Biden Accelerating Central Bank Digital Currency
Biden is putting the pedal to the metal for a Central Bank digital currency. Time to fortify your gold and silver position!
Suppose the government wants to ration gasoline or anything else. Suppose it wanted to stop anyone who disagrees with it from traveling. Suppose it wants to devalue the currency or impose a new tax. Suppose it wants to know everything you do.
That’s when a new Federal Reserve digital currency will come in handy! So, to add to its long record of accomplishments – like the Afghan withdrawal, double-digit inflation, and the border mess – the Biden team is pushing hard on creating a new Central Bank Digital Currency.
The White House is publicizing it as just another part of Biden’s “vision.”
Here is the latest from the Associated Press:
WASHINGTON (9/16/2022) – The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.
The White House said on Friday that after President Joe Biden issued an executive order in March calling on agencies to look at ways to regulate digital assets, the agencies came up with nine reports, covering cryptocurrency impacts on financial markets, the environment, innovation and other elements of the economic system.
Treasury Secretary Janet Yellen said one Treasury recommendation is that the U.S. “advance policy and technical work on a potential central bank digital currency, or CBDC, so that the United States is prepared if CBDC is determined to be in the national interest.”
“Right now, some aspects of our current payment system are too slow or too expensive,” Yellen said on a Thursday call with reporters laying out some of the findings of the reports.
Central bank digital currencies differ from existing digital money available to the general public, such as the balance in a bank account, because they would be a direct liability of the Federal Reserve, not a commercial bank. According to the Atlantic Council nonpartisan think tank, 105 countries already are exploring or have created a central bank digital currency. The council found that the U.S. and the U.K. are far behind in creating a digital dollar or its equivalent.
Treasury, the Justice Department, the Consumer Finance Protection Bureau, the Securities and Exchange Commission and other agencies were tasked with contributing to reports that would address various concerns about the risks, development and usage of digital assets. Several reports will come out in the next weeks and months.
The US government has been at war with cash for some time. For example, it imposes burdensome and often quite ridiculous restraint on the use of cases, including needless reporting requirements and even a presumption that cash transactions are necessarily indicative of criminal behavior.
The reality is that in an age of widespread identity theft and large-scale computer hacking, cash may be a preferred way for one to protect his privacy from the prying eyes of criminals.
But the objective of a central bank digital currency is the complete elimination of physical cash for any transaction. It seeks the state’s total surveillance of each individual and every commercial activity.
It is a dagger aimed right at the heart of American freedom.
Your single best defense against a central bank digital currency is the ownership of physical gold and silver, the world’s most enduring monetary assets that you have in your physical possession.