The Threat of Digital Currency | The Gold Standard 2230

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The threat of digital currency is no longer a theoretical concern. An increasing number of central banks in other countries are already issuing e-currencies. And it looks like the US is moving in that direction. What are the risks? How will it impact our society? In this episode, we discuss the threat of digital currency.

The danger of a Central Bank Digital Currency, or CBDC, is the complete control it gives the government over the money going in and out of our accounts. A Central Bank Digital Currency means the government would strengthen its authority over its citizens by taking complete control of their money.

“If you pluck a chicken one feather at a time, people don’t notice it.”
—Madeleine Albright, sounding the alarm on fascism.

Government-issued digital currencies would make it easy to enforce the monetary policy. For example, the Fed could implement negative interest rates by reducing balances in all the CBDC accounts.

A digital currency controlled by the central banks is something out of Orwell’s 1984 or Huxley’s Brave New World. Once this dystopian monetary system is operational, the government could say your money isn’t yours. Your property rights are subordinate to the “public good.”

A digital currency controlled by the central banks means the end of a free society.

The proposals and public messaging about Executive Order 14067 are innocent enough. Still, even the Chairman of the Federal Reserve, Jerome Powell, says, “There are many difficult questions to answer. We are engaged in a serious program to understand technology and policy issues.”

This document opens the doors for more government control over its citizens by controlling their money. Although the US is dragging its feet on a Federal Reserve-implemented digital currency, the die is cast. It’s just a matter of time.

A CBDC is a purely digital form of a country’s money issued by its central bank. The idea is that people would use it just like cash. But a government-issued digital currency is not just like cash.

A Central Bank Digital Currency lets the government control all aspects of your money. If the government controls your money, they control your life. The potential of fully implemented CBDC means were a few steps closer to living in a totalitarian society.

Consider the following: the next time the government issues a stimulus check, the Fed could program the funds to expire in one month. The central banks could give a food bonus which is only suitable for purchasing goods at your local grocery store. If there is a fuel shortage, the government could restrict the amount of gas you could buy. If the stock market were crashing, the Fed could issue money you could use only to buy stocks. They could terminate your spending if you were considered a criminal or even if they wanted to exert pressure on you for whatever reason.

Participants in a transaction won’t know the identity of everyone they’re interacting with; however, the central banks will have details of all the users and their purchases.

The Bahamas has already started using CBDCs, with sixty percent of central banks experimenting with rolling out CBDCs. Not surprisingly, China has wasted no time rolling out a digital yuan and will become the first major economy to use digital currency fully. The Chinese government couldn’t care less about privacy concerns. The digital yuan is one hundred percent trackable by China’s central bank. It can impact Chinese citizens and foreign companies operating in the country. The good news is that the US is behind in developing a CBDC.

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