Digital Currency and the Loss of Privacy | The Gold Standard 2245

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In this episode of The Gold Standard, we talk about our government’s plan for digital currency and the loss of our privacy.

Corporations are becoming more digital. The digital era connects everything, and electronic payments are the most popular transaction method. Central banks recognize the benefits to them of getting into the act. Governments globally are struggling with how to regulate cryptocurrencies. They’re also trying to come to terms with declining cash usage.

China has shown the way. The Chinese central bank launched its Central Bank Digital Coin, or CBCD program in 2021 and has already tallied over $5 Billion in consumer transactions. The Chinese Government likes that it can keep even closer tabs on all its citizens. Unlike the US, Chinese citizens can’t complain about their loss of privacy.

All of us have been losing our sense of privacy for decades. We have a young generation accustomed to growing up with little or no privacy. Most of us are uncomfortable with the idea that our government could use our transactional data to conduct surveillance and control whenever they feel like it. Even if the government publicly establishes operating guidelines to protect consumer privacy, who will ensure they follow them?

A Central Bank Digital Coin program makes it easy for the government to censor activities by designing surveillance to decline certain transactions. The possible scenarios are straight out of a dystopian society from a cautionary science-fiction story. The government will likely use digital currency for surveillance without us ever knowing about it. The government could be completely non-transparent, and we would never be the wiser.

Undoubtedly, some American economies would shift to independent digital coins or go underground. And what would become of the US dollar as the reserve currency? A completely digital currency system would make the whole system vulnerable to cyber-attacks. For the global financial system, the complexity of a CBCD seems staggering.

For over a year, the US Federal Reserve and Treasury leadership have been talking about the new Central Bank Digital Currency and how it will help address everything from financial inclusion to climate change and social inequality. But none of that is true. A CBDC is only going to make things worse.

Since the beginning of The Gold Standard series, we’ve been warning of the coming perfect storm. Add to that forecast the latent instability of the global monetary system. We are getting close to the collapse of the international monetary system in our lifetime.

Investors and savers will lose money if the banks close. That in itself is an excellent reason to own some physical gold. Keeping some cash on hand as working capital; otherwise, avoid being tied up in the banking system or paper assets. Any pressure on the central banks to move to digital currency is nothing less than an assault on our right to use cash freely. Owning physical gold and silver ensures your right to privacy and protection in times of economic uncertainty.

Just think about how this country has moved from gold and silver coins to gold-backed paper currency to fiat paper money and, ultimately, digital currency. The process has taken a hundred years. Each time a shift occurs, it becomes easier and more accessible for the government to confiscate your wealth.

The solution is simplicity. Gold is simple. It can be manipulated in a short time, but sooner than later, gold reconciles itself and does what it has been designed by nature to do. Between 1933 and 1975, gold ownership was illegal. Now gold ownership is legal. It was a matter of pride that President Regan started the government-backed Gold Bullion program in 1986. Today, the US Mint produces a variety of gold bullion coins. Companies worldwide are working to future-proof their operations against digital disruption. We look to gold’s resiliency in a time of Central Bank Digital Currencies, turmoil, and monetary instability.

The American Gold Buffalo is a classic favorite line of gold bullion products. The American Gold Buffalo is one ounce of 24-karat pure gold and was first offered by the US Mint in 2006.

The rustic design of the American Gold Buffalo revitalizes the classic Buffalo nickel design by James Earle Fraser. He was a student and apprentice to the legendary Augustus Saint-Gaudens. The coin’s namesake, the American Bison, is on the reverse, just as in Fraser’s original nickel circulated between 1913 and 1938. The obverse depicts a proud and majestic Native American.
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