By Who is Danny @ Shutterstock.com
According to a new study by the Cato Institute, central bank digital currencies “would provide COUNTLESS OPPORTUNITIES for the government to control citizens’ financial activity.” The authors, Norbert Michel and Nicholas Anthony, explain how such financial control might occur, writing:
FREEZING OR SEIZING ASSETS
Governments have long recognized that freezing someone’s financial resources is one of the most effective ways to lock them out of society. However, a CBDC could make the process easier and faster for governments by establishing a direct line between citizens and the government itself.
NEGATIVE INTEREST RATES
While interest rates are typically thought of in terms of positive rates, a CBDC could allow policymakers to also set negative rates. In effect, a negative interest rate would result in people losing money. Proponents argue that this strategy could be implemented to spur spending.
PROGRAMMABLE SPENDING
The programming capabilities of a CBDC could mean that people would be prohibited from buying certain goods or limited in how much they might purchase. For example, policymakers could try to curb drinking by limiting nightly alcohol purchases or prohibiting purchases for people with alcohol related offenses.
Read more from Cato here.
Read more about the dangers of a cashless society here:
- A Cashless Society Is A Debacle for Americans
- The Threat of a Cashless Society
- Sweden Puts the Brakes on its Cashless Society Plans
- FORCED CASHLESSNESS: Look for This to Be a Trend
- DANGER: Children Already Conditioned for Cashlessness
- FORCED CASHLESSNESS: The New World Order Is No Longer a Conspiracy Theory
If you’re willing to fight for Main Street America, click here to sign up for my free weekly email.
