President Joe Biden signed an executive order this week that moves the United States closer to a so-called “digital dollar,” and if that plan is throwing up warning signs, a financial analyst says there is a good reason to be concerned about your privacy and about government power.
On Wednesday, President Biden ordered the U.S. Treasury Dept. and numerous other agencies to study and report on the influence and oversight of so-called “cryptocurrencies,” such as Bitcoin.
In numerous news stories, the President’s order was described as “long awaited” by Wall Street and the financial sector. That is because the use of cryptocurrencies has skyrocketed but the federal government has been slow to catch up, a story by Reuters said.
Biden’s order to study the digital dollar – formally called a Central Bank Digital Currency – is not a surprise, either, since the U.S. Federal Reserve announced in January, in a 40-page report, it was studying the issue and was seeking public comment.
That announcement was also described as “long awaited” by financial experts, but just because it’s not new news doesn’t mean it’s not worrisome.
“A CBDC could fundamentally change the structure of the U.S. financial system,” the report itself states, “altering the roles and responsibilities of the private sector and the central bank.”
John Berlau, a financial expert at the Competitive Enterprise Institute, tells AFN the most glaring issue is who is controlling your bank account.
“With the Central Bank Digital Currency, the Fed would be your banker. The bank account would be with the Fed,” he says. “It would be a direct liability of the Fed instead of your private bank.”
Back in December, AFN reported a greatly-concerned financial industry helped derail the nomination of law professor Saule Omoarova, a Marxist who was seeking the post of Comptroller of the Currency at the Treasury Dept. Among her wishes, she has said American citizens’ private bank accounts should be transferred to the Federal Reserve.
After her nomination was withdrawn, Omarova complained to NPR that Republicans had unfairly “mischaracterized” her work and “demonized” her, but Sen. John Kennedy (R-La.) pointed out during a hearing she was writing Marxist-themed academic papers as recently as 2020. She was participating in a Marxist-themed Facebook group, too, he said.
According to Berlau, a powerful government that controls your bank account can monitor how you spend your money, too.
“Government has the power,” he warns, “to not only credit your digital account but debit — take away — if for some reason the government thinks you’re being a bad citizen.”
China’s citizens are witnessing that all-seeing power right now, Berlau points out, after China launched a digital form of the yuan in January.
China’s introduction to a digital yuan comes after its communist government launched a “Social Credit System” in 2014 that monitors citizens, and punishes them, for everything from purchasing too many video games to criticizing the government on social media.
In the Reuters story about Biden’s executive order, China’s digital currency is mentioned favorably. Many in Washington, D.C. are worried, the story says, because China has launched its digital currency and the U.S. needs to hurry to catch up to ensure the dollar remains the world’s reserve currency.
Copyright American Family News. Reprinted with permission.
This needs to be soundly denounced. Privacy aside—look at how well the government has managed its own money—do you really want them managing yours? We will go from being taxed to being robbed.
NOT just that, but with how damn near EVERY GOVT agency has been hacked, some times multiple instances, HOW DO THEY EVER expect digital banking/currency, to be seen as secure??
“The U.S. dollar is a “fiat” currency, and it is therefore not backed by any tangible commodity, but rather the “full faith and credit of the United States.”,,,,,so just who backs Crypto currency? The full faith and credit of guys like Biden, Putin, XI, or Soros?
“Soros got rich by manipulating the British pound to the point it almost destroyed the currency. On September 16th 1992, he made one of the most audacious trades in recent times when he bet an enormous sum of money against the British sterling. In the process, he pocketed over a billion dollars and brought the Bank of England to its knees.”
Cryptocurrency is just another scheme to do the same to the American dollar whose country now is being run by faithless self-serving traitors, whose credit of their worlds is as worthless as the credit and criminal performance of their deeds. First make the American dollar great again, and the making of America Great Again will soon follow. Put the dollar into the computer control of these imaginary evil crypt keepers, and our dead economy will soon follow into the crypt, along with your personal American right to privacy.
What he really seeks is to control spending, not the governments, but ordinary people’s, and be able to monitor that spending at the same time, no under the table digital currency! Unlike the Chinese and certain other countries many of us still believe that capitalism and free enterprise is how real economies can work most efficiently, government is alway a hindrance, this administration is doing its darndest to demonstrate that!
ITS control period.. CONTROL HOW much you have, what you can spend it on etc..
“In the Reuters story about Biden’s executive order, China’s digital currency is mentioned favorably”. Of course the Chinese Digital Currency “is mentioned favorably”, because Biden, his staff, the Democrats and the RINOS are all collaborative communists!!!!! Total control of the American people, right Joe and Barack?