As the world continues to focus on the tragic situation in Ukraine, the Biden administration is preparing to launch America’s first state-backed digital currency.If a new digital dollar hits the market, it could significantly reduce individual rights and give the Federal Reserve and the national government significantly more power over the US economy.
On March 9, the White House issued an executive order covering digital assets, including cryptocurrencies like Bitcoin.Under the sweeping executive order, a long list of government agencies will develop plans to regulate, review and/or monitor cryptocurrencies and the various exchanges where consumers buy, sell and trade them.
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White House interference with the use of blockchain technology should be enough to worry free-market advocates, but Biden’s executive decision has an even more troubling part: the potential development of an all-new, digital currency.
The EO stated that the White House has put “the highest urgency in research and development efforts into the potential design and deployment options” of a new central bank digital currency (CBDC).It also instructs several federal departments, including the Department of the Treasury, to work on the development of “a report on the future of money and payment systems, including the conditions under which digital assets are being widely adopted.”
The Department of the Treasury must submit the report within 180 days, approximately six months.
The White House also requests the head of the Federal Reserve “to develop a strategic plan for Federal Reserve and broader U.S.Government action that, as appropriate, evaluates the steps and requirements for the potential implementation and launch of a U.S.CBDC.” And 210 days after the executive order A CBDC “legislative proposal” must be submitted to the president.
This is a truly remarkable and deeply disturbing development.If a CBDC were to be created, it would significantly expand the power and influence of the federal government and the Federal Reserve in a way that most Americans would not realize until it was too late to roll back the CBDC.
Unlike blockchain-based digital currencies like Bitcoin, which are decentralized by design, a central bank digital currency will likely be programmable, meaning it can be designed so that Americans can only use it for certain purposes.
And unlike the printed US dollars available today, it will be easy for banks and government agencies to track digital dollars and the people who use them.
While some are tempted to dismiss these fears as too exaggerated to be a serious concern for a country like the United States, there is strong evidence that the White House and Federal Reserve are already considering making a new digital dollar programmable.with various social and economic goals.
For example, Biden’s executive order states that a CBDC should be designed to advance “financial inclusion and equity” and with “climate change and pollution” in mind.
An “information sheet” released by the White House regarding the executive order also stated that its EO will “Promote Equal Access to Safe and Affordable Financial Services” and that the government’s report on the development of the digital dollar “should include implications for economic growth.” ” and “financial growth and participation.”
A senior administrative official also told reporters that the White House “is and will continue to partner with all stakeholders, including industry, labor, consumer and environmental groups, international allies and partners” in developing plans for a central bank digital currency.
Why would unions, environmental groups, and business lobbyists get involved in the creation of a new currency if that currency is not programmable?
A central bank digital currency could also transform America’s monetary system in important ways.Instead of using interest rates and complex monetary tools to help improve employment rates and keep inflation at target levels, a central bank digital currency could be created at will, and possibly even distributed directly to Americans, at any time with nothing more than the push of a button—to give the Fed more control over the economy than ever before.provides more control.
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Perhaps most alarming of all, a programmable central bank digital currency could be replaced at any point in the future, giving it the potential to become politicized or subject to even greater restrictions.
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The United States has become the most successful society in the world, empowering individuals and businesses, especially small businesses.A central bank digital currency would do the opposite, putting even more power in the hands of a small number of banks, government officials and bureaucrats.
Biden’s central bank digital currency scheme must be stopped.
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Justin Haskins He is the director of the Center for Stopping Socialism at the Heartland Institute and co-author of the forthcoming book with Glenn Beck.The Great Reset: Joe Biden and the Rise of 21st Century Fascism“.
