How Will CBDCs Be Used For Political Oppression

For those of us who value our freedoms, the whole notion of Central Bank Digital Currency (CBDC) is a bad and dangerous idea.

To see why, Cointelegraph spells it all out.

They begin with:

Central bank digital currencies (CBDCs) have emerged as a prominent topic in the financial world. They promise elevated stability, security, efficiency, and reduced corruption. Central banks, the International Monetary Fund, the World Economic Forum, and the World Bank tell us CBDCs are a panacea waiting to cure all that ails our financial system.

Unfortunately, those claims may not match reality, because there are two characteristics of CBDCs that their proponents don’t often mention. First, they offer an eternal trail of data about how you’re spending your money. Secondly, they are subject to “programmability,” which means political leaders will have the ability to dictate whether you’re even allowed to spend your money.

To read more, go here. 

House Panel Passes Bill To Thwart CBDC

Some good news has come out of the House of Representatives. It is a first step in thwarting the creation of a Central Bank Digital Currency (CBDC), but it is an important step nonetheless.

From Banking Dive:

The House Financial Services Committee last week passed a bill that would stop the Federal Reserve from working on a central bank digital currency, giving the full House a chance to consider the legislation.

The bill would amend the Federal Reserve Act to prohibit Federal Reserve-supervised banks from issuing “a central bank digital currency, or any digital asset that is substantially similar under any other name or label, directly to an individual,” according to the text of that proposed bill, H.R. 5403. 

Rep. Tom Emmer, R-MN, who is also the House Majority Whip, proposed the bill, which he refers to as the “CBDC Anti-Surveillance State Act.” It was passed by the committee Wednesday to the House floor. 

To read more, go here. 

RFK Jr.: Back The Dollar With "Hard Currency"

It is no wonder that Robert F. Kennedy Jr. is polling at around 20% and rising. He is definitely not in lockstep with the hard left of the Democrat Party.

Previously, he spoke against Central Bank Digital Currencies (CBDC) and now promises to strengthen the U.S. dollar with "hard currency".

Cointelegraph reported:

Democratic presidential candidate Robert F. Kennedy Jr. has promised to progressively back the United States dollar with Bitcoin if he is elected president. 

Speaking at a July 19 Heal-the-Divide PAC event, Kennedy claimed that backing the U.S. dollar with what he called “hard currency,” including gold, silver, platinum or Bitcoin, could help to re-stabilize the American economy.

“Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.”

Kennedy explained the process would be gradual and that, depending on the plan’s success, he’d adjust the amount of backing for the dollar.

To read more, go here. 

UPDATE (7/22/23):

Investing.com posted an article on Kennedy's sound money plank. To read it, go here.

Rep. Mooney Aims to Block Fed's Digital Currency Scheme

Opposition to having a Central Bank Digital Currency (CBDC) imposed on Americans is growing.

Along with privacy issues, having dollars replaced by a digital currency can put people's life and retirement saving in jeopardy with a push of a button.

One congressman has introduced a bill to block CBDCs.

Money Metals Exchange reported:

In recent days, sound money champion Congressman Alex Mooney (R-WV) introduced H.R. 3712, the Digital Dollar Pilot Prevention Act – legislation that would block the Fed from unilaterally pursuing any form of central bank digital currency (CBDC) scheme.

"Congress cannot give an inch when it comes to CBDCs. CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent," said Rep. Mooney.

Rep. Alex Mooney (R-WV) is now running for U.S. Senate

H.R. 3712 is the latest in a growing backlash to central planners' designs to further centralize government control of currencies, including creating a greater ability to track all financial transactions, disallowing certain types of purchases, and even outright "turning off" a targeted individual's access to money.

Rep. Mooney's bill defines "central bank digital currency" as "a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve."

People should contact their representative and urge them to support Mooney's bill.

To read more, go here.

DeSantis Opposes Central Bank Digital Currency Scheme

Florida Governor Ron DeSantis said that he opposes central bank digital currencies (CBDC).

According to Reuters:

May 24 (Reuters) - Florida Republican Governor and U.S. presidential hopeful Ron DeSantis on Wednesday pledged to support people's right to trade in digital assets like Bitcoin and said he opposes establishing a central bank digital currency.

This is a plus, in my opinion. Any candidate who supports CBDCs is not worth anyone's consideration.

Collectible Coins as Investment Opportunities

Above, a 1976 gem proof Kennedy half dollar that contains 40% silver. Photo by Armand Vaquer.

Paper money is subject to inflationary pressures. The old adage, "it's not worth the paper it's printed on" comes pretty darn close to the truth. 

However, coin collecting is one hobby that holds its value and even can increase in value. 

