“We’re on the Brink of a Dramatic Change”
“Now is a time when things are shifting. There’s going to be a new world order out there, and we’ve got to lead it. And we’ve got to unite the rest of the free world in doing it,” President Biden declared, as he addressed a crowd of CEOs at the Business Roundtable’s quarterly meeting on March 21, 2022. His words echoed throughout the country, leaving many to wonder what he meant when he referred to a NEW WORLD ORDER. Earlier in March Biden issued an Executive Order on the development of digital assets which directs the Department of Justice, Treasury and other agencies to study the legal and economic ramifications of creating a central bank digital currency (digital dollar). The creation of a digital currency and the new world order can be linked together according to American economist Pippa Malmgren, who spoke at the World Government Summit one week after President Biden’s comments.
She declared, “What underpins a World Order is always the financial system. I was very privileged–my father was an advisor to Nixon when they came off the gold standard in 71 and so I was brought up with a kind of inside view of how very important the financial structure is to absolutely everything else. And what we’re seeing in the world today, I think, is we’re on the brink of a dramatic change where we are about to, and I’ll say this boldly, we are about to abandon the traditional system of money and accounting and introduce a new one. And the new one; the new accounting is what we call blockchain…it means digital–it means having an almost perfect record of every single transaction that happens in the economy, which will give us far greater clarity over what’s going on.”
Malmgren smiled as she spoke these words to a crowd of global leaders at the World Government Summit that was held in Dubai on March 29-30, 2022. Each year the summit “explores the agenda of the next generation of governments, focusing on harnessing innovation and technology to solve universal challenges facing humanity.”
Partners of the World Government Summit include: the World Health Organization, World Economic Forum, United Nations, World Trade Organization, International Monetary Fund and the World Bank Group to name a few. CNN, CNBC, Bloomberg and Time were just a few of the media partners involved with this event.
Malmgren’s comments about abandoning the traditional system of money and introducing a new system of digital currency have caught the attention of many people around the world, particularly in the United States. With roles such as former Economic Advisor in the White House, Chief Currency Strategist and the Deputy Head of Global Strategy for global investment banks, Malmgren carries some clout when it comes to her opinions. Her recent declarations have left many people scratching their heads, asking the question, “What exactly is blockchain and how does it affect digital money?”
According to the Blockchain Council, “Blockchain is a peer-to-peer decentralized distributed ledger technology that makes the records of any digital asset transparent and unchangeable and works without involving any third-party intermediary.”
Currently most of us conduct business through a trusted intermediary such as a bank. With blockchain, however, there is no need for a third party because consumers and suppliers can communicate directly. Thousands of connected computers or servers are utilized “to maintain a single, secured and immutable ledger.” When users generate transactions within a blockchain network, a block is created representing that transaction using encryption technology. Once this block is made, the requested transaction will be broadcasted over a peer-to-peer network that will validate the transaction. With each new transaction, a secured block is created and added to the existing Blockchain network. In this way, the records are permanent and unable to be altered or deleted. Bitcoin uses this type of system to verify cryptocurrency transactions, but it can also be used to verify contracts, records or other types of information.
The “new accounting” wouldn’t just be digital–it would be centralized and programmable. Many people believe this would be equivalent to Bitcoin or other types of crypto currencies that use blockchain technology, but that’s not accurate. In fact, Malmgren specifies the difference by saying, “But also this new money will be sovereign in nature. Most people think digital money is crypto and private, but what I see are superpowers using digital currency–the Chinese were the first–the U.S. is on the brink I think of moving in the same direction–the Europeans have committed to that as well.”
This sovereign “new money” is known as a central bank digital currency (CBDC). Like Bitcoin it could possibly use blockchain technology, but this is where the similarities end. CBDC assets are centralized and regulated by the issuing authority such as a central bank, or federal reserve. In contrast, Bitcoin is private because users can send it to others anonymously, so no personal information or identifiers are utilized during a transaction. Additionally, it is decentralized and unregulated because no single authority controls it. Conversely, central bank digital currencies are centrally distributed so this means your personal details will be attached to your assets. In fact, some economists insist that CBDCs will be used in conjunction with a national ID system.
Because CBDC assets are centralized and regulated, there are inherent dangers to implementing this type of system. Malmgren states, “It also raises huge dangers in terms of the balance of power between states and citizens. In my opinion we’re going to need a digital constitution of human rights if we’re going to have digital money.”
