In a February 2023 Senate Banking Committee hearing, Daleen Singh, Joe Biden’s former deputy director of the National Economic Council and deputy national security advisor at the National Security Council, admitted the administration was in “active pursuit of a digital dollar as a means to crowd out private cryptocurrencies” — for “national security” reasons, of course.
Answering questions from Sen. Elizabeth Warren regarding Biden’s executive orders on CBDC and government regulation of cryptocurrencies, Singh admitted that Biden’s order was “trying to push our government to launch a digital dollar, which I think is the single best step that we could take because it would crowd out the ecosystem of crypto.”
As you may recall, cryptocurrencies are permissionless and decentralized, meaning that no one can control or seize those funds. CBDCs, on the other hand, are nearly the exact opposite of cryptocurrencies. CBDCs are digital programmable dollars created and controlled by governments and their central banks, which allow those governments to control the value and spendability with a push of a button.
Said “dollars” can be shut off the moment a user has consumed too much gasoline or health care, or even if that person is a known political dissident, which is exactly how the Chinese Communist Party uses its CBDC.
During the committee hearing, Sen. Warren tried her best to characterize cryptocurrencies like Bitcoin as dangerous tools used only by terrorists, money launderers, and foreign governments seeking to avoid U.S. sanctions. Singh corrected Warren, informing her that cryptocurrency is not, in fact, being used to avoid U.S. government sanctions at scale.
Protect YOUR financial privacy and freedom! Demand Congress VOTE YES on HR 1122 and S 887.
We saw an example of what government can do with a CBDC when the Biden administration sanctioned four Israelis who, frustrated by Hamas’ activity in their own neighborhood, took matters into their own hands.
These four men were neither wealthy plutocrats nor government actors. Rather, they were simply frustrated and angered by the butchery Hamas continues to commit in their neighborhoods. One man attacked a Hamas member. Another started a near riot where Hamas property was burned. All four had already been investigated and prosecuted by the Israeli government. There was no reason for the U.S. to intervene.
But Joe Biden wants to placate the radical fringes within his own party, especially with Muslims voting in states like Michigan and Minnesota.
So, on February 1 — the very day Biden was to deliver a speech outside the Islamic stronghold of Dearborn, Michigan — the Biden administration chose to sanction the four Israeli men who acted out in anger against the terrorists who had butchered, kidnapped, and maimed their friends and families.
All funds and properties held in American institutions by these four Israeli men have been seized, and any attempt by any individual or institution to send them money will be blocked by the U.S. government.
The administration's actions against these private Israeli individuals are unprecedented in U.S. history. That leads one to wonder how else Biden and future control-minded administrations might use CBDCs.
Protect YOUR financial freedom! Tell Congress to VOTE YES on the CBDC Anti-Surveillance State Act!
When Bitcoin was invented in 2008, it was created to defeat the Chinese Communist Party’s ability to financially punish and control dissidents. Sixteen years later, it is beginning to appear that the world might need this protection from the current U.S. government as well.
That is, perhaps, exactly why Joe Biden, Sen. Warren, and others are seeking to eliminate cryptocurrencies while inventing and implementing their own programmable digital dollar — a Central Bank Digital Currency.
With a CBDC, the government can decide to sanction YOU and any of your activities that a particular administration does not like. In China, for instance, the CCP uses its CBDC to financially punish Christians (some of whom the CCP considers “cult” members) and dissidents who dare speak out against the regime.
In Sweden and the European Union, central banks are planning to use CBDCs to prevent citizens from saving more money than the government allows and/or from earning interest on those savings — effectively keeping citizens in a state of financial serfdom, dependent upon the government.
We cannot allow Joe Biden to shove us down the slippery slope of financial slavery. That’s why Liberty Counsel is working with Congress to pass HR 1122 and S 887, two bills that, if passed, will BAR Biden from implementing his CBDC financial control system.
But we need YOUR help to pass these bills. Please, fax Congress now and sign our petition demanding Congress VOTE YES on HR 1122 & S 887.
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