flower-shilling

Central Bank Digital Currency (CBDC)

Smithys Bullion - FINE GOLD AND SILVER
Authored by Paul Joseph Watson via Summit News,

Rich Dad Poor Dad author Robert Kiyosaki has warned that the launch of ?dystopian? CBDCs will allow the federal government to track all purchases.

With eleven countries having already launched Central Bank Digital Currencies, the Federal Reserve recently released a paper on how a digital dollar might be implemented in the United States.

However, respondents to the idea have expressed concerns about the total elimination of cash as a payment option and government control over an individual?s finances.

During a a recent episode of The Rich Dad podcast, Kiyosaki cautioned that CBDCs would open the door for an unprecedented level of surveillance of Americans.

    ?The major apprehension with FedCoin, the CBDC, is that it erodes our privacy. By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources,? said Kiyosaki.

    ?In essence, it replicates George Orwell?s dystopian society depicted in 1984. Big Brother will be constantly monitoring our financial activity, and this is precisely the problem with central bank digital currency, or the Fed Coin,? he added.

    ?As an individual, I become nervous at the thought of this. I do not want them to monitor my every transaction or be privy to my spending habits. It is a violation of my privacy, and they have no business knowing how I choose to allocate my resources,? the author warned.

Reflecting such concerns, Rep. Tom Emmer (R-MN) introduced a bill that would ban the Federal Reserve from introducing CBDCs, as well as forcing the Fed to remain transparent with Congress on its research into the issue.

CBDCs are being promoted on the basis that they will increase financial freedom, yet critics have asserted that the system would empower the state to place limits on spending and decide what people were allowed to buy.

The amount an individual could save could also be controlled via negative saving rates programmed into savings accounts.
 
Negative rates don't concern me that much. Inflation tends to do the same thing with a failing currency. The biggest concern is lack of privacy and having an expiry date on our digital illusions. Nothing with hurt the average saver more than expiring currency.
 
it's nice to listen to people like this who see Bitcoin for what it is - a precursor to CBDCs. The moment it became mainstream and was touted as this wonderful decentralised currency, I knew what it's true purpose was. I knew the cabal would never allow a competing system like this to propagate unless they were behind it. I also knew they could've squashed it's inception at the snap of a finger but they let it run. It's so obvious that Bitcoin was a part of the agenda, and so many people became drunk on the idea simply because of it's casino factor.
 
In the USA, Majority Whip Tom Emmer introduced The CBDC Anti-Surveillance State Act which currently has 46 (Republican) co-sponsors. Not likely to become law given the Democratic party's control of the Senate and POTUS, but things can change.

September 20, 2023

Washington, D.C. – Today, the House Financial Services Committee considered Majority Whip Emmer’s (MN-06) CBDC Anti-Surveillance State Act. The bill was passed out of the Committee and reported favorably to the House floor during the markup session, an important step toward passing this legislation through Congress.

Transcript of Remarks:
Thank you, Chairman McHenry. I’m extremely proud to have this legislation, that frankly, I have been working on for three years at least, the CBDC Anti-Surveillance State Act, included in your markup today. It’s the first anti-central bank digital currency legislative effort introduced in the United States and for the past two Congresses, we’ve worked with my colleagues and with stakeholder groups to update, improve, and grow support for this bill. Today, this bill has the support of 60 Members of Congress and groups ranging from the Independent Community Bankers Association and American Bankers Association to Club for Growth, Heritage Action, and the Blockchain Association. We’ve come a long way.

This bill is simple: It halts the efforts of this Administrative State under President Biden from issuing a financial surveillance tool that will undermine the American way of life.

Unlike decentralized cryptocurrencies, a central bank digital currency is a digital form of sovereign currency that is designed and issued by a government and transacts on a digital ledger that is controlled by that government. In short, a central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans' transactions.

This is not just alarming – it’s downright un-American. We’ve already seen examples of governments weaponizing their financial system against their citizens.

In China, the Communist Party is using a central bank digital currency to track the spending habits of its citizens. The data is being used to create a social credit system that rewards or punishes people based on their behavior.

