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How a CBDC Created Chaos and Poverty in Nigeria with Jan M. Fijor
A Short Preview:
“Never let the future disturb you. You will meet it, if you have to, with the same weapons of reason which today arm you against the present.” ~ Marcus Aurelius
By Catherine Austin Fitts
One of the most revealing CBDC case studies the world has witnessed to date involves the experience of 230 million Nigerians last year when their government debuted the “eNaira.” This week, Polish-born journalist and entrepreneur Jan Fijor joins me to discuss Nigeria’s aggressive attempt to force a sudden and complete transition from physical cash to CBDC.
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12 Comments
So one of the keys also on how people survived this was hinted at but maybe not explored. Jan mentions that dollars command a premium on the black market. So there is a very active market where people are trading in foreign currency, specifically foreign cash. And the obvious reason they do this is that they simply don’t trust the government with money. And any transactions are completely off the government book and finances. So when all these people are off the books or out of the bank accounts, they aren’t just storing their cash on hand in local currency. All of this cash was still viable throughout everything. Now everyone knows this too and trusts the banks and government fiat less.
I saw this in Ukraine. Big transactions were done in US dollars. I know an expat who bought a property by showing up with 250k in USD in a suitcase to public place and each party brought armed guards. They they exchanged the deed and the cash. This was in 2003. But everyone was also practiced “black and white” accounting on the regular, where the parties keep 2 sets of books, one goes through banks for official records and the other completely off books. Everyone did this – and everyone knew about it including all the government official who also didn’t want to pay taxes. Even with all that fraud a lot of society worked because you really don’t need the government to do much at all.
So one of the keys also on how people survived this was hinted at but maybe not explored. Jan mentions that dollars command a premium on the black market. So there is a very active market where people are trading in foreign currency, specifically foreign cash. And the obvious reason they do this is that they simply don’t trust the government with money. And any transactions are completely off the government book and finances. So when all these people are off the books or out of the bank accounts, they aren’t just storing their cash on hand in local currency. All of this cash was still viable throughout everything. Now everyone knows this too and trusts the banks and government fiat less.
I saw this in Ukraine. Big transactions were done in US dollars. I know an expat who bought a property by showing up with 250k in USD in a suitcase to public place and each party brought armed guards. They they exchanged the deed and the cash. This was in 2003. But everyone was also practiced “black and white” accounting on the regular, where the parties keep 2 sets of books, one goes through banks for official records and the other completely off books. Everyone did this – and everyone knew about it including all the government official who also didn’t want to pay taxes. Even with all that fraud a lot of society worked because you really don’t need the government to do much at all.
So one of the keys also on how people survived this was hinted at but maybe not explored. Jan mentions that dollars command a premium on the black market. So there is a very active market where people are trading in foreign currency, specifically foreign cash. And the obvious reason they do this is that they simply don’t trust the government with money. And any transactions are completely off the government book and finances. So when all these people are off the books or out of the bank accounts, they aren’t just storing their cash on hand in local currency. All of this cash was still viable throughout everything. Now everyone knows this too and trusts the banks and government fiat less.
I saw this in Ukraine. Big transactions were done in US dollars. I know an expat who bought a property by showing up with 250k in USD in a suitcase to public place and each party brought armed guards. They they exchanged the deed and the cash. This was in 2003. But everyone was also practiced “black and white” accounting on the regular, where the parties keep 2 sets of books, one goes through banks for official records and the other completely off books. Everyone did this – and everyone knew about it including all the government official who also didn’t want to pay taxes. Even with all that fraud a lot of society worked because you really don’t need the government to do much at all.