squatting dog
We don't have as far to go, as we've already been
- Location
- Arkansas, and also Florida
Been watching this push for a major transformation of our banking system.
Lot's of info from the Fed, touting this system (CDBC) as the answer to all our woes. Myself... I would love to see a little more info about what this system really is. From what little bit I can find, there are parts of this that... frankly, scare me.
First, the Feds rosy explanation of CDBC;
"Central bank money" refers to money that is a liability of the central bank. In the United States, there are currently two types of central bank money: physical currency issued by the Federal Reserve and digital balances held by commercial banks at the Federal Reserve. While Americans have long held money predominantly in digital form—for example in bank accounts, payment apps or through online transactions— a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve, not of a commercial bank.
Ok, on the surface, this sounds pretty good, however, when you dig a little deeper, I believe the truth is CBDC is the government’s attempt to protect its privileged position and exert more control over people’s money.
For instance, Unlike traditional (physical) cash, which can be transacted anonymously, digital cash is fully programmable. This means that CBDCs enable central banks to have direct insight into the identities of transacting parties and can block or censor any transaction.
Programmable... there's the scary part. The ability to block and censor transactions also implies its opposite; the ability to require or incentivize transactions. A CBDC could be programmed to only be spendable at certain retailers or service providers, at certain times, by certain people. The government could maintain lists of “preferred providers” to encourage spending with certain companies over others and “discouraged providers” to punish spending with others. In other words, with a CBDC, cash effectively becomes a state-issued token, like a food stamp, that can only be spent under predefined conditions.
Do you understand the implication here? No longer is it your money... Example... Oh, you want to buy a gasoline car, a gun, unhealthy fast food, etc. nope, sorry, this transaction has been denied. In other words, anything the people in power decide is not following their line of thinking will allow them to effectively shut off your money. Ooops. I mean their money. No longer yours remember?
Lot's of info from the Fed, touting this system (CDBC) as the answer to all our woes. Myself... I would love to see a little more info about what this system really is. From what little bit I can find, there are parts of this that... frankly, scare me.
First, the Feds rosy explanation of CDBC;
"Central bank money" refers to money that is a liability of the central bank. In the United States, there are currently two types of central bank money: physical currency issued by the Federal Reserve and digital balances held by commercial banks at the Federal Reserve. While Americans have long held money predominantly in digital form—for example in bank accounts, payment apps or through online transactions— a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve, not of a commercial bank.
Ok, on the surface, this sounds pretty good, however, when you dig a little deeper, I believe the truth is CBDC is the government’s attempt to protect its privileged position and exert more control over people’s money.
For instance, Unlike traditional (physical) cash, which can be transacted anonymously, digital cash is fully programmable. This means that CBDCs enable central banks to have direct insight into the identities of transacting parties and can block or censor any transaction.
Programmable... there's the scary part. The ability to block and censor transactions also implies its opposite; the ability to require or incentivize transactions. A CBDC could be programmed to only be spendable at certain retailers or service providers, at certain times, by certain people. The government could maintain lists of “preferred providers” to encourage spending with certain companies over others and “discouraged providers” to punish spending with others. In other words, with a CBDC, cash effectively becomes a state-issued token, like a food stamp, that can only be spent under predefined conditions.
Do you understand the implication here? No longer is it your money... Example... Oh, you want to buy a gasoline car, a gun, unhealthy fast food, etc. nope, sorry, this transaction has been denied. In other words, anything the people in power decide is not following their line of thinking will allow them to effectively shut off your money. Ooops. I mean their money. No longer yours remember?
