Crypto currencies have become quite the enigma in the modern financial world. Many people are fashioning careers off the crypto industry – some getting wildly rich and some losing entire fortunes or even getting murdered for mysterious reasons. Of course, the get-rich-quick part of crypto isn’t revolutionary. That concept has plagued the entirety of the human experience. But the revolutionary technology involved in crypto is, well revolutionary…
In a nutshell, the compelling part of cryptocurrencies is the blockchain technology that aggregates the entirety of transaction history within the currency unit. When it is on a decentralized open ledger, it is a beautiful tool for economic freedom. An open ledger cryptocurrency with limited supply such as Bitcoin has no Jay Powell (Fed Chair) or Andrew Bailey (Head of Bank of England) to tell you how many currency units are going to be produced. It has no master that can expand or contract supply of units at will according to their analysis of the economy or their political will. A decentralized crypto account can’t be shut down at the will of politicians or regulators for whatever purpose they deem appropriate – like bank accounts can be now https://www.cbc.ca/news/politics/emergencies-act-banks-ottawa-protests-1.6353968
The problem comes when the Central Bankers of the world twist the technology to their will for more control of economies and populations as is their stated intention. The tool for this control is the CBDC (Central Bank Digital Currency.) We wrote more than a year and a half ago that this process is underway. We mentioned then that we were not afraid of an imminent change to our monetary system. That is still the case today as the bankers and politicians won’t try a major monetary overhaul without a crisis. We are OK for the near term. But we do want raise our level of concern. Americans need to learn of the dangers of the monetary reset that is lurking in the shadows. That is the only way to avoid it.
Let’s review what a CBDC could mean for the average American citizen:
- Your “money” would be a direct liability of the Federal Reserve with no banking intermediary.
- Your “money” could have an expiration date.
- Your “money” could have a limited number or type of items/services it could purchase.
- Your “money” could be frozen or seized by a regulator (no bank compliance would be necessary).
- Your “money” could be taxed, charged fees or even a negative interest rate beyond your control.
- Your “money” could be controlled/prohibited geographically – of no value overseas, for example.
- You would have NO economic autonomy or privacy – you COULD BE controlled completely.
“We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000-peso bill today.
The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability and also, we will have the technology to enforce that.”
BIS (Bank for International Settlements) GENERAL MANAGER AUGUSTÍN CARSTENS
Although laws may be initiated to ensure the worst of this list is not immediately implemented – the possibility is still a danger – the power would be too enticing for regulators to not utilize it. This would be a complete endgame for the pseudo free market system we have in the West. CBDCs could be an avenue for instituting totalitarian control of the populace. The good news is that overseas attempts by other central banks to institute CBDCs are not going well for the authorities…
The bad news is that the development of a Federal Reserve crypto U.S. dollar has gone into the next gear. The Biden Administration issued an executive order a month ago that I suggest everyone read: https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/
The fact that this is going out as an executive order should raise warning flags. The fact that this order is riddled with ambiguities is no surprise when dealing with a government giving itself more power – but the fact that climate change references are sprinkled into it should cement in your mind that this is has little to do with ensuring a developed monetary system for your benefit but is actually about government control. It doesn’t matter what your opinion of that state of the climate is – that has nothing to do with a functioning monetary system.
Let’s be clear. We don’t want to be alarmists, but we believe that there should not be a CBDC in the United States – EVER!
Things are in the works to hold the line in a good way and no matter your political opinion of Ron DeSantis, Ted Cruz and Tom Emmer they are seemingly anti – CBDC. We haven’t read the legislation to avoid CBDC that they are proposing, but we hope it is as it is advertised and only as advertised to stop the implementation of a CBDC. More officials will join the anti-CBDC movement if pressured from citizens…
The more awareness that is spread about what a CBDC could be used to for the better! Groundwork is being laid down for the U.S. to go down the path of the CBDC and we need to stop it. You don’t have to believe that the 9/11 attacks in New York were an inside government job to have a problem with our officials. The Patriot Act that we got shortly after 911 was anything but Patriotic. It gave government at many different levels totalitarian power during an “emergency.” Now two decades later, many of your civil liberties are relics of a bygone era. https://theweek.com/articles/913982/when-crisis-powers-become-permanent. It is not irrational to be fearful of executive orders and legislation promoting Fed-sponsored digital currencies…
We need to resist a reset of our monetary system with CBDCs. Things average citizens can do include buying gold and using cash as much as possible because that is the best economic freedom we have.
Please forward this to as many people as you can!!
Regards and good investing,
Greyson Geiler