboration as well as sustained political support.
* This
speech and the views expressed are those of the individual and do not
necessarily reflect the views and/or position of the BIS or CPMI.1-Many
thanks to Anneke Kosse for her (super power) contributions to this
speech.2-C Boar and A Wehrli, "Ready, steady, go? – Results of the third
BIS survey on central bank digital currency", BIS Papers, no 114,
January 2021.3-The Hong Kong Monetary Authority, the Bank of Thailand,
the Digital Currency Institute of the People's Bank of China and the
Central Bank of the United Arab Emirates.4-Reserve Bank of Australia,
Bank Negara Malaysia, Monetary Authority of Singapore, and South African
Reserve Bank.5-See "CBDC research and pilots around the world". Source:
R Auer, G Cornelli and J Frost, "Rise of the central bank digital
currencies: drivers, approaches and technologies', BIS Working Papers,
no 880, August 2021.6-See FSB, Enhancing cross-border payments stage 3
roadmap, 2020 and CPMI, Enhancing cross-border payments: building blocks
of a global roadmap stage 2 report to the G20, 2020.7-See R Auer, C
Boar, G Cornelli, J Frost, H Holden and A Wehrli, "CBDCs beyond borders:
results from a survey of central banks", BIS Papers, no 116, June
2021.8- A Carstens, "Lessons on innovation", speech at the DC Fintech
Week, 18 October 2021.9-"Application of the Principles for Financial
Market Infrastructures to stablecoin arrangements", CPMI Papers, no 198,
6 October 2021.10-See D Elliott and L de Lima, "Central bank digital
currencies: six policy mistakes to avoid", Oliver Wyman, May 2021.
Digital
Canadian Dollar-We've been exploring a digital form of the Canadian
dollar, also known as a central bank digital currency (CBDC), to be
ready in case it is needed in the future. Find out about the research we
completed and about what we're focused on as the payments landscape
evolves.Over the past few years, the Bank of Canada has undertaken
significant research towards understanding the implications of a retail
central bank digital currency, including exploring the implications of a
digital dollar on the economy and financial system, and the design
features and technological approaches to providing a digital form of
public money that is secure and accessible.A core part of the Bank’s
mandate is to provide Canadians with a secure means of payment they can
rely on. In an era where commerce becomes ever more digital, the Bank
has explored how a digital Canadian dollar could complement bank notes,
so Canadians continue to have all the benefits of money issued by the
central bank.Research on digital currencies-The body of knowledge built
over recent years will be invaluable if, at some point in the future,
Canadians, through their elected representatives, decide they want or
need a digital Canadian dollar. This research includes:Research into
digital currency technology solutions, ecosystem design and distribution
models.Research on key features of a digital Canadian dollar including
the benefits and challenges of an offline digital dollar.Analysis of the
financial system impacts of introducing a digital Canadian
dollar.Identification of key market gaps, user needs and preferences,
and potential adoption of a digital dollar through research and
extensive public and stakeholder consultations.Analysis of the
regulatory and legal framework requirements, including for privacy and
the prevention of financial crime, that would be required should a
digital Canadian dollar be needed in the future.Access the research
conducted by Bank staff on central bank digital currencies.With this
work completed, and with other payments issues gaining prominence, the
Bank is scaling down its work on a retail central bank digital currency
and shifting its focus to broader payments system research and policy
development. The Bank will be ready to ensure Canadians always have a
safe and secure supply of public money.Read a summary of our engagement
on a Digital Canadian Dollar from 2020–23.Future of payments-Going
forward, the Bank will focus on major developments that will impact
Canada’s payments landscape. The Bank’s mandate to oversee retail
payment service providers is coming into force in 2024, and work by
Payments Canada on Real-time Rail continues. The focus of the Bank’s
work on payments system issues will include its payments oversight and
supervision functions, policy development related to wholesale and
retail payments infrastructure, as well as policy work on cross-border
payments in collaboration with our central bank partners.The Bank will
continue to monitor global retail CBDC developments and publish some
related research, but the focus will be on preparing for the evolution
of payments both in Canada and around the world, through policy research
and analysis.The road to digital money-We’re looking ahead to imagine
how we’ll pay for things in the future.Do you use cash? How often does
the cashier just hand over the debit machine when you pay for your
morning coffee? Some even seem surprised if you give them cash.Last year
in Canada, people used cash for only 1 in 3 transactions. That’s down
from more than half just 10 years ago. And Canada’s not alone. In many
countries, people use cash less often.It’s hard to imagine this trend
reversing—especially since cash isn’t an option when people shop
online.And everyday, new competitors are showing up: payment platforms
that offer speed, security and convenience.Financial technology—or
