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Lost Within The Rate Cut: The Fed's Drive To Establish A New Payment System

• https://www.zerohedge.com, by Steven Guinness

Unsurprisingly, his words on the subject proved the equivalent of screaming into the face of a force ten gale. Besides a handful of financial outlets, nobody heard him. All that analysts and observers were really interested in was the Fed's stance on interest rates.

This was unfortunate because whilst they may appear banal and complex on the surface, payments systems are of far greater significance than whether a central bank opts to cut or raise interest rates. Anyone keeping pace with the myriad of speeches and publications emanating from central banks will know that globalists are working incrementally to introduce a cashless monetary system under their control. The Federal Reserve are one strand of this strategy as we will discover.

Less than a week after the rate cut, the Fed announced that they were planning to devise a new 'round-the-clock real-time payment and settlement service.' Called 'FedNow', the system would be an RTGS run service designed to initiate faster payments.

RTGS stands for 'Real Time Gross Settlement', and is the same model through which the Bank of England and the European Central Bank operate their payment systems. The BOE announced back in May 2017 a blueprint for the introduction of a 'renewed' RTGS service, whilst the ECB in late 2018 launched a new system dubbed TIPS (TARGET Instant Payment Settlement). It was around the time that TIPS launched that the Fed issued a 'request for comment' on reforming their own system. Taken as a whole, this is a further example of central banks working in coordination.

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