Biden Advances Plans for Americans to No Longer Own Money
President Joe Biden and the Federal Reserve are working to create a central bank-controlled digital currency that would eliminate physical cash and allow the government to monitor and control citizens' financial transactions. This move is highly concerning as it would take away Americans' ability to own their own money and give the government even more power over people's lives.
Biden's push for a digital currency should not come as a surprise given his administration's track record of expanding government control and regulation. The creation of a programmable, trackable digital dollar is a major step towards a cashless society, which could have disastrous consequences for individual freedom and privacy.
It is concerning that the government is taking such an active role in developing a digital currency that would allow them to monitor and control citizens' financial transactions. This would make it easier for the government to track people's spending habits, and could lead to increased surveillance and potential abuse of power.
The Biden administration's executive order in March 2022 that directed federal agencies to crack down on digital assets and popular cryptocurrencies is a clear indication of their intentions. This order not only threatens the future of cryptocurrencies but also sets the stage for the introduction of a government-controlled digital currency.
The creation of a central bank digital currency is a radical departure from the existing financial system and could have far-reaching implications for the global economy. It is crucial that the government takes a cautious approach and carefully considers the potential risks and benefits of such a system.
A central bank digital currency would not be a digital version of the existing paper-based dollar but rather an entirely new currency that would exist exclusively in an electronic, non-physical form. This means that citizens would no longer have the option to hold physical cash, which could pose significant problems in the event of a financial crisis or other emergency.
Unlike traditional currencies that are backed by gold or other physical assets, a central bank digital currency would have no physical counterpart. This means that its value would be determined solely by the government's willingness to accept it as payment, which could lead to instability and uncertainty in the financial markets.
The completion of the CBDC reports by the White House in September 2022 is a clear indication that the Biden administration is moving forward with its plans to create a government-controlled digital currency. The fact that they have developed "policy objectives" for a U.S. CBDC system is alarming and suggests that they are determined to push forward with this plan regardless of any potential risks or consequences.
The fact that Biden has directed various departments and agencies to "meet regularly" with the Federal Reserve to further design a potential CBDC is also concerning. This suggests that the government is actively working to create a system that would give them even more control over citizens' finances and personal lives.
The government's efforts to advance the creation of a CBDC should be a cause for concern for all Americans. A government-controlled digital currency would give the government unprecedented power over citizens' financial transactions and could have far-reaching implications for individual freedom and privacy. It is crucial that citizens remain vigilant and hold their elected officials accountable to ensure that their rights and freedoms are protected.
