Opinion from a Libertarian ViewPoint

Posts Tagged ‘CBDC’

Americans face a rapidly encroaching ’emergency’ CBDC power grab

Posted by M. C. on March 30, 2023

The ruling class may pursue a Hail Mary pass to restore their control over the system.

Now, for the people in charge, a Chinese Communist Party-like CBDC is becoming the “emergency” solution to restore their positions in the societal and monetary hierarchy.So it appears we are entering a consensus period that involves moving full steam ahead with the CBDC project. The “emergency” CBDC will inevitably becoming their “solution” to the crisis that our idiocracy fomented with their destructive monetary Ponzi scheme.

Jordan Schachtel

Mar 22

The American financial system is threatening to come apart at the seams, and for the people who control the levers of power, the only way to patch things up may involve the installation of a monetary Social Credit Score system. In recent years, America’s fiat fractional reserve system has transformed into a faith-based credit system, and the people who use the dollar are losing confidence in a system that relies entirely upon their complete and total trust. Should our collective faith in the system continue to decline, the American ruling class will decide that their path forward involves regrasping full control of their confidence scheme through the implementation of a Central Bank Digital Currency (CBDC).

A U.S. CBDC would do much more than simply implement a fully digital version of the U.S. dollar. This system could provide authorities with an almost unlimited digital toolkit to both surveil and censor citizens. A CBDC is advertised as making the system more “efficient” and helping to deliver monetary power to the unbanked. However, it would also give shadowy bureaucrats the power to swipe a “criminal’s” life savings, instantly distribute funds to allies of the system, among an almost infinite series of additional authoritarian instruments.

Over previous decades, when the United States stood tall as the world’s lone financial hegemon, there was never much of a reason to implement a dollar-based CBDC. After all, our political and financial elites had no reason to do so. There were no competing peers and zero superior monetary systems in sight (prior to the discovery of Bitcoin). These forces had full control over a system that empowered them with incredible prestige and power, and there was no reason to antagonize the billions of people who were somewhat contently operating within the confines of the system.

Watch the launch trailer for “FedNow” (US Federal Reserve’s official CBDC) 🤮👇

This is why I respectfully disagree with a lot of conservative and libertarian pundits, who have advanced the idea that the systemic issues in the financial system were the result of a purposeful, controlled demolition.

The government’s slippery slope to a CBDC is called FedNow. But I bet it’s a TOTAL coincidence that we’re having a massive banking crisis right before its release.

Why risk it when they already had the biscuit?

Additionally, top officials from current and previous administrations, along with Federal Reserve Board members, had previously described a CBDC as a largely unnecessary project.

For the forces that control our money, a CBDC had once been understood as too risky an endeavor, as it could act as too much of a stick and not enough of a carrot.

After all, the system was working as intended, as a means to reward the individuals and organizations closest to the money making machine and protect their immense, growing financial privilege.

In the past, when the going got tough, the people in charge could always create more money and use it bolster their control and devalue the power of everyone else. Unlike the more ambitious CBDC projects in continental Europe and Asia, the American power brokers never seemed to be super enthusiastic about the idea of the government (and government-sanctioned oligarch partners) having such a strong grip over the Dollar on/off switch. 

In recent weeks, however, times have changed. Wall St and Washington is backed into a corner, America is now faced with the prospect of a burgeoning financial contagion, and financial markets are showcasing global ramifications.

See the rest here

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Doug Casey’s Top 4 Predictions for 2023 – International Man

Posted by M. C. on December 26, 2022

It’s a border war between two shithole countries in a region where wars like this have been going on for a thousand years. Russia actually has a very good historical case for reacquiring the Donbas and Crimea, and that’s all they wanted to start with. But the situation has gotten out of control—courtesy of the US Deep State.

by Doug Casey

International Man: What important trends do you see unfolding in 2023?

Doug Casey: Perhaps the biggest turning point in recent modern history will turn out to be 2020. Governments and their minions found novel ways to gain huge amounts of control. These things were well underway before 2020, but since Covid, they’ve all gone hyperbolic. That trend will accelerate this year—albeit with some much-delayed pushback.

Four areas stand out.

First, a relatively inconsequential flu, followed by a vaccine hysteria, got far more voluntary compliance to all manner of extreme measures than most anyone could have imagined. The powers that be found that the public is vastly more likely to do as they’re told if the rationale is health rather than politics, ideology, economics, or the like. So we can count on many replays of this tune, including mandatory vaccine passports and lockdowns.

