Federal Cryptocurrency: Biden’s Scariest Executive Order Yet
In his first year occupying the office of President of the United States Joe Biden has done more damage than Barack Obama managed to do in his two terms, and you would likely need to go back to the failed presidency of James Buchanan, who set the stage for the first American Civil War, to find a more destructive occupant of the White House.
However, Biden’s very public failures on opening the southern border, energy policy, spending, inflation, the defeat in Afghanistan and his bumbling comments about Ukraine and Russia are likely overshadowed by an Executive Order that few Americans have even heard about, let alone paid any attention to.
On March 9, 2022 Biden announced his “Executive Order on Ensuring Responsible Development of Digital Assets” which among other things calls for the development of a U.S. central bank digital currency (CBDC) an electronic dollar one could hold in an account with the Federal Reserve.
As our friend Ben Weingarten pointed out in a must-read article for Newsweek, “If you like what the Biden administration has done to the paper dollar, then you'll love what it could do to a digital dollar.”
Setting aside the various historical and constitutional criticisms of the Federal Reserve let’s stop to think about the implications of what putting your life savings and all your financial information in the hands of the federal government really means.
What it means in Mr. Weingarten’s analysis, is the order might not only foretell the further erosion of the dollar as the world's reserve currency—and with it the wealth, economic dynamism and power that currency underpins—but the further erosion of our liberties.
As Ben Weingarten explained for Newsweek, we're currently experiencing the worst price inflation since the Jimmy Carter era.
And, of equal if not greater concern:
America is using its inordinate power over the global financial system to, in large part, cancel Russia from it; the Biden administration urged Justin Trudeau to use his authority to break the trucker convoy to our north, precipitating the de-banking of dissenters from Canadian regime orthodoxy; U.S. authorities had, months earlier, pressed one bank to disclose the transactions of several hundred innocent-but-apparently-presumed-guilty dissenters from American regime orthodoxy, who happened to be in or around Washington, D.C. on January 6, 2021.
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.
Mr. Weingarten’s explanation of how this might be implemented a la the current digital currency system used in Communist China is too long to include in its entirety, you’ll have to go to Ben’s Newsweek article for that, but here’s the short version:
An American CBDC could 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.
Now, let’s bring this burgeoning threat to economic growth, privacy and liberty into the reality of today and couple it with another threat we told you about yesterday: the rapid spread, even in conservative states, of SMART health passes, or digital vaccine passports.
These digital vaccine passports are not an innocent “way to facilitate travel…through a more nimble digital format.” Rather, with a few mouse clicks, they can become a potent tool of 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.
And putting your life savings, home mortgage, credit cards and spending cash in a federal government digital currency would make that surveillance and economic oppression all the easier for Joe Biden and his Far Left totalitarian successors.
The toll-free Capitol Switchboard (1-866-220-0044), 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.
Joe Biden agenda
Executive Order on Ensuring Responsible Development of Digital Assets
U.S. central bank digital currency (CBDC)
World Reserve Currency
National Strategy for Countering Domestic Terrorism
Fed devalue money
digital health cards
SMART Health Passes