The Federal Reserve is making moves to implement a Chinese-style social credit system in America, under the guise of saving the planet from “man-made climate change.”
The Federal Reserve’s “pilot exercise” will begin next year. The exercise will act as a trojan horse to roll out a Chinese Communist Party-like social credit score system.
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The Dossier reports: Here’s some more detail about how we can expect this “pilot exercise” to move forward in the coming months.
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In all likelihood, The Fed will follow in the footsteps of the Eurosystem.
In January 2022, the European Central Bank (ECB), which manages the Euro, launched its own climate “stress test.”
This quickly resulted in a July 2022 “climate action plan” to “include climate change considerations in the Eurosystem’s monetary policy framework.”
Over the span of just 7 months, the ECB transformed their monetary policy to “support the green transition of the economy in line with the EU’s climate neutrality objectives.”
In order to “decarbonize” the European economy, the ECB will proceed to “limit the share of assets issued by entities with a high carbon footprint.” The ECB will also limit the borrowing power of institutions that are not considered carbon compliant.
The Europeans now, suddenly, have a “green” Social Credit Score system.
Will The Fed follow suit?
To get a sense of The Fed’s commitment to the climate hoax, we can review a prominent Federal Reserve official’s speech last month at the Brookings Institution in Washington, D.C. Many consider the left wing policy shop as the most influential think tank in the United States.
“As our nation, and the world, grapple with how to respond to climate change, banks are increasingly focused on the risks that climate change brings to their balance sheets,” said Fed Vice Chair Michael Barr, an institutionally progressive Biden Admin appointee.
He added (emphasis added in bold):
“The Federal Reserve is working to understand how climate change may pose risks to individual banks and to the financial system. The Federal Reserve’s mandate in this area is important, but narrow, focused on our supervisory responsibilities and our role in promoting a safe and stable financial system.”
Barr, who has served as an adviser to the Gates Foundation and the Clinton Foundation, and worked in government as a top Obama Administration Treasury Dept official, continued:
In the near-term, we intend to work with the Office of the Comptroller of the Currency (OCC) and the FDIC to provide guidance to large banks on how we expect them to identify, measure, monitor, and manage the financial risks of climate change. In addition, we are considering how to develop and implement climate risk scenario analyses. In that regard, next year we plan to launch a pilot micro-prudential scenario analysis exercise to better assess the long-term, climate-related financial risks facing the largest institutions.”
Then on Thursday, The Fed announced that it was launching its “pilot exercise” on climate.
If it mirrors the Eurosystem process, the Federal Reserve’s pilot exercise will indeed become the first step for the framework of a Federal Reserve imposing a social credit score system attached to the U.S. Dollar. The banks are arguably incentivized to go along with the program, as those who go along with the agenda become the ultimate middlemen for all U.S. banking activity.
The New York Times, a major advocacy journal for the “green transition,” commented that the exercise would improve a Federal Reserve that “often lagged behind its global peers when it comes to talking about and coming up with a plan for policing risks related to climate change.”
Reuters, another pro climate catastrophe publication, cheered the “pilot exercise,” writing that “The potential effects of climate change – namely through rising sea levels, worsening floods and fires … could destroy trillions of dollars of assets around the globe.”
The banks involved in the exercise — Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo — hold a combined majority of all U.S. banking assets, meaning a Fed decision would likely have the top-down effect of crushing small and community banks that do not have the resources to to comply with its monetary edicts.
If the Big Banks comply with this hyper activist Federal Reserve (which, more than ever, needs a manufactured crisis to take weight off of its monetary policy failures), the American Social Credit Score system will be here a lot sooner than many project.
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