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Friend,
As a policy analyst for the Cato Institute’s Center for Monetary and Financial Alternatives, Nick Anthony has studied CBDCs extensively.
“Central Bank Digital Currency is a digital national currency that is a direct liability of the central bank,” Anthony says. “That’s a pretty technical way of saying it.”
“But a broader, more accessible way of understanding it is that a CBDC transforms the central bank into a sort of commercial bank, where people will be dealing with it directly, or through a couple of steps so that the central bank has eyes on what you’re doing, how you’re spending your money.”
In other words, the federal government will monitor every transaction and will be able to veto any or all financial transactions.
Protect YOUR financial privacy! Tell Congress to VOTE YES on HR 1122, HR 3712, & S 887!
In his studies, Anthony says he has “walked through the benefits that a lot of proponents cite, and those include financial inclusion, faster payments, maintaining the world’s reserve currency, and improving monetary and fiscal policy. When I dive into those topics, I really don’t see a CBDC as a solution.”
Why? Because the benefits CBDCs generate simply aren’t worth the risks.
“Unfortunately, I see them [CBDCs] presenting very real risks in terms of financial privacy, financial freedom, and even as broadly as cybersecurity for the larger economy,” says Anthony.
“When I weigh those against the benefits, I really see CBDCs as a net cost, even though they’ve gained so much attention from both central bankers and private sector contractors around the world.”
Certainly, there are privacy concerns.
When the U.S. government becomes your direct banker, the government can spy on your every financial transaction.
Worse yet, the government can control your spending.
In China, where CBDCs are already used, the Chinese Communist Party (CCP) earmarks private funds, only allowing citizens to spend their money as the CCP demands or allows, not as the citizen desires.
If the CCP determines you have used too much gasoline, for instance, they simply prevent your funds from being used to purchase gas.
And of course, contributions to Christians churches (those labeled a “cult”) are forbidden.
No government control of our finances!
A risk to national security ...
But there are also risks that severely endanger national security.
The U.S. government has traditionally done an abysmal job on technology.
Many government websites and systems continue to operate on old coding technology.
Multiple government websites and databases have also been hacked over the years, illustrating serious potential national security risks.
Imagine if our entire monetary system were hacked.
Bad actors could freeze ALL CBDCs nationwide — not just for individuals, but for companies and the government as well.
No one in the country could spend money — not to buy groceries, pay employees, or settle international debts.
Our country would be instantly brought to its knees with just a few lines of code and the click of a button.
But Joe Biden really likes CBDCs for their ability to control the population.
This is, after all, the same president who recently tried to demand that his administration be able to see every single transaction from every single bank account in the United States that spent or received as little as 600 dollars per year.
Public outcry and congressional pressure initially stopped Biden’s ploy.
But Executive Order 14607 doubles down on the tyranny, ordering the Federal Reserve to create a CBDC that will allow Biden and his cronies to spy on every penny you receive or spend.
We cannot give up our financial privacy or control of our own futures to Joe Biden or any other president.
The risks are simply too great!
Join me now in demanding Congress VOTE YES on HR 1122, HR 3712 and S 887!
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Mat Staver
Founder and Chairman
Liberty Counsel
Sources:
Field, James. “The Mixed Blessing of CBDCs.” CoinGeek, August 21, 2023. Coingeek.com/the-mixed-blessing-of-cbdcs/.
Kolinovsky, Sarah, and Trish Turner. “Biden Admin Backs down on Tracking Bank Accounts with over $600 Annual Transactions.” ABC News, October 19, 2021. Abcnews.go.com/Politics/biden-admin-backs-tracking-bank-accounts-600-annual/story?id=80665505/.
Lord, Nate. “Top 10 Biggest Government Data Breaches of All Time in the U.S.” Digital Guardian, October 6, 2020. Digitalguardian.com/blog/top-10-biggest-us-government-data-breaches-all-time.
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