Tag Archives: U.S. Central Bank Digital Currency (CBDC)

Moving To Protect Americans’ Money

Posted on by

On Wednesday, The Washington Examiner reported:

House Republicans have advanced a bill that would stop the Federal Reserve from issuing digital currency, sending the legislation to the House for a vote.

The House Financial Services Committee voted Wednesday to advance the legislation, which was sponsored by Rep. Tom Emmer (R-MN). The bill is dubbed the Central Bank Digital Currency Anti-Surveillance State Act. It won support from Republicans and drew opposition from some Democrats on the committee.

If you want the government to have full control over how much money you have and how you spend it, Central Bank Digital Currency is for you. It is one of the worst ideas to come along in a long time.

The article notes:

“The CBDC Anti-Surveillance State Act underscores that fact and protects Americans’ privacy and our financial system from the risks a CBDC would pose,” said committee Chairman Patrick McHenry (R-NC). “It builds on the principles that Republicans developed last Congress to guide our evaluation of a potential CBDC.

“The bill, led by Whip Emmer, emphasizes those principles and ensures that the Federal Reserve cannot issue a CBDC without congressional approval,” he added.

Democrats, though, blasted the legislation as being antithetical to innovation and competition.

“Unfortunately, this bill, which I will call the CBDC anti-innovation act … would commonly shut down important work the Fed is doing to research a potential U.S. CBDC,” said the committee’s Ranking Member Maxine Waters (D-CA). “Instead of taking steps to ensure the United States wins the digital currency space race against emerging powers like China, Republicans are making baseless attacks against the CBDC that does not even exist.”

Remember, the Democrats are the people who want to control the car you drive and the stove you cook on. They are the last people I want to control my income and my spending.

Dangers of Digital Currency

Posted on by

Author: R. Alan Harrop, Ph.D

Given the harsh reality that today’s Democrat Party follows Marxist principles which will destroy this country as we have known it, the best starting point is to oppose any new initiative coming from the Biden regime. Their newest, and arguably, the most destructive of their many destructive policies is that of a digital currency. They are currently “testing the waters” so to speak and we must not allow them to implement this
idea. There are many reasons to oppose a digital dollar; here are a few of them.

According to the Biden regime, a digital form of currency (Central Bank Digital Currency, CBDC) would be issued and controlled by the Federal Reserve and replace paper money in most if not all transactions. To a great number of people, myself included, who rely very heavily on their credit cards for most financial transactions this may seem to be a logical step. But it is much more. First, a digital currency would be totally
controlled by the Federal Reserve which is an agency frought with many problems since its inception in 1913, but most importantly the people do not control or select its members. We cannot vote them out of office if we so desired, consequently we lose control over our money system. Very bad idea. Second, digital currency
is not backed by any tangible asset that has inherent value such as gold, silver, oil, etc. Third, and this is critical, the government would not only be able to track all your expenditures but would be able to stop or limit you from purchasing items they do not think you should have. Like gasoline powered cars, meat, gas stoves, guns, ammunition to name just a few.. Why in the name of all that is holy, would any sane person want to give the government total control over your finances? Without the ability to spend what you want on whatever you want, you have lost your freedom. Period. No wonder Marxist governments like China are moving towards digital currency. Fourth, the money you have accumulated can be lost if the system is either hacked or is compromised by an attack on the electrical grid. We all know how totally preventing this type of hacking is already not possible. Fifth, say you wanted to go to a local bank (most of which will be eliminated) and withdraw some cash. Sorry, you will no longer be able to do so.

You must stay abreast of what is going on with digital currency and let your elected officials know that you are opposed and want it stopped. Like all destructive Marxist social programs (e.g. Medicaid) the Democrats will try to sell this idea with phony advantages. Do not be fooled. This is one of the most, if not the most destructive Marxist ideas and the Republican controlled U.S. House of Representatives must block
digital currency, if our country is to survive

 

The Latest Executive Order

Posted on by

On Thursday, The Epoch Times posted an article about a recent Executive Order issued by President Biden.

The article reports:

President Joe Biden’s Wednesday executive order on cryptocurrency outlines a range of new policy objectives and measures, including language on the climate-related effects of cryptocurrencies and on the potential for a U.S. central bank digital currency (CBDC).

“We must take strong steps to reduce the risks that digital assets could pose to … climate change and pollution,” the executive order states; “climate change and pollution” come at the end of a long list of prospective dangers.

Section 5 of the EO, “Measures to Protect Consumers, Investors, and Businesses,” includes a subsection, (b) vii, telling the Director of the White House Office of Science and Technology Policy (OSTP) to lead work on an interagency report examining climate and energy concerns around cryptocurrency.

The OSTP is currently led by Alondra Nelson, a social science professor at the Institute of Advanced Study with a doctorate in American studies, who has been a member of the World Economic Forum’s Network on AI, IoT, and The Future of Trust.

The article also reports:

Peter St Onge, a research fellow in economic policy at the Heritage Foundation who studies cryptocurrency, told The Epoch Times that the EO’s language on climate and energy use was less aggressive than many in the cryptocurrency community had feared.

“It looked almost like a throwaway line, given how many activists have been attacking on those vectors,” he said. “Overall, they’ve demoted that in their rank of concerns.”

He agreed that the Biden administration could be shifting its rhetoric or policy focus from climate in light of surging energy prices.

St Onge said he is both surprised and concerned by the EO’s discussion of a future digital dollar, subject of EO Section 4.

It states: “The Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.”

There are a few things that concern me about this. The World Economic Forum (WEF) is not America’s friend. These are the one-world government people who want to take away America’s sovereignty. The fact that the White House Office of Science and Technology Policy (OSTP) is currently led by someone with ties to the  WEF is not comforting to me. At the present time, digital currency has enough anonymity to protect the holders of the currency. However, there is also the potential that a digital currency could be used to set up a social credits system similar to the one currently used in China. To sum it up, I really don’t like the direction in which this is going.