Digital Communism: Dems Want Their Own Bank and Digital $$$

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A U.S. digital currency and a central bank, governed by the Feds, are possibly in our future. Biden is hoping to alter our entire financial system with an executive order on both currency and banking. We know what they are up to. We’ve seen what they’re hoping to do with ESG which is nothing more than a system for picking winners and losers.

Totalitarian globalism is here, but maybe not.

The most untrustworthy Treasury Secretary Janet Yellen said yesterday, during her first speech on digital assets, that any US central bank digital currency must support the dominance of the dollar. A CBDC “could become a form of trusted money comparable to physical cash” and offer some of the benefits of digital assets, Yellen said.

It’s hard to picture that. We just damaged all trust in SWIFT with sanctions on Russia. Russia has the oil and gas and the allegiance of China, India to some degree, and perhaps many others in the near future, including all our allies that Biden is infuriating. We lose out, not them.

It will take years to develop, Yellen said. Does that mean it could be completed by 2024? Hopefully, it won’t happen any time soon or ever.

Senator Warren backs it so you can imagine how bad it is for capitalism.

THEY WANT THE CBDC (Central Bank Digital Currency) – THIS IS WHAT IT IS

CBDCs will be centralized and governed by the issuing authority – a central bank. So, in their design and structure, CBDCs are the direct opposite of decentralized private cryptocurrencies and tokens.

Currently, there are two types of CBDCs. One involves digital tokens for interbank transactions. The other is general purpose for the public and businesses.

The general purpose is the one that is most dangerous. They are tied to user IDs – digital IDS. That will give the State the power of total surveillance. There will no longer be such a thing as privacy or anonymity. Digital cash tokens will be the same – with a central bank programming them.

THE EXECUTIVE ORDER

The Biden administration is backing the research and development of a “U.S. Central Bank Digital Currency,” or CBDC.

“My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC,” the executive order reads.

He will have numerous agencies working on this, looking at financial and societal impact. More big government in control of our lives.

NBC admitted that economists say it could transform central and commercial banking, as well as government sanctions, banking accessibility, and taxes.

“The potential here is enormous, and it’s very interesting,” said David Yermack, a professor and the chair of the finance department at New York University.

Yes, it means the big central government with their big central bank will be able to track us, control our money, and fully control our lives.

A fact sheet calls for a CBDC that would complement existing payment systems. It found that a CBDC could make payments cheaper and easier for consumers but might also pose a risk to the stability of the U.S. financial system.

Of course, they’d find that. Do you believe them?

In its fact sheet, the administration said it also would take steps to “mitigate the illicit finance and national security risks posed by the illicit use of digital assets by directing an unprecedented focus of coordinated action across all relevant U.S. Government agencies to mitigate these risks.”

If they have a political enemy, will they misuse it?

IT’S SIMPLE

Professor David Yermack, chair of the finance department at NYU said that the functionality could be reasonably simple, with transactions flowing directly to and from the Fed, sidestepping banks and payment systems, and creating near-seamless flows of cash.

It is a simple concept with the potential for widespread ramifications. Yermack said a broadly embraced digital currency would pose existential questions for banks and many other financial services focused on facilitating payments.

It works well with the Great Reset.


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GuvGeek
GuvGeek
4 months ago

The Government already has too much control over our Money. No Government should have the right to confiscate wealth without due process, but the Government does. It’s almost like the Constitution doesn’t exist. Don’t believe me; try to get on a plane with $100,000 in your bag without declaring it.

Now they want to take it to the next level and monitor and even control your every purchase. This will also create your Social Score. Let’s say you’re overweight, it will be reflected in your Social Score and you will only be allowed to purchase 1500 calories of food per day until you get to the weight the Government determines you should be. If you have a low Social Score you can only have certain jobs. All this will be determined by what you purchase and who you “give” money too. Democrats want to model the Government after the Mafia and the CCP. If you make the right friends you may be allowed to be wealthy, hang with “the wrong crowd” and you will always have one foot on the poor farm. No more savings in a cookie jar, the Government will know about every penny you have.