Digital Currency and CBDCs
Do you trust your government to be in control of your money or to be the USA bank?
The government is currently saying Fedcoin is in addition to cash, but the goal is to transition to digital currency. Don't be fooled. (The documents and news articles make it sound like the government is looking out for your best interest. First, we are not a socialist country and, second, remember those 9 scary words, "I'm from the government, and I'm here to help.") A Central Bank is in the works of course, part and parcel of digital money. All bad for your personal freedoms. The digital currency is trackable and can be cancelled by the bank/government. The bank is the government, and the government is the bank. Think about history. Governments take more control step-by-step... Sadly, this is part of ESG and social credit score. You can think Big Brother or you can think Chinese Communist Party, pretty much the same thing. (Don't think having all your cash under your mattress or whatever is a good idea either. I think it was India that told their citizens to bring it in and exchange it because cash would no longer be valid to use anywhere. Another tactic is to create an expiration date on the digital currency, no saving allowed, and/or to implement a negative interest rate. Instead of earning x% on your savings, the savings would be depleted every month by x%.)
https://www.the-sun.com/money/4867165/fedcoin-replace-cash-hurt-savers-gov-track-payments/
A NEW "Fedcoin" digital currency could replace cash, hurt savers and allow the government to track payments, crypto experts have warned.
President Joe Biden announced the move towards a US Central Bank Digital Currency (CBDC) on Wednesday in a historic executive order on cryptocurrency regulation. [Ellen: He actually signed the Executive Order 3/9/2022, Ensuring Responsible Development of Digital Assets. Look past the snake oil to this section, https://www.federalregister.gov/d/2022-05471/p-16.]
Experts have warned about the dangers of CBDCs but believe they may strengthen the position of the original cryptocurrency Bitcoin.
He gave the heads of federal agencies including the Treasury, Justice Department and Homeland Security 180 days to come up with a report on how the new digital currency would work.
Biden also asked the chairman of the Federal Reserve Jerome Powell to “develop a strategic plan for Federal Reserve and broader United States Government action” on CBDCs.
It comes as governments around the world are scrambling to respond to the explosion in cryptocurrencies which are not state-controlled.
But experts say there are worries the new CBDCs could pose a threat by allowing the government to program money to control how and by who it is spent.
Alex Gladstein, chief strategy officer of the Human Rights Foundation and a well-respected voice in the Bitcoin community, told The Sun: “I'm concerned because there's a lot of language about Central Bank Digital Currencies in the executive order and I think they are dangerous for civil liberties.
"It looks like Fedcoin is coming and I don't think that'll be good for the average American.
“Fedcoin would replace cash, it would replace paper money and coinage.
“It would permit instant analysis of transactions, as opposed to the privacy that cash affords.
“It would also obviously allow for blacklisting of people that the government doesn't like, which I'm sure would rotate through different administrations.
“These are concerning powers and they would also permit monetary powers that are concerning.
“Just like withdrawing from an ATM gives you the power to be private with your spending, withdrawing from an ATM also gives you the power to save in different ways.
“And if you don't have an ATM, the government will be very easily able to do things like negative interest rates, expiration dates on money, stuff like that.
“I don’t think it's gonna be great for savers, let’s put it that way.”
From the-sun.com
For more info:
https://www.forbes.com/sites/davidblack/2022/02/28/dcash-shows-why-fedcoin-could-be-a-disaster/
https://www.legacyresearch.com/the-daily-cut/fedcoin-will-replace-the-paper-dollar/
https://restoreprivacy.com/cbdc-central-bank-digital-currency-privacy-implications/
https://bitcoinmagazine.com/legal/the-dangerous-implications-of-cbdcs
https://home.treasury.gov/news/press-releases/jy0854 - Look at the additional regulatory/bureaucratic agencies - the better to collect your tax dollars and implement rules and regulations outside of law or Constitutional rights.
https://tax.thomsonreuters.com/news/biden-team-unveils-blueprint-for-regulating-digital-assets/
https://www.imf.org/en/Publications/fandd/issues/2022/09/Picture-this-The-ascent-of-CBDCs
Be sure to check out one or more sources for information on CBDCs too.
What Is a Central Bank Digital Currency (CBDC)?
Keep the faith. It can be hard not to be discouraged. Don’t be tempted to stop fighting and just let the current take us to destruction. And make no mistake, that is exactly what the radical left wants. They want to exhaust. They want to frustrate. They want to demoralize. They want to control. ‘These are the times that try men’s souls’, but we must keep fighting. Our nation, our liberty, our freedoms are too important. And if the great American Experiment fails, the world loses.
Use cash! Keep it in circulation so we don’t lose it.
Until next time…
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Thanks again for reading! I’m glad you’re here!
The government dealing with digital money scares the living bejesus out of me.