As the Biden administration continues to plan for a central bank digital currency (CBDC), it is important for Americans to understand what that means, including all of the authoritarian risks of this dangerous technology.
I have reported more than once here on PJ Media about the Biden administration’s plans for a CBDC. In fact, most ominous of all, America under Biden was one of the countries that signed on to the G20 plan for not only a digital currency but also a digital ID. This tech pairing in China resulted in tyrannical government surveillance and censorship.
So what is a CBDC? Unlike Bitcoin or cryptocurrency, it is controlled by a central authority, whether that is the federal government or central bank. Therefore, it can be a highly useful tool for would-be tyrants who want to control not only what people buy and where they can go, but also punish those who publicly oppose a government narrative. When your money is digital, it is easier than ever for the government to shut down your life. This has happened in Communist China and could happen in other countries that want a similar digital currency.
Breitbart published a piece on Feb. 21 noting that American Democrats — particularly Biden and his officials — and European globalists are enthusiastic about CBDCs, but we shouldn’t fall for the propaganda. “In fact, the Federal Reserve announced in August 2020 that the central bank had partnered with the Massachusetts Institute of Technology researchers to build and test a digital currency,” Breitbart explained. Both Congress and the White House (through executive order) have tried in the last several years to work toward a CBDC, and that’s a threat to Americans’ liberties.
Christine Lagarde, head of the European Central Bank, admitted that the purpose of CBDCs, like the digital euro, is control. She also noted that those who pay more than 1,000 EUR in cash for any transaction are doing so off the grid and will be fined or go to jail.
As Breitbart said, the concept that merely using your own money for a legal and legitimate purchase could land you behind bars is very ominous. Any major purchase would have to involve CBDCs and thus government approval.
Breitbart then turned to China, where the Chinese Communist Party’s (CCP) use of digital currency is a sobering forecast of how the technology could be weaponized in other countries too.
Wired magazine reports that “China’s Digital Yuan Works Just Like Cash—With Added Surveillance.”
Back in January 2021, a Forbes article had the headline: “China’s Digital Yuan Reported To Be the Ultimate Financial Censorship Tool.”
Rep. Mike Flood (R-NE) told reporters that “The Chinese Communist Party’s move to use government-run digital currency to impose further control on its people and its economy is a cautionary tale that America must avoid.”
Flood isn’t the only Republican cautioning against CBDCs. Breitbart quoted Donald Trump: “They could take your money, and you wouldn’t even know it’s gone. This would be a dangerous threat to our freedom.” Trump vowed to block any CBDCs should he be elected president again.
Furthermore, Rep. Tom Emmer (R-Minn.) introduced the CBDC Anti-Surveillance State Act to stop bureaucrats from issuing a digital currency, Breitbart noted. He referred to CBDCs as a “dangerous surveillance tool,” Breitbart added. Rep. Byron Donalds (R-Fla.) and Rep. Barry Loudermilk (R-Ga.) spoke out against CBDCs as well.
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Experts have issued warnings, too. Monetary Gold, which sponsored the Breitbart article, warned in it that Americans should protect their portfolios and invest in precious metals. American Banker previously issued a warning in response to the Democrat-sponsored Digital Asset Anti-Money Laundering Act of 2022. Forbes reported last October, “Privacy advocate experts worry that digital currencies would give governments too much control over how and where people spend their money. Many see them as the ultimate tool of government financial surveillance.”
Unfortunately, CBDCs probably would be not only the ultimate government surveillance tool but, therefore, also a way to prevent political and religious dissidents from buying anything or going anywhere.