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At The Economic Collapse, Michael Snyder explains why the development of central bank digital currencies (CBDCs) should be deeply alarming for everyone. He writes:
Central bank digital currencies are feverishly being developed all over the globe, and this is something that should deeply alarm all of us. For a moment, I would like for you to imagine a world where the government instantly knows whenever you buy or sell something. No transaction would ever be truly private, not even your most personal or embarrassing ones. In addition, your money would not be truly your own under such a system. Your access to the digital currency system would be a privilege which could potentially be suspended or revoked with the click of a mouse. All of a sudden you would not be able to buy or sell anything and you would become an outcast from society. Under no circumstances should any government ever be given such power.
Unfortunately, the CBDCs are coming, and they are going to radically change how commerce gets done.
Here in the United States, the Federal Reserve Bank of San Francisco has posted a job listing for a “Senior Crypto Architect” to work on the development of a digital dollar.
U.S. Representative Warren Davidson is very upset about this, because he believes that a CBDC issued by the Federal Reserve would be the “financial equivalent of the Death Star”…
The job description specified that the Federal Reserve seeks a technologist to “perform central bank digital currency (CBDC) research and development.”
The expert will work to “ensure the Federal Reserve is well-positioned to design, develop, and implement technology to support a CBDC as may be required by the Board of Governors.”
Although the job listing shows that the Federal Reserve is only working on CBDC research, Rep Davidson believes it is a sign of what is to come and described it as the “financial equivalent of the Death Star.”
Davidson added that CBDC would turn money into a tool of coercion and control.
Sadly, he is right on target.
Once “digital dollars” issued by the Federal Reserve become the dominant form of currency in our nation, whoever has power over that system would truly have an unprecedented “tool of coercion and control”.
So we must not allow this to happen.
Sadly, CBDCs are now in development all around the world.
Read more here.
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