Countdown To The Digital Dollar (CDBCs) Could Come Faster Than Expected

By Kevin • April 4, 2022 1:54 pm • Comments

The mention of central bank digital currencies have been mentioned many times already with over 90 central banks around the world currently experimenting with them.

When you combine all of these central banks together, it accounts for the majority of the global GDP and would be a major financial shift for the world.

Reasons for doing this which have been mentioned by the central banks would be things like eliminating money laundering, but would also come at the loss of privacy and control of your money.

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Essentially, CDBCs could give central banks the ability to control your finances in ways that they weren’t able to before because everything would now have a record.

zeroHedge reports:

CBDCs would allow control freak, power mad central planners to do much more than spy and surveil your financial transactions. CBDCs would allow them to control how and when you spend your money.

This may sound crazy to a sane person, who operates with a modicum of modesty and integrity. But, in truth, this is one of the main intents of CBDCs. In fact, several years ago Bank for International Settlements General Manager Agustin Carstens outlined the extraordinary powers CBDCs would afford central planners. Here are the particulars from Carstens himself:

“There is a huge difference [between CBDC and cash]. For example, with cash we don’t know who’s using a 100 dollar bill today.

We don’t know who’s using a 1,000 peso bill today. A key difference with the CBDC is the central bank will have absolute control under rules and regulations that will determine the use of that expression of central bank liability, and we will have the technology to enforce that.”

The executive order from Biden earlier in the year would most likely accelerate the development of these CDBCs which would lead to the creation of the digital dollar.

With the creation of the digital dollar, rules would be able to be applied to the currency itself such as controlling the ways and where it could be spent.

Essentially, the Federal Reserve would have even more power than they have today and by extension greater control of the nation’s economy.

So far, there are predictions from investors and interested parties that the rise of this new dollar may be much sooner than expected given that a government default is expected to come soon.

zeroHedge shares details:

The U.S. government has (unofficially) defaulted on its debt twice within the last hundred years.

Executive Order 6102 of 1933, which forced all American citizens to turn in gold coins and bars, was, in fact, a default. Gold ownership in the United States, with some small limitations, was illegal for the next 40 years.

The second default occurred in 1971, when President Nixon “temporarily” suspended the convertibility of the dollar into gold.

In both instances, the U.S. government didn’t overtly default on the debt. Instead, it changed the fundamentals – the terms and conditions – of the dollar. By all honest accounts, these are defaults.

Similarly, the issuance of a digital dollar (a Fed issued CBDC), which is traceable and programmable, changes the terms and conditions of the cash dollar.

Based on the passing of Biden’s executive order, some are even estimating that this could come within the next 360 days which is much sooner than expected.

The impacts of this to the economy, if this actually happens, is still largely unknown, but it is clear that the rise of digital assets is inevitable at this point.

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