Second, the drumbeat against the newly-minted enemy element, carbon, has reached manic levels. A substantial part of the population, and a large majority of youth, have been convinced that Global Warming will destroy the planet unless we go Green, stop using fossil fuels, and attempt to run an industrial civilization on windmills and sunshine. It stands a chance of destroying civilization.

Third, central banks are racing to impose CBDCs, while governments run multi-trillion dollar deficits and bailouts, doubling and tripling debt levels with little discussion. This is unprecedented.

Fourth, the widespread acceptance of Wokism, racial quotas, aggressive LBGT++ promotion, ESG, and DIE. There are serious discussions of race reparation payments and a Guaranteed Annual Income. It’s part of an accelerated general collapse of traditional moral values.

What’s happening will, I think, be seen as a turning point greater than either WW1 or WW2. And there’s an excellent chance we’re looking at something akin to WW3 in the bargain. I don’t doubt that the era before 2020 will soon be referred to as the “Before Times,” a phrase that’s been used in dystopian science fiction. And the future could resemble dystopian sci-fi.

The future is what this discussion is about. But I’m not a fortuneteller and don’t have a crystal ball. All I can do is look at the facts. Ideally, facts that not everybody is paying attention to—interpreted through a lens that not everybody else is using.

Let’s briefly run down trends in the major markets.

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Beware “Biden Bucks”

Posted by M. C. on September 30, 2022

This is an ad for a wealth preservation plan. I cannot comment on the veracity of the plan as I couldn’t make it that far through the ad. That said I believe the description of the horror that is Central Bank Digital Currency (CBDC) is likely accurate.

You need only listen until the repetition starts.

Beware “Biden Bucks”

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Rep. Emmer: “Financial privacy is the definition of freedom”

Posted by M. C. on February 10, 2022

This year Congressman Emmer proposed a bill to limit the Fed’s ability to issue its own digital currency. He says that a CBDC is an Orwellian surveillance tool, and that we should not be trying to emulate China. He has been an outspoken advocate for financial privacy, and so we chatted to him about cryptocurrencies, and whether the SEC and Fed are taking us down a dangerous path.…

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Fed FINALLY Issues CBDC guidance… It’s as bad as you think

Posted by M. C. on January 23, 2022

UK takes advantage of public ignorance to blast end to end incryption.

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Bank for International Settlements (BIS) Chief Talks ‘Absolute Control’ of Money

Posted by M. C. on July 16, 2021

Central banks and governments do have some powerful levers to pull.

It is easy to imagine government transfer payments being converted to digital currency. Social Security, Medicare, welfare, food stamps, and other benefits could be paid using the new CBDC.

by Clint Siegner

The General Manager of the Bank for International Settlements – the central bank of central bankers – is planning for “absolute control” of the money we all spend.

bank for international settlements (bis) chief talks 'absolute control'

Augustin Carstens recently gave a talk entitled “Cross Border Payment: A Vision for the Future” in which he outlined the problem as central planners see it, as well as their solution.

“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.”

Carstens views CBDC, Central Bank Digital Currency, as a tool for eliminating privacy and for central bankers to force citizens to use currency exactly when, where, and how they are told.

Dozens of central banks around the world are working on CBDCs, including the Federal Reserve. The effort represents a major escalation in the War on Cash.

It is one thing to discourage people from using cash.

It is something else entirely to introduce digital money which gives bureaucrats the power to monitor and control the spending of everyone who adopts it.

Novel ideas are already being floated. For example, the Federal Reserve could issue stimulus funds with an expiration date, forcing people to spend rather than save.

Officials could limit spending to certain geographic boundaries, and thereby impose a restriction on travel. They could pick winners and losers, favoring some merchants or industries or crushing others.

The only fly in the ointment is that mistrust in government is rising quickly in the US. Getting people who fear giving officials that much control and who care about privacy to adopt the new digital money could be a challenge. Many will actively seek alternatives, such as Bitcoin or gold.

Central banks and governments do have some powerful levers to pull.

It is easy to imagine government transfer payments being converted to digital currency. Social Security, Medicare, welfare, food stamps, and other benefits could be paid using the new CBDC.

Government could also insist vendors and contractors take payment exclusively in the new token.

We can also expect plenty of assurances from people like Carstens. They will promise to be fair and protect people’s liberty.

They will say the goal is to make central bank policy work better for everyone. They will also insist they are trying to protect society from criminals, tax cheats, money launderers, and terrorists.

The only question is whether the public will buy what central bankers are selling.

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