Posted on 04/09/2023 11:25:47 AM PDT by E. Pluribus Unum
Like the global de-dollarization campaign, the rise of central bank digital currencies (CBDCs) might turn out to be the biggest long-term threat to America’s fabric. Across the globe, CBDCs have been gaining exceptional popularity, and many experts aver that the United States needs to catch up to its peers, particularly China. But while the White House and the Federal Reserve are putting the pedal to the metal on the digitization of the dollar, one prominent think tank warns it could leave Americans’ “core freedoms” vulnerable.
Cato: Beware CBDCs
CBDC proponents have asserted that employing these monetary instruments provides a broad array of benefits, from technological innovation to faster payment speeds. However, a new report by Cato Institute, a conservative-libertarian hybrid think tank, contends that a government-issued digital currency imposes considerable costs on the American people. According to the paper by Nicholas Anthony and Norbert Michel, CBDCs threaten the US economic system. Moreover, researchers concluded that a digital dollar would “endanger Americans’ core freedoms” and possess zero upsides for financial privacy or personal liberty.
“As entrenched as this effort may already be, a U.S. CBDC would ultimately usurp the private sector and endanger Americans’ core freedoms,” the report stated. “Therefore, it should have no place in the American economy. Congress should explicitly prohibit the Federal Reserve and the Department of the Treasury from issuing a CBDC in any form.”
Despite the consternation surrounding CBDCs, they are becoming more prevalent worldwide. It is estimated that more than 100 nations are studying, experimenting, and implementing digital versions of their currencies. The one positive component in this global development has been the lackluster adoption rates, based on data and reports from places like China and Nigeria. So, how would consumers respond if the US offered digital alternatives to Benjamin Franklins and Thomas Jeffersons?
(Excerpt) Read more at libertynation.com ...
many experts aver that the United States needs to catch up to its peers, particularly China where economic freedom is an evil concept like everything else in Xi Land not part of Xi Thought.
I will not partake in this. Should be fun.
Sovereign Cashless digital currency is the single most evil instrument ever devised……brought to you by senile Joe and his bunch.
Want to buy a gun? Purchase denied, Ammo? Denied. Wrong political or religious affiliation? All purchases denied…..refuse to take a risky vax? All purchases denied till you do……
As an expert, I can say with certainty that China is if not in chaos, then in serious and untenable disruption.
I will argue that in China what is at stake is relatively recent and very widely spread prosperity. Xi is killing the prosperity engine. many young people are resisting by just quitting, opting out, lying flat.
Having invested their savings in real eatate, the national wealth is destroyed, poof, gone. A reckoning is ciming, a terrible reckoning.
This finding is based on many many observations of multiple sources coming directly out of China
If it is a threat, Biden will embrace it
It must be understood clearly and objectively that the single greatest threat to this nation is not its enemies on foreign shores but the power mad zealots who seek to control every aspect of our lives.
oh so easy
to completely cancel you
“oh so easy
to completely cancel you”
The path to freedom will be your nearest dumpster...
Digital money allows a faceless tyrant to erase all of your monetary holdings in an instant. You won’t even know who did it, why they did it, or how you can reclaim your monetary assets. Who did it? How can they be contacted?
Can they reverse it?
With one delete key over your highlighted money balance, executed by a faceless tyrant, you could not buy anything, including buy food, pay rent, pay utilities, buy gasoline or the hundreds of other things regularly bought by consumers.
You and your entire family could starve to death, in the cold, before any of this could be reversed.
Go to court? You might not live long enough until a court date. How could you get to a courthouse without transportation? Your car has been repossessed and you have no money to even buy a candy bar.
NOBODY CAN EVEN LOAN YOU EMERGENCY MONEY IF EVERYTHING IS DIGITAL.
Which is why they want to do it.
And when the power goes down, it ALL disappears.
Yeah that is what I’m reading/hearing.
Chinese investors seem to be making up for some of it by buying up US and Canadian real estate. But is it private or CCP directed? Who knows.
p
One more step to a one world government. And people laughed at those of us saying this 40 years ago.
The bank runs, no cash in the banks, customers locked out of accounts or disappearing accounts?
At least 100,000,000 military age men, with no hope of finding a wife, due to the former "one child policy"?
War is the answer, of course./sarc
Freedoms just another word for nothing left to lose.
As a person who has cone bookkeeping/accounting for over 65 years, I am baffled about HOW ANY entity will do their record keeping.
IRS demands that you have your details for 7 ++ years.
IF it is ALL electronic-—HOW do we do that???
As a person who has done bookkeeping/accounting for over 65 years, I am baffled about HOW ANY entity will do their record keeping.
IRS demands that you have your details for 7 ++ years.
IF it is ALL electronic-—HOW do we do that???
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