The American Spectator | USA News and Politics
Over 100 countries, including the U.S., want to centralize banking and take control over your financial decisions.
Inflation reached 7.9 percent last month. Gas prices have passed the recession threshold of $130 per barrel. So, what is President Biden’s newest plan to fix the mess that the Federal Reserve’s “New Normal” of printing $120 billion in quantitative easing every month? A national digital currency, to inflate, manipulate, or confiscate whenever the state so wishes. On Wednesday, Biden signed the “Executive Order on Ensuring Responsible Development of Digital Assets,” to explore the use of digital ledger technology to increase “financial inclusion and equity” and decrease “energy demand and climate change.” But why are over 100 countries developing and implementing centralized digital currencies?
This initiative had its genesis in the UK Parliament. After cash payments were banned by many businesses during the pandemic, Chancellor Rishi Sunak has spearheaded the “‘biggest upheaval in the monetary system for centuries”: the G7 adopting Central Bank Digital Currencies (CBDCs). Dubbed “Britcoin,” this digital financial infrastructure would be a combination of blockchain currency and non-fungible tokens (NFTs), which are programmable by employers or governments to be restricted to being spent on specific approved goods or services. Bank of England director Tom Mutton suggested governments “could introduce programmability,” with built-in smart contracts ensuring that “restrictions” could be placed on where and how currencies are spent, ensuring “socially beneficial outcomes” are produced.
But what would those outcomes be?
