The Truth About CBDCs.
November 23, 2022
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1:46Now PlayingThe Truth About CBDCs.
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as posted by the channelSo there's been a lot of chatter recently by rural leaders about creating Central Bank, digital currencies, or “CBDCs.” China is probably in the lead on this one, but it looks like we in the United States are now one step closer to the reality of our own digital dollar. Recently, some of the biggest names in banking and finance, like Citibank, MasterCard, and Wells Fargo, teamed up with the New York Federal Reserve to launch a pilot program to test out the possibilities of a programmable digital dollar.
And this may sound harmless, but a government digital currency is actually a really big deal with some serious consequences. For example, digital dollars enable the government to instantaneously confiscate money from citizens’ bank accounts– and this isn't some sort of far-fetched scenario. As an attorney myself, I've seen first-hand police and government officials abuse civil forfeiture laws to unlawfully confiscate property from citizens. This happens all the time in America, and it's even more common in other parts of the world.
Just as troubling, digital currencies can be programmed to do all sorts of nefarious things. For example, they can have expiration dates if the government wants people to spend money right away to stimulate the economy. Digital currencies can also be programmed to decline certain transactions that authorities don't want you to make.
Like, for example, if your leaders don't want you eating meats or using gasoline, they now have a great tool to ensure your compliance. Then, of course, digital dollars make it way easier for governments to print more money and drive up inflation. But let's remember, these things are only possible if the people lose focus and don't pay attention to or educate themselves on what their leaders are doing. As the old saying goes, “freedom is never more than one generation away from extinction.” Let's make sure that we're not the generation that loses it.
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