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Ninety miles from the South Eastern tip of the United States, Liberty has no stead. In order for Liberty to exist and thrive, Tyranny must be identified, recognized, confronted and extinguished.
This chapter presents a blueprint for a future monetary system that harnesses the potential of tokenisation to improve the old and enable the new. The key elements of the blueprint are CBDCs, tokenised deposits and other tokenised claims on financial and real assets. The blueprint envisages these elements being brought together in a new type of financial market infrastructure (FMI) – a “unified ledger“.4 The full benefits of tokenisation could be harnessed in a unified ledger due to the settlement finality that comes from central bank money residing in the same venue as other claims. Leveraging trust in the central bank, a shared venue of this kind has great potential to enhance the monetary and financial system.So who would be in control of this “unified ledger”?
A unified ledger transforms the way that intermediaries interact to serve end users. Through programmability and the platform’s ability to bundle transactions (“composability”), a unified ledger allows sequences of financial transactions to be automated and seamlessly integrated. This reduces the need for manual interventions and reconciliations that arise from the traditional separation of messaging, clearing and settlement, thereby eliminating delays and uncertainty. The ledger also supports simultaneous and instantaneous settlement, reducing settlement times and credit risks. Settlement in central bank money ensures the singleness of money and payment finality.
Moreover, by having “everything in one place”, a unified ledger provides a setting in which a broader array of contingent actions can be automatically executed to overcome information and incentive problems. In this way, tokenisation could expand the universe of possible contracting outcomes. The unified ledger thus opens the way for entirely new types of economic arrangement that are impossible today due to incentive and informational frictions. The eventual transformation of the financial system will be limited only by the imagination and ingenuity of developers that build on the system, much as the ecosystem of smartphone apps has far exceeded the expectations of the platform builders themselves.
This unified ledger will feature “programmable” entries, meaning that your ownership of assets can be revoked or altered at any time, according to the social engineering desires of the globalists.With just a few clicks, you would “own nothing” and would become a...
Ownership of all assets on the entire planet would be determined by their “unified ledger”, and so if you are a really bad boy or girl they could go in and simply transfer ownership of everything that is yours to someone else.