fintech—is changing the way we pay for things around the world.Taking
cash for granted-When times are good, we keep most of our money in the
bank, knowing we can access it 24/7 to pay for things electronically.But
when the global financial system looks shaky—like it did in 2008—many
people around the world turn to cash. That’s because central banks can’t
fail like commercial banks do, so cash is the safest liquid financial
asset.While deposit insurance acts as a key safeguard in the event of a
commercial bank failure, it’s not a cure-all. There are limits on how
much can be insured, and usually there’s a bit of a delay before your
money is paid out.What about private digital currencies? Despite their
claim of being the money of the future, current private digital
currencies, like bitcoin, don’t work well for making payments or saving
for the future. Because of their fluctuating values and slow clearing
times, very few merchants accept them.It’s possible future digital
currencies could at least partially solve these problems, leading to
greater adoption.But widespread adoption of private digital currencies
would carry important risks, to both the economy and the financial
system. The issuer could go out of business, or fall victim to
cybertheft-If these situations occur, a loss of confidence in the
payment system could ensue.Private digital currencies could even hurt
our ability as a central bank to control inflation, and act as the
lender of last resort.That’s because our policy tools, like the
overnight interest rate and lending facilities, only work in Canadian
dollars.If private digital currencies aren’t the answer, is there a
better version of ultra-safe cash for the future? We’re taking
note-Research is underway at the Bank of Canada, because exploring the
idea of a central bank digital currency makes sense. In theory, it could
provide the safety of cash, with the convenience of modern electronic
payments.It could take many forms, but two broad approaches are
value-based—people transfer money from their bank account to a card or a
phone app; oraccount-based—people and businesses can open an account at
the central bank.Either way, payments made using a central bank digital
currency could allow payments to remain private to the parties
involved, just like cash; but traceable to law enforcement, just like
bank accounts.Central bank digital currencies could give consumers more
choice while maintaining competition among financial service providers
like banks—the way cash does now. Depending on their design, they could
even act as a backup if other payment methods become temporarily
unavailable.Basically, central bank digital cash would act like current
electronic payment methods. Only difference: it wouldn’t be tied to a
commercial bank the way bank accounts and debit cards are.Rest assured,
though, that even if we were to issue a digital currency, we wouldn’t
stop printing cash. We will supply highly secure bank notes for as long
as Canadians demand them.Important challenges along the way-There would
be some obstacles to think about on the path to a central bank digital
currency. For example, people could decide to keep a large amount of
their money in the central bank digital currency rather than in a
regular bank account. The digital equivalent of putting money under the
mattress, except easier.If people keep their money under their
mattresses, so to speak, there could be:less money available for
lending, or higher lending rates,or even both.Why? Because banks rely
partly on deposits to make loans.So, it could become harder to get
credit, like a mortgage or business loan. If businesses invest less as a
result, productivity and innovation could suffer. That’s because
innovation often happens when companies borrow to create new products
and services.In other words, holding cash is safe, but it’s not very
productive.There are ways to lower the risk. One example is to not earn
interest on central bank digital currency, the way cash in your wallet
doesn’t earn interest. This would make holding it in large amounts less
appealing in normal times. But in difficult times, it could still act as
a safe asset—just like cash.Other risks-There could still be a problem,
though: a central bank digital currency could increase the risk of a
run on the banking system. A run on the system basically means that
people rush to withdraw the money they hold from all commercial banks
because they don’t know which banks are healthy and which ones are in
trouble.But banks hold only a fraction of the total value of deposits in
cash, so they typically can’t pay everyone at once.A central bank
digital currency would make it easier and faster to transfer money out
of commercial banks. So these system-wide runs could, in theory, become
quicker and more frequent. We could end up in a situation where a
central bank digital currency, instead of making the financial system
more stable, makes it less so. Thankfully, runs on the entire banking
system are extremely rare in modern times. In fact, Canada has never had
one.We need to do more research-Our experts are looking into the pros
and cons of creating our own central bank digital currency.Creating a
central bank digital currency is a pretty complicated decision. That’s
why central bankers around the world, including us, are analyzing the
pros and cons. We’re working to determine under which conditions it may
make sense to, one day, issue a digital currency.
