by Corey Lynn and The Sharp Edge, Corey’s Digs:
The question isn’t whether Visa and Mastercard are at the forefront of the Digital ID control system, the question is whether Visa, Mastercard and central banks will be able to pull it off without the implementation of CBDCs. A “Digital ID” may sound convenient and harmless, but the intention behind it is far reaching – compiling and connecting data and biometrics while removing every form of privacy in order to control how one spends their money, achieves access to services, and ultimately takes control over all assets. This will have an impact on all areas of life, including education, healthcare, food, agriculture, transportation, real estate, and technology, which of course will all be controlled through the Digital ID connected to banks, and a person’s social credit score. This isn’t an imaginary scheme. These intentions are well documented by BIS, central banks, the World Bank, financial institutions, credit card companies, and government.
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In simple terms, the Bank For International Settlements’ (BIS) blueprint proposes that all private property in the real world, such as money, houses, cars, etc., would be “tokenized” into digital assets within an “everything in one place” global unified ledger. Of course, smart contracts on a “programmable” platform with rules on how each asset can and cannot be used is the key ingredient.
By using fear of cyber attacks on any single institution, big Gov and financial institutions want everyone to believe that by consolidating all data and assets of a person’s life into tokens under a Digital ID will somehow protect them from attacks by having everything in one location.
Though many are under the impression that the battle is against the ushering in of CBDCs, it would seem that all of the appropriate financial rails and interoperability are already in place, or darn close to it, to expand on the mountain of identity verification processes already dialed in, to initiate the all-in-one Digital Identity and lock those dominoes into place.
This digital world they intend to manifest is being fashioned to look like a convenient and necessary way everyone must live, and as they build these “rails” of prison cells, consumers are sinking further into debt and relying more and more on credit cards. The Federal Reserve Bank of New York issued a report noting that credit card balances in Q4 of 2023 increased by $50 billion to a record high of $1.13 trillion, while also reporting a rise in delinquencies. The report states that credit card delinquencies increased over 50% in 2023. Total household debt also rose by $212 billion reaching $17.5 trillion in the fourth quarter of 2023, according to the report.
Visa and Mastercard are at the forefront of this takeover and if they succeed, the monitoring, tracking, and control will be immeasurable and there will be no going back. Consumers need to think twice before using credit cards and use cash as often as possible, while state legislators need to get on board with implementing creative legislation with independent systems that not only provide protection for the citizens of their state, but build strong financial freedom with the ability to operate utilizing cash, precious metals, and unique structures as pointed out in this article.
“I get why China would be interested. Why would the American people be for that?” – Neel Kashkari, President of the Minneapolis Federal Reserve, ‘The Threat of Financial Transaction Control,’ the Solari Report, February 24, 2024.
Brief History on Visa & Mastercard
Visa
The first major credit cards emerged from the 50s to mid-60s. Bank of America issued the first consumer credit card with revolving credit in California in 1958, expanding their network through licensing agreements with banks throughout the nation by 1966. The network spread out internationally by 1974, prompting a rebranding in 1976 of the BankAmericard to Visa, an internationally recognized term that conveys universal acceptance.
By 2007, several regional Visa businesses from around the globe merged to form Visa Inc., and the following year, on March 18, 2008, the corporation went public. Visa’s initial public offering (IPO) sold 406 million shares at $44 per share totaling $17.9 billion, one of the largest in U.S. history. Then on March 20, 2008, the underwriters of the IPO, which included JPMorgan, Goldman Sachs, Bank of America, Citi, HSBC, Merrill Lynch, UBS Investment Bank and Wachovia Securities, exercised their over-allotment option by purchasing an added 40.6 million shares, raising the overall IPO shares to 446.6 million for a total of $19.1 billion.
Their Board of Directors include current and former CEOs, CFOs, and COOs of Carney Global Ventures, Rite Aid Corporation, PepsiCo, Gap, Stanley Black & Decker, Visa, and The Clorox Company.
Over the decades, Visa has faced a myriad of legal actions and disputes concerning anticompetitive practices and high fees. As recently as 2019, a settlement of $5.5 billion was reached in a class-action lawsuit by merchants alleging that Visa and Mastercard engaged in price-fixing practices with regards to swipe fees charged to merchants and the credit card networks unfairly interfered when merchants encouraged less expensive forms of payment such as cash or checks. Additionally, the Department of Justice launched an antitrust probe against Visa in March of 2021. The investigation has remained ongoing according to Visa’s SEC filing in mid-2023.
Mastercard
Competitors to Visa arose in 1966 to form the Interbank Card Association (ICA), which later became Mastercard International. The original bank members were United California Bank, Wells Fargo, Crocker National Bank and Bank of California. The group introduced the Master Charge card which ultimately became known as Mastercard in 1979.
The ICA expanded their network globally, merging with Europay International in 2002 and then converting from a membership association into a private share corporation in preparation for their initial public offering that commenced in 2006. The IPO of 61.5 million shares, priced at $39 per share, raised $2.4 billion. Goldman Sachs coordinated a group of four joint book-runners that included Citigroup, HSBC, and JPMorgan. Co-managing underwriters included Bear Stearns, Cowen and Company, Deutsche Bank, Harris Nesbitt, KeyBanc Capital Markets, and Santander Investment.
