If you’re concerned about the future of our country, then this quote by Gerald Ford will probably disturb you:
Government big enough to give you everything you want is big enough to take everything you have.
It wasn’t long ago that the idea of a CBDC (Central Banking Digital Currency) was dismissed by many, including the mainstream media, as a far-fetched idea. It was the stuff of so-called conspiracy theorists, we were told.
But as a popular saying goes, wait 6 months and what was considered a conspiracy theory will become reality.
And that certainly seems to be the case with CBDC.
In fact, on July 1st of this year, the federal government will begin rolling out a pilot program called FedNow, which will allow for banking institutions across the country to make immediate and secure transactions, 24 hours a day, 365 days a year.
All well and good, but the name itself (FedNow) portends something slightly more ominous… especially in light of the fact that we’ve witnessed the federal govt consolidate more and more power under the Biden administration.
While it’s true that this program isn’t exactly the same as CBDC and that this is being done, according to the Federal Reserve, to simply streamline and speed up banking transactions, the government has given us no reason to expect that it will end there.
For anyone who’s been paying attention, it’s easy to see how this could be a first step toward rolling out a digital dollar that will eventually replace hard currency.
At the moment, over 100 countries are already exploring with CBDC in different capacities. China, for instance, has already rolled out a CBDC. So, too, have the Bahamas.
Why would we expect the US government to be any different and not take advantage of this opportunity to begin paving the way for a digital currency of their own?
In fact, it appears that they’re doing precisely that. And it seems establishment Republicans are doing little to stop it.
Unfortunately, when it comes to opposing the ever-growing tentacles of the federal govt spreading into every aspect of your financial life, most Republicans don’t have a great track record.
Governor Kristi Noam of South Dakota, one of only a handful of courageous Republican governors standing up to this financial tyranny,, has been working tirelessly to oppose a bill introduced in the South Dakota state house. The bill, known as HB 1193, which seeks to define “money,” is an attempt to block cryptocurrencies.
But it could have much broader economic consequences than just regulating crypto.
According to Kristi Noem, “This idea is paving the way for the government to control currency.”
Currently, this sort of legislation is being passed in every state in the union to ease the transition from the greenback to a digital currency.
Despite the importance of this nationwide legislation, it’s flown mostly under the radar, receiving little attention from most mainstream media outlets, with the exception of FOX News. And those that have mentioned it have done so primarily to tout its virtues, failing to mention its obvious drawbacks.
Regardless of what we’re repeatedly told by the Federal Reserve Board, IMF and WEF, it’s unlikely that a CBDC will offer the same kind of investment opportunities that hard currency does.
It’s doubtful that you’ll have the same freedom with your money because of the restrictions a digital currency places on you and your ability to park your cash wherever you’d like.
Even worse, the government could decide at any time that that money isn’t yours, clearing out your account if and when they choose to.
If this seems like a stretch, keep in mind that in 1933, FDR issued an executive order requiring all Americans to surrender their gold immediately.
A year later, this turned into the Gold Reserve Act, which basically repealed the gold standard, laying the groundwork for a fiat currency.
And with the technology that the government now has at its fingertips, monetary confiscation will be easier than ever, especially if they get their way and are able to institute a digital currency.
What would that look like? Well, imagine the government being able to withdraw money from your account for taxes owed, fines, and even traffic and parking tickets.
And if that wasn’t bad enough, they could simply freeze your bank account if they decided that you didn’t have the “right” ideas or political views. Not on board with equity? Climate change? Then you don’t have a right to your money.
This sort of social credit system isn’t only a reality in China. It’s already inching its way into Western societies.
As we know, the Canadian government did exactly this when they froze the bank accounts of those who participated in the truckers’ Freedom Convoy
But we can slow down the progress of a digital dollar. One way to do this would be to invest in gold, which would make it much more difficult for a central government to regulate every aspect of our financial lives.
As Richard Russell (the renowned author of the Dow Letters) put it, “Gold will be around, gold will be money when the dollar and the euro and the yuan and the ringgit are mere memories.”