GODS PROMISED LAND FOR ISRAEL.
And
here are the bounderies of the land that Israel will inherit either
through war or peace or God in the future. God says its Israels land and
only Israels land. They will have every inch God promised them of this
land in the future.
Egypt east of the Nile River, Saudi Arabia,
Israel, Jordan, Syria, Lebanon, The southern part of Turkey and the
Western Half of Iraq west of the Euphrates. Gen 13:14-15, Psm 105:9,11,
Gen 15:18, Exe 23:31, Num 34:1-12, Josh 1:4.ALL THIS LAND ISRAEL WILL
DEFINATELY OWN IN THE FUTURE, ITS ISRAELS NOT ISHMAELS LAND.12 TRIBES
INHERIT LAND IN THE FUTURE.
Joel
3:2-King James Version (YOU DIVIDE JERUSALEM IN HALF - YOUR POKING GOD
IN THE EYE - GOD SAYS AN EYE FOR AN EYE AND A TOOTH FOR A TOOTH- YOU
WANNA DIVIDE JERUSALEM IN HALF - HALF OF EARTHS POPULATION 4 BILLION
DIE ON EARTH.
2 I will also gather all nations, and will bring them
down into the valley of Jehoshaphat, and will plead with them there for
my people and for my heritage Israel, whom they have scattered among the
nations, and parted my land.
PROOF HALF ON EARTH DIE DURING THE 7 YR TRIBULATION PERIOD (8 BILLION ON EARTH)
REVELATION 6:7-8 (8 BILLION- 2 BILLION = 6 BILLION)
7 And when he had opened the fourth seal, I heard the voice of the fourth beast say, Come and see.
8
And I looked, and behold a pale horse:(CHLORES GREEN) and his name that
sat on him was Death, and Hell followed with him. And power was given
unto them over the fourth part of the earth,(2 BILLION) to kill with
sword,(WEAPONS)(500 MILLION) and with hunger,(FAMINE)(500 MILLION) and
with death,(INCURABLE DISEASES) (500 MILLION) and with the beasts of the
earth.(ANIMAL TO HUMAN DISEASE).(500 MILLION)
REVELATION 9:15,18 (6 BILLION - 2 BILLION = 4 BILLION)
15 And the four(DEMONIC WAR) angels were loosed,
18
By these three was the third part of men killed,(2 BILLION) by the
fire, and by the smoke, and by the brimstone, which issued out of their
mouths.(NUCLEAR ATOMIC BOMBS)
HALF OF EARTHS POPULATION DIE DURING THE 7 YR TRIBULATION.(THESE VERSES ARE JUDGEMENT SCRIPTURES NOT RAPTURE SCRIPTURES)
LUKE
17:34-37 (8 TOTAL BILLION - 4 BILLION DEAD IN TRIB = 4 BILLION TO JESUS
KINGDOM) (HALF DIE DURING THE 7 YR TRIBULATION PERIOD JUST LIKE THE
BIBLE SAYS)(GOD DOES NOT LIE)(AND NOTICE MOST DIE IN WAR AND
DISEASES-NOT COMETS-ASTEROIDS-QUAKES OR TSUNAMIS)
34 I tell you, in
that night there shall be two men in one bed; the one shall be taken,(IN
WW3 JUDGEMENT) and the other shall be left.(half earths population 4
billion die in the 7 yr trib)
