Cryptocurrency: War On Cash - CBDCs The Mechanism For Creepy IMF Evil

[Steven Schear]

The main plot point of the TV series "Burn Notice" was the control the
government was able to exercise over a target, who even had intel
tradecraft, when the were able to seize their assets, access to credit, etc.

On Sun, Jan 30, 2022, 9:56 AM grarpamp <grarpamp at gmail.com> wrote:

> War On Cash: The Digital Dollar
>
> https://schiffgold.com/key-gold-news/war-on-cash-the-digital-dollar/
> https://mises.org/wire/dangers-lurking-behind-digital-euro
> https://www.federalreserve.gov/newsevents/pressreleases/other20220120a.htm
>
> https://schiffgold.com/guest-commentaries/why-should-we-care-about-negative-interest-rates/
>
> https://schiffgold.com/key-gold-news/creepy-imf-paper-teaches-governments-wage-war-cash/
>
> Last week, the Federal Reserve released a “discussion paper” examing
> the pros and cons of a potential US central bank digital dollar.
> According to the Federal Reserve press release, the central bank hopes
> to get public feedback on the idea.
>
>     “We look forward to engaging with the public, elected
> representatives, and a broad range of stakeholders as we examine the
> positives and negatives of a central bank digital currency in the
> United States,” Federal Reserve Chair Jerome H. Powell said.
>
> Government-issued digital currencies are sold on their promise of
> convenience and security. But there is a darker side – the promise of
> control.
>
> Digital dollars would be similar to bitcoin and other
> cryptocurrencies. They would exist as virtual banknotes or coins held
> in a digital wallet on your computer or smartphone. The difference
> between a government digital currency and bitcoin is the value of the
> digital currency is backed and controlled by the state, just like
> traditional fiat currency.
>
> The digital dollar could ultimately replace physical cash. Proponents
> tout its convenience and security. A Business Insider article gushed
> over the idea.
>
>     A Fed-backed digital dollar would then provide many of the
> benefits touted by cryptocurrencies without their wild price swings
> and usage fees. In theory, a CBDC would meld the best aspects of
> physical and digital currencies for the average American.”
>
> Last year, China launched a digital yuan pilot program. The Chinese
> government-backed digital currency got a boost when the country’s
> biggest online retailer announced the first virtual platform to accept
> the Chinese digital currency. China isn’t the only government
> exploring the possibility of digital money. Sweden has developed a
> digital currency of its own. The European Central Bank is pushing for
> a digital euro. And Russian central bank governor Elvira Nabiullina
> told CNBC that digital currency is “the future of our financial
> system.”
>
> Ultimately, it would take a congressional act to establish a digital
> dollar as legal tender.
>
> US officials toyed with the possibility of a digital dollar at the
> height of the pandemic. A Democratic proposal for stimulus payments in
> the wake of the coronavirus pandemic featured digital currency
> deposited into digital wallets.
>
> Government digital currency is sold to the public as a safe and
> convenient alternative to physical cash. We’re also told it will help
> stop dangerous criminals who like the intractability of cash.
>
> But at the root of the move toward government digital currency is “the
> war on cash.” Fundamentally, it’s about control.
>
> The elimination of cash creates the potential for the government to
> track and even control consumer spending, and it would make it even
> easier for central banks to engage in manipulative monetary policy
> such as negative interest rates.
>
> Imagine if there was no cash. It would be impossible to hide even the
> smallest transaction from government eyes. Something as simple as your
> morning trip to Starbucks wouldn’t be a secret from government
> officials. As Bloomberg put it in an article published when China
> launched its digital yuan pilot program, digital currency “offers
> China’s authorities a degree of control never possible with physical
> money.”
>
> The government could even “turn off” an individual’s ability to make
> purchases. Bloomberg describes just how much control a digital
> currency could give Chinese officials.
>
>     The PBOC has also indicated that it could put limits on the sizes
> of some transactions, or even require an appointment to make large
> ones. Some observers wonder whether payments could be linked to the
> emerging social-credit system, wherein citizens with exemplary
> behavior are ‘whitelisted’ for privileges, while those with criminal
> and other infractions find themselves left out. ‘China’s goal is not
> to make payments more convenient but to replace cash, so it can keep
> closer tabs on people than it already does,’ argues Aaron Brown, a
> crypto investor who writes for Bloomberg Opinion.”
>
> Economist Thorsten Polleit outlined the potential for Big Brother-like
> government control with the advent of a digital euro in an article
> published by the Mises Wire. As he put it, “the path to becoming a
> surveillance state regime will accelerate considerably” if and when a
> digital currency is issued.
>
> Governments around the world have quietly waged a war on cash for
> years. Back in 2017, the IMF published a creepy paper offering
> governments suggestions on how to move toward a cashless society even
> in the face of strong public opposition.
>
> As with most things the government does, you should be wary of the
> digital dollar. It has a dark side you can be sure the mainstream will
> mostly ignore.
>
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