At the same time attacking decentralized cryptocurrencies, the Biden White House says that before the end of the year, all Americans need to be herded into a new digital paradigm of money that is controlled from the top down just like the current system – except with much more control.
"CBDCs are digital currency issued directly from a nation-state's central bank and serve as legal tender," writes Kanekoa the Great of the Kanekoa Newsletter.
"Critically, CBDCs are controlled by governments and therefore represent the polar opposite of the ideas – decentralization, open-source software, permissionless, peer-to-peer transactions – that made Bitcoin and other cryptocurrencies such a revolutionary technology."
Much like how communist China runs its infamous social credit scoring system, Biden's proposed CBDC would be tied to people's identities. As long as a person obeys everything the government says, he would be permitted to spend money and do things.
Those who disobey the government would have their CBDC accounts shut down and their funds seized. (Related: Learn more about how private central banking is the root cause behind inflation, shortages, and other chaos.)
"According to the Atlantic Council's Central Bank Digital Currency Tracker, 112 countries, representing over 95 percent of global GDP, are exploring a CBDC," adds Kanekoah the Great.
"11 countries have already launched a digital currency including Nigeria and numerous Caribbean nations. 14 countries are testing pilot programs including South Korea, Thailand, Saudi Arabia, Sweden, and China which is set to expand its use of the Digital Yuan in 2023."
If you think the current system is oppressive, a CBDC paradigm would be much worse. Bitcoin evangelist Anthony Pompliano described it as "one of the greatest violations of human rights in history."
"Central bank digital currencies remove the privacy and decentralized nature of physical cash," he wrote in an article about the subject. "It creates an environment where central banks have complete control over every aspect of a citizen's financial life."
"These central bankers will be able to see what is in your bank account, who you transact with, what you purchase, and anything else they are curious about in your financial life."
Pompliano goes on in his piece to explain that there would be zero privacy in a new CBDC-controlled system. All major power players would have virtually limitless control over the masses, forcing certain behaviors in order to live and do business.
"That full transparency with the state removes all elements of privacy, while also giving the institutions the ability to censor any and all transactions, regardless of whether they have a legitimate reason or not," he further writes.
Federal Reserve Bank of Minneapolis president Neel Kashkari has admitted to all of this and more. He participated in a recent panel hosted by Columbia University during which he explained how a new CBDC paradigm will expand authoritarian control over We the People.
"If they want to monitor every one of your transactions, impose negative interest rates or directly tax customer accounts," he suggested. "You can do that with a Central Bank Digital Currency; you can't do that with Venmo."
Theoretically, a person who speaks out against vaccines could be punished in this manner. The same is true for someone who drives beyond the "carbon limits" established by the government in the future. The possibilities for tyranny are endless.
The latest news about the transition from paper fiat to digital fiat can be found at CurrencyReset.news.
Sources for this article include: