MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘Central Bank Digital Currency’

Digital Tyranny: Beware of the Government’s Push for a Digital Currency

Posted by M. C. on March 16, 2022

For instance, three weeks before the Biden Administration made headlines with its support for a government-issued digital currency, the FBI and the Justice Department quietly moved ahead with plans for a cryptocurrency enforcement team (translation: digital money cops),

Short of returning to a pre-technological, Luddite age, there’s really no way to pull this horse back now that it’s left the gate. To our detriment, we have virtually no control over who accesses our private information, how it is stored, or how it is used. And in terms of our bargaining power over digital privacy rights, we have been reduced to a pitiful, unenviable position in which we can only hope and trust that those in power will treat our information with respect.

At a minimum, before any kind of digital currency is adopted, we need stricter laws on data privacy and an Electronic Bill of Rights that protects “we the people” from predatory surveillance and data-mining business practices by the government and its corporate partners.

https://www.rutherford.org/publications_resources/john_whiteheads_commentary/digital_tyranny_beware_of_the_governments_push_for_a_digital_currency

By John W. Whitehead & Nisha Whitehead

“The greatest tyrannies are always perpetrated in the name of the noblest causes.”—Thomas Paine

The government wants your money.

It will beg, steal or borrow if necessary, but it wants your money any way it can get it.

The government’s schemes to swindle, cheat, scam, and generally defraud taxpayers of their hard-earned dollars have run the gamut from wasteful pork barrel legislation, cronyism and graft to asset forfeiture, costly stimulus packages, and a national security complex that continues to undermine our freedoms while failing to making us any safer.

Americans have also been made to pay through the nose for the government’s endless wars, subsidization of foreign nations, military empire, welfare state, roads to nowhere, bloated workforce, secret agencies, fusion centers, private prisons, biometric databases, invasive technologies, arsenal of weapons, and every other budgetary line item that is contributing to the fast-growing wealth of the corporate elite at the expense of those who are barely making ends meet—that is, we the taxpayers.

This is what comes of those $1.5 trillion spending bills: someone’s got to foot the bill.

Because the government’s voracious appetite for money, power and control has grown out of control, its agents have devised other means of funding its excesses and adding to its largesse through taxes disguised as fines, taxes disguised as fees, and taxes disguised as tolls, tickets and penalties.

No matter how much money the government pulls in, it’s never enough, so the government has come up with a new plan to make it even easier for its agents to seize Americans’ bank accounts.

Make way for the digital dollar.

In an Executive Order issued on March 9, 2022, President Biden called for the federal government to consider establishing a “U.S. Central Bank Digital Currency (CBDC).”

Similar to cryptocurrencies such as Bitcoin, CBDCs would also be a form of digital money, but there the resemblance ends. If adopted, CBDCs would be issued by the Federal Reserve, the central banking system for the U.S. government. One CBDC digital dollar would equal the value of a physical dollar. And like the physical dollar, which ceased to be backed by gold more than 50 years ago, the CBDC would be considered a government-issued fiat currency that is backed by the strength and credit of the U.S. government. (Of course, that’s not saying much considering that much of the time, the U.S. government operates in the red.)

Although government agencies have six months to weigh in on the advantages and disadvantages of a centralized digital currency, it’s as good as a done deal.

For instance, three weeks before the Biden Administration made headlines with its support for a government-issued digital currency, the FBI and the Justice Department quietly moved ahead with plans for a cryptocurrency enforcement team (translation: digital money cops), a virtual asset exploitation unit tasked with investigating crypto crimes and seizing virtual assets, and a crypto czar to oversee it all.

No surprises here, of course.

This is how the government operates: by giving us tools to make our lives “easier” while, in the process, making it easier for the government to track, control and punish the citizenry.

See the rest here

Be seeing you

Posted in Uncategorized | Tagged: , , , , | Leave a Comment »

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.

https://humansarefree.com/2021/07/bis-chief-talks-absolute-control-of-money.html

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.

Be seeing you

Posted in Uncategorized | Tagged: , , , | 2 Comments »