Many people have lost their trust in banks following the recent collapse of three banks. This is especially so today as the government is trying to convert our financial system to Central Bank Digital Currency (CBDC) where people's privacy is threatened and their savings can be wiped out by the push of a button by some government hack.

EIN News posted an article on exploring the potential of collectible coins as investment opportunities.

They begin with:

MIAMI, FLORIDA, U.S.A, May 20, 2023/EINPresswire.com/ -- Want a rewarding hobby that combines history, art, and potential financial gain, look no further than coin collecting. As a seasoned collector or a newbie just starting out, the world of numismatics offers a wealth of benefits that go beyond the mere acquisition of shiny coins. This article will explore the timeless charm and investment potential of coin collecting, and why it can be a good investment for both new and old collectors.

My dad and I collected coins since the 1960s, just before the government ceased to mint dimes, quarters and, later on, half dollars in silver. For the past few years, I have accelerated my interest in coins as a hedge against inflation.

As the article points out:

-Financial hedge: Additionally, coins can serve as a hedge against inflation and economic uncertainties. Unlike paper currency, which can lose value due to inflation or economic fluctuations, coins are made of precious metals such as gold, silver, or platinum, which can retain their intrinsic value. During economic downturns, the demand for precious metals and rare coins tends to increase as investors and collectors seek alternative investments that can preserve their wealth. "So, if you have coins made with precious metals, you have made a wise financial decision."

To read more, go here.

RFK Jr.: CBDC Financial Slavery and Political Tyranny

Above, Robert F. Kennedy Jr.

There comes the beginning of the loss of our financial freedom unless we stop it.

I have blogged about the pitfalls of a digital currency system before. 

CNBC posted on March 15:

The Federal Reserve’s digital payments system, which it promises will help speed up the way money moves, will debut in July.

FedNow, as it will be known, will create “a leading-edge payments system that is resilient, adaptive, and accessible,” said Richmond Fed President Tom Barkin, who is the program’s executive sponsor.

The system will allow bill payments, money transfers such as paychecks and disbursements from the government, as well as a host of other consumer activities to move more rapidly and at lower cost, according to the program’s goals.

Participants will complete a training and certification process in early April, according to a Fed announcement.

Robert F. Kennedy Jr. posted a response to this yesterday. I don't see anything in what he said to disagree with.

 

Caroline Kennedy ought to award her cousin a Profile In Courage Award for speaking the truth of this scheme.

Remember (Source: American Patriot Poll):

The 'digital dollar' puts all your money in the hands of the government.

They'll be able to.... 

• Know what's in your accounts and what you buy
• Limit what you purchase and the causes you support
• Take everything away with the click of a button

Will Economic Freedom End In July?

Above, Admiral Kirk and cashless society in the 23rd Century. Paramount Pictures.

Star Trek IV: The Voyage Home (1986) touched on being a cashless society in a scene between Dr. Gillian Taylor, the marine biologist, and Admiral James T. Kirk in the 20th Century pizza restaurant. 

Dr. Gillian Taylor: Don't tell me you don't use money in the 23rd Century.

Kirk: Well, we don't.

It would be nice if things today would be nice and benign as the 23rd Century (where the adventures of the starship Enterprise take place) where governments can be trusted in a cashless society. But, given the power-hungry politicians and Deep State bureaucrats who are now in charge of the federal government, it would take away our privacy, not to mention one's freedom.  

This is the topic in an article today in the American Thinker.

They begin it with:

The scene is as old as history.  An individual fleeing persecution wants to cross a border. His or her life depends on being able to bribe a border guard, with some fungible valuable item: whether gold, cash, silver, diamonds, etc. Life depends on it.

If the trade is prevented, then all hope is lost.

From the dawn of time, currency was the one thing that governments had difficulty tracking.  I am not considering checks, bills of credit, something written. Those are easy to trace. I am  talking about real currency. Currency in one’s hand, cash pressed in the flesh.

Bribery was always the province of the dishonest, but it often became the last resort of the honest: a war refugee wanted to cross a border before an invading army swoops in, a Jew wanted to evade a Nazi patrol, an Irishman wanted to get out of Ireland one step ahead of the Crown’s authorities.

Cash became the vehicle of freedom.

So what happens when that option is removed… by digital currency? What happens when fungible cash is made null and void?

Long-awaited Fed digital payment system to launch in July -- CNBC

The government is already trying to track gun store purchases through credit card business classification coding. (When this plan came to light, the backlash started. Others advocated using only cash to buy guns.) This hasn't been implemented due to the outcry. If this plan is fully implemented, gun purchases can be traced and the government could use that data to confiscate those guns. 

To read more, go here.