35 Two women shall be grinding together; the one shall be taken,(IN WW3 JUDGEMENT) and the other left.
36 Two men shall be in the field; the one shall be taken,(IN WW3 JUDGEMENT) and the other left.
37
And they answered and said unto him, Where, Lord? And he said unto
them, Wheresoever the body is, thither will the eagles be gathered
together.(Christians have new bodies,this is the people against
Jerusalem during the 7 yr treaty)(Christians bodies are not being eaten
by the birds).THESE ARE JUDGEMENT SCRIPTURES-NOT RAPTURE
SCRIPTURES.BECAUSE NOT HALF OF PEOPLE ON EARTH ARE CHRISTIANS.AND THE
CONTEXT IN LUKE 17 IS THE 7 YEAR TRIBULATION OR 7 YR TREATY PERIOD.WHICH
IS JUDGEMENT ON THE EARTH.NOT 50% RAPTURED TO HEAVEN.
MATTHEW 24:37-42 (THESE ARE JUDGEMENT SCRIPTURES-SURE NOT RAPTURE SCRIPTURES)
37 But as the days of Noe were, so shall also the coming of the Son of man be.
38
For as in the days that were before the flood they were eating and
drinking, marrying and giving in marriage, until the day that Noe
entered into the ark,
39 And knew not until the flood came, and took them all away; so shall also the coming of the Son of man be.
40 Then shall two be in the field; the one shall be taken,(IN WW3 JUDGEMENT) and the other left.
41 Two women shall be grinding at the mill; the one shall be taken,(IN WW3 JUDGEMENT) and the other left.
42 Watch therefore:(FOR THE LAST DAYS SIGNS HAPPENING) for ye know not what hour your Lord doth come.
France
could recognize a Palestinian state in June, says Macron-The move would
be a historic shift for France.April 10, 2025 11:34 am CET-By Clea
Caulcutt
PARIS — France is making plans to recognize a
Palestinian state and could do so as early as June, French President
Emmanuel Macron said in an interview with a French broadcaster on
Wednesday.Macron said he hoped that by recognizing Palestinian statehood
at a conference in June that France is co-hosting with Saudi Arabia
pushing for a two-state solution, attendees who do not formally
recognize Israel would in turn do so.“We must move toward recognition,
and we will do so in the coming months,” said the French president. “I’m
not doing it for unity, or to please this or that person. I’m doing it
because at some point it will be fair,” he said.Macron’s comments come
after Israel resumed its bombardment of the Gaza Strip last month when a
two-month-long truce came to an end and ceasefire talks broke down
between Israel and the militant group Hamas. Israel has since halted the
delivery of humanitarian aid to the Palestinian enclave.Israel’s war in
Gaza was triggered by Hamas’s Oct. 7, 2023, assault against southern
Israel during which 1,200 people were killed and 250 were taken hostage.
The Hamas-run Gazan Health Ministry says more than 50,000 people in
Gaza have died in the ensuing conflict. That figure includes both
civilian and combatant fatalities.The Israeli-Palestinian conflict
resonates deeply in France, which is home to Europe’s largest Jewish and
Muslim communities. Israel is also home to a large French-speaking
community that has kept strong ties to France.France has always been in
favor of a two-state solution but has resisted calls to recognize a
Palestinian state, often arguing that Paris would only do so if it
served the peace process.Macron’s comments came at the end of a
three-day trip to Egypt, during which he visited a hospital treating
Palestinians in the city of El Arish, near the border with Gaza.“I want
to believe in peace; today the conflict has intensified and it’s
terrible … Since March 2, there’s nothing going in [to the Gaza Strip] —
no water, no food, no medication, and none of the injured are coming
out,” Macron said.Macron’s decision is likely to antagonize Israel and
draw a backlash from Israeli Prime Minister Benjamin Netanyahu, who says
that recognizing Palestinian statehood now is effectively rewarding
terrorism.“A ‘unilateral recognition’ of a fictional Palestinian state,
by any country, in the reality that we all know, will be a prize for
terror and a boost for Hamas. These kind of actions will not bring
peace, security and stability in our region closer — but the opposite:
they only push them further away,” Israeli Foreign Affairs Minister
Gideon Sa’ar said on X.The French Jewish umbrella group Crif on Thursday
slammed Macron’s decision to recognize a Palestinian state, calling it
“an unacceptable political victory” for Hamas while dozens of Israeli
hostages are still being held in Gaza.
