A year ago in our March 31, 2022 column “Federal Cryptocurrency: Biden’s Scariest Executive Order Yet” we warned that “…putting your life savings, home mortgage, credit
cards and spending cash in a federal government digital currency (CBDC) would make that surveillance and economic oppression all the easier for Joe Biden and his Far Left totalitarian successors.”
Coupled with the burgeoning threat of vaccine passports, with a few mouse clicks, they can become a potent tool of government mass surveillance and totalitarian control through which citizens can be denied access to their bank accounts (as we saw in Canada), face job loss, be restricted from free association and travel, and censored on public platforms.
Conservative thought leaders, such as our friends Kevin Freeman of the Economic War Room and Frank Gaffney of the Center for Security Policy, and elected officials such as Florida’s principled limited government constitutional conservative Governor Ron DeSantis, have all come out strongly against the creation of a Central Bank Digital Currency, and their opposition and efforts to educate the American people about the threat is starting to make headway with the voting public.
As Frank Gaffney put it in a recent “Secure Freedom Minute”:
Among the most dangerous of Joe Biden’s many assaults on our freedoms is a so-called Central Bank Digital Currency initiative. The banking crisis spawned by his administration’s disastrous spending and inflation is accelerating its plan to replace cash with government-controlled digital dollars that will enable the feds to control us, too.
Florida Governor Ron DeSantis warned yesterday that a CBDC enables the Chinese Communist Party’s totalitarian “Social Credit System,” which uses access to money, among other things, to reward and punish individuals’ behavior. He is proposing legislation to keep his state CBDC-free – and, hopefully, provide a model for others across the nation.
Meanwhile, the Texas legislature is considering an actual alternative to Biden’s “Controlled Banking Denies Cash” – a state-issued, gold-backed “Texas Transactional Gold” digital currency with privacy guarantees and useable via a debit-card like old-fashioned dollars.
Learn more at EconomicWarRoom.com.
One of the data points that inspired our 2022 column was a lengthy Newsweek essay by another friend, Editor At Large of Realclearinvestigations Ben Weingarten, who wrote:
The Biden administration's National Strategy for Countering Domestic Terrorism, a response in part to the Capitol Riot, cast dissenters from its rule as actual or would-be domestic terrorists, compelling a whole-of-government effort to pursue them that includes:
…exploring ways to enhance the identification and analysis of financial activity associated with domestic terrorists...as well as enhancing engagement with financial institutions on domestic terrorist financing, including through existing provisions of the Bank Secrecy Act.
The administration is also using executive agencies to impose an ESG ("environmental, social and governance") agenda on the financial system and American business.
In short: The dollar is declining. The Biden regime has weaponized or supported the weaponization of the global banking architecture in pursuit of foes foreign and domestic, and is engaged in a War on Wrongthink that arguably mandates it. It is intent on imposing progressivism on Americans by way of its power and control over the U.S. economy.
If you think this concern is overblown and Joe Biden isn’t bent on controlling the U.S. economy – and by extension – controlling YOU, consider that Biden used his first veto to defend his rule on the political investing of your pension funds.
Despite the passage of a bipartisan resolution to overturn a Labor Department rule making it easier for fund managers to consider environmental, social and corporate governance, or ESG, issues for investments and shareholder rights decisions, such as through proxy voting.
The rule, which covers plans that collectively invest $12 trillion on behalf of 150 million Americans, would politicize investing by allowing plan managers to pursue liberal causes, which their track records show would hurt financial performance.
"It is clear that President Biden wants Wall Street to use your hard-earned money not to grow your savings, but to fund a far-left political agenda. That will hurt seniors and workers," Republican House of Representatives speaker Kevin McCarthy said in a statement reported by Reuters.
With the implementation of the new rule, the Biden government is now free to marshal the trillions of dollars of American pension funds in favor of its political goals on the environment and cultural issues, such as race-based reparations.
Imagine the damage that could be done if – with a few mouse clicks – a future Far Left (or should we say further Left) government could transfer Central Bank Digital Currency to the favored demographic of its choice in the weeks before an election.
An American CBDC could also allow the Fed to debase the currency effortlessly and at warp speed, while manipulating economic behavior as China's expiration mechanism suggests. That the Fed could digitally devalue money is treated by CBDC proponents as a feature of an American CBDC, rather than the most destructive kind of bug, observed Ben Weingarten.
The Capitol Switchboard is (202-224-3121), call today and tell your Senators and Representative you oppose the creation of a federal reserve or federal government digital currency and that you demand they oppose any legislation that creates or facilitates a move away from physical dollars or to a digital currency not backed by gold.
Biden Bucks
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Joe Biden agenda
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Executive Order on Ensuring Responsible Development of Digital Assets
U.S. central bank digital currency (CBDC)
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National Strategy for Countering Domestic Terrorism
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Biden veto on retirement funds
SMART Health Passes