An article in Bitcoin Magazine titled Central Bank Digital Currencies and the Orwellian New World Order makes the case that this system takes the world closer to a dystopia. Several explanations are given such as: “Although some manifestations of the US dollar are already digital, there are inherent differences in what can be done with these new digital currencies. First, money can be time-based, and the issuer (the People’s Bank of China in the case of the digital yuan) can set an expiration date for your money. Money can also be ‘fine-tuned’ to be sector-based, meaning that it can be designated only to be spent in certain sectors or stores. Finally, China has already implemented a draconian social credit score system and the digital yuan could end up tying into the social credit score. For centralized governments, CBDCs have huge benefits over the current fiat system and a decentralized, neutral currency. However, that is not the case for the sovereign individual.”
In essence, CBDCs are programmable which means they can be programmed to act in a certain way based on predetermined criteria. The criteria, however, is determined by a sovereign authority. For example, the central bank could issue money through a stimulus, universal basic income, or something similar and then require that it be used by a certain date. If the digital money isn’t used, it would vanish from the user’s account. This would keep the user from saving the money and instead allow the central authority (i.e. the Fed) to ensure that it will quickly circulate in the economy.
Additionally, programmable CBDCs could be used to support certain agendas such as climate change. For example, a central bank could require that stimulus money, or portions of a UBI (universal basic income) could only be spent on “green” businesses. In fact, Biden’s March 2022 executive order on the development of digital assets states that the CBDC (if created) must mitigate “climate change and pollution” and promote “financial inclusion and equity.”
Perhaps money could only be spent only on sustainable products or genetically altered meat. Other scenarios include being limited on how much you can buy of certain products. Controversial items such as guns, ammo and gasoline are possible targets in this area. In the end, CBDCs could be used to satisfy the goals of the issuing authority.
Countries such as Italy are experimenting with this concept through their new social credit app that rewards citizens for “virtuous behavior.” Bologna councillor Massimo Bugani says, “The citizen will receive benefits if he recycles; if he uses public transport; if he manages his energy consumption.” Users of the app can earn digital points to spend, and receive discounts on goods and services.
It’s no surprise that global organizations such as the World Economic Forum support CBDCs. In 2020 they provided a downloadable guide called the Central Bank Digital Currency Policy-Maker Toolkit which lays the groundwork for how to implement this system.
The International Monetary Fund (IMF) stands behind the use of CBDCs as well. The managing director, Kristalina Georgieva, praised the idea by explaining, “We have moved beyond conceptual discussions of CBDCs …we don’t know how far and how fast they will go. What we know is that central banks are building the capacity to harness new technologies–to be ready for what lies ahead…all told, around 100 countries are exploring CBDCs at one level or another. Some researching, some testing, and a few already distributing CBDC to the public…And, just last month, the Federal Reserve issued a report that noted that ‘a CBDC could fundamentally change the structure of the U.S. financial system.’”
The prospect of a digital currency leaves many people wondering where all of this will go and how it will affect their lives. The Bible warns us of a future Beast system controlled by the Antichrist. Revelation 13:16-17 says, “He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast.”
Will this future mark be tied to a financial network that relies on digital assets? Many biblical scholars believe so, and that’s why we should become like the sons of Issachar, “who had an understanding of the times, to know what Israel ought to do.”
Pippa Malmgren ends her statement about the new world order by saying: “The question is, will that new system of digital money and digital accounting accommodate the competing needs of the citizens of all these locations so that every human being has a chance to have a better life because that’s the only measure of whether a world order really serves.”
Prayer Point: Lord, we ask you to graciously and generously give our leaders and citizens discernment regarding the implementation of any kind of digital currency. When and if this system is instituted, what will be our response as citizens of heaven, rather than citizens of the world? Do not let us succumb to the spirit of fear, but instead place our financial assets and lives into your hands.
What could a digital currency mean for our nation and the world? How are you praying about this?
Angela Rodriguez is an author, blogger and homeschooling Mom who studies the historical and biblical connections between Israel and the United States. You can visit her blogs at 67owls.com and 100trumpets.com. Her latest book, Psalm 91: Under the Wings of Jesus, was released in June 2021. Photo by Pascal Bernardon on Unsplash.
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