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IMF and World Bank Pivot Toward the Blockchain. Brendan Cody, Impact Investing Intern, George Washington University

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The emergence of blockchain technology and cryptocurrency creates potential threats, but also opportunities for the world’s central banks. We noticed a pivot toward greater discussion of blockchain at the IMF and World Bank meetings we attended in early October as central bankers, financial institutions and policymakers took note of these developments.

Cryptocurrencies do not require an intermediary to verify and oversee transactions, allowing transactions to bypass the current monetary system overseen by central banks using fiat currencies.

In their official capacities as international organizations seeking coordinated and stable monetary policy, the International Monetary Fund and the World Bank recognize the potential of blockchain technology and both have taken significant steps in this fintech space.

Christine Lagarde, managing director of the IMF, suggested the creation of a digital currency based on the special drawing rights, a basket of international reserve currencies. There…

The IMF, BASEL III and Black Banks

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IMF Annual Meetings
Small Is Beautiful – Regulatory
Approaches for Non-Systemic Banks
October 14, 2017

Question about Black banks at a session on: How can a more proportionate approach to regulation of small banks be applied to align more closely with their size and business models?

Questioner:
William Michael Cunningham
Creative Investment Research

Speakers:

David Lipton, First Deputy Managing Director, IMF

Michael Gibson, Director of the Division of Banking Supervision and Regulation, Federal Reserve Board

Africa, the World Bank and Race

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The Next COINTELPRO: Black Lives Matter as a violent threat

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According to an official assessment obtained by Foreign Policy Magazine, the US government has declared “black identity extremists” like the "Black Lives Matter" movement a violent threat to the country. This assessment was made by the FBI’s counter-terrorism division.

The finding, which carries with it the authority of a major counterterrorism arm of the United States, authorizes agencies of the Federal Government to use extraordinary means to protect the country from this erroneously declared threat. This might include spying on, rounding up, or forcibly detaining BLM activists and their supporters.

History has shown what this means. COINTELPRO, "a series of covert, and often illegal, projects, starting in 1956 and conducted by the United States Federal Bureau of Investigation (FBI), aimed at surveilling, infiltrating, discrediting, and disrupting American political organizations."

FBI records show that COINTELPRO resources targeted groups and individuals that t…

Texas Economic Forecast 2017

Texas Economic Forecast 2017: https://youtu.be/9wW5I1AcSPE

The SEC, ICOs and roaches

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In a statement straight out of the Ministry of Public Enlightenment, a member of the U.S. Securities and Exchange Commission's (SEC) division of enforcement "compared those seeking to leverage the blockchain use case improperly to cockroaches."

To be specific, SEC Enforcement Division co-director Steven Peikin said "roaches kind of crawl out of the woodwork and try to scam money off of investors."

Of course, he should know.

According to the Anne Frank Guide, this type of language was a key feature of nazi propaganda: "Jews are described everywhere as a threat to Germany and the German way of life that had to be dealt with quickly and harshly. They were even compared to rats and cockroaches."

The issue is this: it is impossible for Mr. Peikin to know which ICOs are scams unless he can look into the hearts of ICO issuers to determine their true motivation. He knows this. We know this. He must, then, actually be referring to all ICOs. This is the same t…