Closer to home in the Western Hemisphere, in Canada, the Trudeau Administration froze the bank accounts of individuals involved in the 2022 trucker protests. That might work in Canada, that doesn’t work here.

This appetite for financial surveillance may be gaining a stronghold, unfortunately, right here at home. The White House issued an Executive Order placing urgency on central bank digital currency research and development, and the agency reports to that executive order have made it clear that the Biden Administration is not only itching to create a CBDC, but they are willing to trade American’s right to financial privacy for a surveillance-style central bank digital currency.

We’re not going to let this happen. My bill ensures the United States digital currency policy is in the hands of the American people – not the Administrative State – so that it reflects our American values of privacy, individual sovereignty, and free market competitiveness.

American values. American values. This is what the future global digital economy needs. If not open, permissionless, and private – just like cash – a central bank digital currency is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life.

If China embraces it, you know it’s something worth standing against in this country.

I’d like to welcome all of my colleagues, on both sides of the aisle, to support this bill, which protects innovation and defends against an ever-expanding government surveillance state. Thank you again, Chairman McHenry and Congressman Hill for working with me on this legislation.

And I yield back the balance of my time.
Click to expand...

Background:
Since the 117th Congress, Whip Emmer has been leading the fight against any Federal Reserve-issued central bank digital currency (CBDC).

The CBDC Anti-Surveillance State Act prevents the Federal Reserve from issuing a CBDC directly to individuals, ensuring the Fed cannot mobilize into a retail bank able to collect personal financial information on Americans. It prohibits the Federal Reserve from indirectly issuing a CBDC to individuals through an intermediary, preventing the Federal Reserve from launching a retail CBDC via our two-tier financial system. Furthermore, the legislation makes it clear that the Federal Reserve and the U.S. Treasury lack the authority to issue a CBDC without Congressional authorization. The legislation prohibits the Federal Reserve from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy. Finally, the legislation aims to protect innovation and the development of any future digital cash that maintains the privacy protections of cash.

The bill is now co-sponsored by 60 of Whip Emmer’s Republican colleagues, including Members of the Financial Services Committee, Representatives French Hill (AR-02), Warren Davidson (OH-08), Byron Donalds (FL-19), Pete Sessions (TX-32), Young Kim (CA-40), William Timmons (SC-04), Ralph Norman (SC-05), Barry Loudermilk (GA-11), Bryan Steil (WI-01), Scott Fitzgerald (WI-05), Mike Flood (NE-01), Bill Posey (FL-08), Mike Lawler (NY-17), Andy Ogles (TN-05), Erin Houchin (IN-09), Andy Barr (KY-06), Roger Williams (TX-25), Ann Wagner (MO-02) and Bill Huizenga (MI-04).

You can read the bill in its entirety, here.
Click to expand...

emmer.house.gov

Emmer’s CBDC Anti-Surveillance State Act Passes Financial Services Committee

emmer.house.gov emmer.house.gov
 
Anyone else get the vibe that there's more to this Optus outage? I started thinking, maybe this is a step to consolidate and nationalise the telecom infrastructure, to have all traffic and data to go through a centralised node. That this relatively minor outage is just a test, or merely an introduction to an expanding future "crisis" to do with our telecommunications and internet service.

I like to pay attention to the language used by the MSM because it's rather revealing as to what mechanisms are at play, and what they want the public to believe:

**Under laws introduced in the fallout of the 2022 Optus cyber attack, Australian companies must report to the government within 72 hours if they believe they have experienced a cyber attack.**

"Maybe this incident will cause us to have a closer look at how we want to run this critical national infrastructure across multiple private companies,"

www.reuters.com

Optus outage causes chaos in Australia before services restored

Some 10 million Australians could not access the internet.
www.reuters.com www.reuters.com

-----

I can easily see how this disruption, along with future, more severe disruptions, could merely be a move towards considerable changes to our systems that would compliment and accommodate a Digital ID, CBDC and social credit system.

We'll likely learn more as the days progress but I smell a rat here and don't believe for a second It's a benign random occurrence.
 
You must log in or register to reply here.
Back
Top