Biden's Central Bank Digital Currency (CBDC) Is Not Needed

 

The private market has already resolved the issue of making instant international payments any time or day of the year.  So why is Joe Biden pushing for the U.S. federal government to create a Central Bank Digital Currency (CBDC) under the guise of providing functionality that already exists in the private market? The answer is simple — control over every cent Americans own, make, donate, or spend. Fortunately, some in Congress are working to stop Biden’s CBDC financial surveillance scheme.  Take a moment right now to demand Congress bring HR 1122, the CBDC Anti-Surveillance Act, to the floor for a full vote ASAP, before Biden can implement his Chinese Communist Party (CCP)-like financial control plan.  Then read on for the news. — Mat Demand Congress VOTE YES on HR 1122, the CBDC Anti-Surveillance Act!

Friend,
 

Prior to the rise of blockchain-based cryptocurrencies like bitcoin, any international payments originating from the U.S. had to be made through the Federal Reserve, a process that takes up to five full business days.

This is true for small purchases, for instance, a 150-dollar purchase from a Croatian artist, as well as for major international corporations, like a shipping conglomerate sending 500 million dollars to a customer in another country.

Those in Washington, D.C., pushing the FedNow CBDC claim the government needs a CBDC that allows for instant payments, even international payments, 24/7/365. These proponents claim that because Communist China has already issued a CBDC, we must hurry and offer one.

Don’t let Joe Biden force a CCP-style CBDC on you!

However, technology already exists that allows for instant, any time payments for domestic and international use. 

Blockchain-based cryptocurrencies like bitcoin have made these types of payments possible for over a decade.

Further, this month Citibank announced it had developed its own tokenized crypto payment service, independent of the Federal Reserve, which also allows instant payments around the world.

The fact that even Citibank is now issuing such a payment system illustrates all too well that the economic rule of “efficient market hypothesis” (EMH) stands true, even in the digital age. EMH says that the private market always performs better than government intervention.

In this case, bitcoin, cryptocurrency creators, and more recently, Citibank, figured out how to solve the problem of delayed payments on their own, without government intervention.

So, if the private market has already developed a way in which to make instant international payments at any time, then why is Joe Biden pushing for the federal government to create a CBDC under the guise of providing functionality that already exists in the private market?

The answer is simple, and it’s the same reason China developed its CBDC — CONTROL.

STOP Joe Biden’s financial surveillance scheme!

Cryptocurrencies like bitcoin are completely private, meaning that neither your bank nor the federal government can snoop on, sanction, or seize your financial transactions.

But by issuing a CBDC, the federal government becomes your direct bank. 

No longer will the feds need a warrant to snoop on your bank account, as your bank will automatically see and control every cent you have.

The Chinese Communist Party long ago launched its CBDC. 

The CCP does its citizens’ budgeting for them. 

Each individual’s money is allocated as the CCP directs. 

A certain amount of money is allocated to each CCP-approved category. If a citizen spends what the CCP feels is too much on transportation, the CCP prevents them from spending their own money on a taxi or train ride — even if the citizen has sufficient money in their account.

The CCP also enforces other control measures on its people. Citizens who regularly and openly praise the CCP are awarded financial bonuses, extra funds, and low interest rates, whereas those who criticize the CCP have money withdrawn or seized from their accounts, and are unable to apply for loans, etc.

Despite claiming he’s only sending the IRS after “the rich” to “pay their fair share,” Joe Biden already tried to demand his IRS have full access to any bank account that receives or spends just 600 dollars per year. 

A massive outcry stopped that bad bit of business, but Biden remains unrepentant.

Now the administration is insisting that online resale websites report customers who transact as little as 600 dollars per year. So, if you had season tickets for a football team, and decided to sell the seats for a game you could not attend, Joe Biden wants the IRS to know that and potentially take adverse action.

Once in place, Biden — or any other tyrant occupying the Oval Office — will have unlimited access to spy on and control your finances.

Biden’s fellow CBDC proponents claim that the U.S. must issue a CBDC now to keep up with China. 

But that is only true if our government’s idea of “keeping up” with China includes controlling the American people like the CCP controls Chinese citizens.

Fax Congress NOW and demand they VOTE YES on HR 1122: VOTE YES on HR 1122 — the CBDC Anti-Surveillance State Act!
 

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Mat Staver
Founder and Chairman
Liberty Counsel
 

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Sources:

Dales, Shadd. “Citibank Bets Big on a New Golden Age of Digital Payments with New Token Service - Citigroup (NYSE:C).” Benzinga, September 19, 2023. www.benzinga.com/23/09/34739873/citibank-bets-big-on-a-new-golden-age-of-digital-payments-with-new-token-service.
‌“Emmer Reintroduces CBDC Anti-Surveillance State Act.” Congressman Tom Emmer, September 12, 2023. emmer.house.gov/press-releases?ID=AF7974C8-BAD5-4082-9E77-29A6D7EA5915.
“Executive Order on Ensuring Responsible Development of Digital Assets.” The White House, March 9, 2022. Whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/. 
“Overview of 2023 1099-K Regulations.” StubHub. Accessed September 28, 2023. https://support.stubhub.com/en/support/solutions/articles/61000276811-overview-of-2022-1099-k-regulations.  

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