What Will America Look Like When Joe Biden’s Central Bank Digital Currency Becomes a Reality?

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Before we get into the details, it’s important to understand what exactly constitutes a central bank digital currency (CBDC).

A central bank digital currency (CBDC) is a digital form of a country’s currency issued by a central bank. Unlike traditional physical money such as banknotes and coins, CBDC exists in electronic or digital form.

CBDCs differ from cryptocurrencies like Bitcoin because they are typically issued and regulated by a central authority, such as a central bank or federal government. The central bank will oversee the creation, distribution and regulation of his CBDC.

Are central bank digital currencies good for the federal government and the people?

Former President Donald Trump warned that a central bank digital currency (CBDC) or Federal Reserve-controlled digital dollar would “put the federal government in absolute control of your money.”

“They may steal your money and you won’t even notice it’s gone. This would be a dangerous threat to our freedoms.”

Are there any examples of countries implementing CBDC while maintaining control over their people’s financial resources?

Christine Lagarde, president of the European Central Bank, acknowledged that the purpose of a CBDC, like a digital euro, is control.she too I got it. Anyone who pays more than €1,000 in cash for any transaction is doing so off the grid and could be fined or sent to prison.

Oh, and if you use your own cash for personal transactions of more than 1,000 euros within the European Union, will you be sent to prison? That’s a pretty scary idea.

Are there any reports on how China is using CBDC?

wired magazine report “China’s digital yuan functions like cash and is subject to increased scrutiny.”

Back in January 2021, a Forbes article said: heading: “China’s digital yuan is reportedly the ultimate financial censorship tool.”

Congressman Mike Flood (R-NE) Said “The Chinese Communist Party’s move to use government-run digital currencies to impose further controls on its people and economy is a warning that the United States should avoid,” the reporters said.

There are people within the government who support CBDC.

Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell suggested this (February 22, 2021, during a virtual meeting hosted by the Federal Reserve). new york times) Digital dollar is a high priority project for the US

In fact, the Federal Reserve announced In August 2020, it was announced that the central bank had partnered with researchers at the Massachusetts Institute of Technology to build and test a digital currency.

At the beginning of his term, President Joe Biden signed Executive Order 14067 on “Ensuring the Responsible Development of Digital Assets.” Hidden in Section 4 of this order is some alarming language. In just a few paragraphs, the current president probably…

  • Legal surveillance of US citizens
  • Manage all your bank accounts and purchases
  • Ability to crush free speech and silence dissenting voices

Then there’s Sen. Sherrod Brown’s (D-Ohio) digital dollar promotion bill, Senate Bill 3571, the Banking for All Act. Let’s talk about the Federal Digital Wallet.

Now, to add insult to injury, Sen. Elizabeth Warren (D-Mass.), along with Sens. Joe Manchin (D-West Virginia) and Lindsey Graham (R-South Carolina), Introduced a bill to abolish money privacy. This is called the Digital Asset Money Laundering Prevention Act of 2022.

If the US enacts a CBDC, also known as Fedcoin, the law could strip privacy from digital money transactions. This is the opinion of American Banker, an organization dedicated to keeping bankers informed about all things financial and banking. had to say About this law:

This bill violates digital privacy. The bill would require digital wallet companies to register as money service operators, meaning they would have to monitor customer payment transactions just like banks, even if they are not moving money. means. This means that wallet companies are responsible for monitoring our personal digital wallets and filing reports with the federal government.

as forbes have report “Privacy advocates worry that digital currencies give governments too much control over where and how people spend their money. We see it as the ultimate tool for financial surveillance.”

Now, on the other side of the aisle, freedom-loving Americans like Rep. Tom Emmer (R-Minn.) are fighting against CBDCs.

February 2023, Emmer introduced Emmer blocks efforts by non-elected officials in Washington, D.C., to issue a central bank digital currency (CBDC), saying CBDCs “strike away Americans’ right to financial privacy” and are “dangerous surveillance tools.” The National Surveillance Prevention Act was enacted to ”

Congressman Byron Donald (R-FL) To tell“CBDCs pose a clear threat to Americans’ economic independence.”

Congressman Barry Loudermilk (R-GA) To tell“If the Federal Reserve pursues the development of a central bank digital currency, it will be able to track individual transactions indefinitely.”

These representatives are fighting against the issuance of CBDC and digital dollars. If this all sounds ominous, you may want to consider other ways to protect your savings and retirement funds from future government intrusions into your finances.

The Fed has been exploring digital money for some time now. In January 2022, the Federal Reserve released A white paper titled “Money and Payments: The US Dollar in the Age of Digital Transformation.”

Here’s what you can do before a CBDC or digital money law is enacted by the federal government.

If you have a 401(k), cash savings, or IRA, consider putting away 20 to 40 percent so you’re protected no matter what the worst-case scenario is.

By investing a portion of your portfolio or savings in gold and other precious metals, you not only protect your purchasing power from inflation, but also from the reach of those who want absolute control over you and your money. can do.

In an article last month, an executive at banking giant Morgan Stanley said: warned “The recent increase in interest in digital assets such as Bitcoin, increased circulation of stablecoins, and expectations for central bank digital currencies (CBDCs) could significantly change the currency landscape.” Is this a signal that we are gradually getting closer to becoming a CBDC?

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