Internal report revealed cryptocurrency would supercede existing Fed monopoly within 12 years
Paul Joseph Watson
August 7, 2014
A whistleblower who was employed as a briefing researcher at the Federal Reserve has revealed that Fed governors were “highly alarmed” by a major internal report which revealed that Bitcoin would likely supercede the dollar system within the next 12 years.
The individual outlined what happened in a Reddit post, explaining that he was a trained economist with a B.S. in Computer Science, an M.S. in Operations Research, a PhD in Econometrics, and had been tasked by the Federal Reserve to compile a report on Bitcoin and how the cryptocurrency would impact the existing monetary system. Several other research teams had also been assigned the same task by the Fed.
Having initially treated the project with a lackadaisical attitude, the researcher presented a short report to Fed governors but was severely reprimanded for its inadequacy. “I almost lost my job for not taking this project as seriously as I should have and the Board of Governors renewed the project and gave us explicit research directions along with weekly addendums,” he writes.
The whistleblower goes on to explain the “shocking” findings of the subsequent report, which discovered that the Federal Reserve’s dollar system, and in turn its control over the global economy, would be supplanted by Bitcoin within 12 years.
We were directed to upgrade our modeling of bitcoin from developing currency to a major currency. In addition to all of the common modeling and forecasting that task entails, we were instructed to do full simulations of money flows, interest rates, multi currency derivative baskets, risk metrics, and their effects on global macro monetary policy and trade agreements. What we found was shocking. Even with a mediocre adoption rate and variable growth rate, bitcoin severely disrupts how we model, forecast, and ultimately understand currency interactions to make monetary policy decisions.
This is a huge technological, monetary, and policy disruption which leaves the Fed, the US govt, and other entities with much less control. Our best case scenarios are modeled upon current bitcoin adoption rates which have simulated a tipping point for the year 2026 (worst case 2021); this time frame projects the Fed (via the dollar) to lose its dominant global monetary policy maker status – instead everything will superceded by bitcoin.
After the whistleblower and his research team presented the report, “The Board was highly alarmed and interrogated me and my fellow researchers in a 3 day session trying to understand every point of our research,” he writes.
Three weeks after the presentation, the research team was disbanded and the whistleblower was fired.
“It is clear to me that Bitcoin has fundamentally changed the spectrum of how we view and model economics. The central banks are afraid, the governments are afraid, and they would rather bury the truth by firing their own dedicated researchers and archiving the reports than embrace change and building a sustainable economic future,” concludes the whistleblower.
The whistleblower’s report and the Fed’s panicked reaction to the revelation that Bitcoin is set to supercede the dollar underscores why governments and financial institutions across the west are now fiercely attempting to bring Bitcoin under regulatory frameworks in order to control its development, strangle innovation, and eviscerate its function as a truly anonymous free-market alternative to existing payment systems.
This revelation also arrives in the aftermath of assertions by financial analysts that Germany is considering joining the BRICS nations in building an alternative multi-polar world financial system adversarial to the IMF and the World Bank in order to escape the fallout of a dollar collapse.
Last month the BRICS nations (Brazil, Russia, India, China and South Africa), announced the creation of a new $100 billion dollar anti-dollar alternative IMF bank to be based in Shanghai and chaired by Moscow.
This article was posted: Thursday, August 7, 2014 at 6:24 am