We are at the crossroads of the dollar losing its prominence and value in the world and the danger of accepting a digital currency controlled by an all-powerful globalist government in exchange for an empty promise of "convenience"
Central Bank Digital Currencies
By Dr. Ileana Johnson Paugh ——Bio and Archives--January 25, 2023
"… the oppressor would not be so strong if he did not have accomplices among the oppressed." ~ Simone de Beauvoir
The Covid-19 viral pandemic has accelerated the implementation of most of the 17 goals of the U.N. Agenda 2030. One such goal still remains unresolved, the central bank digital currencies (CBDC), sold as wholesale and retail. The wholesale CBDC would be used by financial institutions while the retail CBDC would be used for consumption.
Banksters plan to make digital money expire if they are not spent
The globalist plan is that, instead of using fiat currencies, paper money and coins, all governments would issue a credit-based system whereby balances and all transactions are recorded digitally. Once paper money and coins disappear from circulation, no new money will be printed or issued.
The immediate problem with such entirely digital transactions is that the banksters plan to make digital money expire if they are not spent. Additionally, the government will control everything you spend and will approve or disapprove your spending if they deem it helpful or harmful to your health, you are spending it on things not approved by a bureaucratic entity, and balances and expenditures will be tied to social credit scores based on the Chinese Communist Party model.
The primary reason for such a centralized digital system is power and total government control over the lives and activities of all citizens on the planet. Citizens would become totally dependent for their existence on a government who can and will take things away at whim if one does not behave appropriately.
Investopedia attempts to explain that the goals of a CBDC is to "provide businesses and consumers with privacy, transferability, convenience, accessibility, and financial security." If a person gives total control of its finances to an unseen, unaccountable government entity, he/she will not have privacy, financial security, transferability, accessibility. He/she may have convenience. But convenience for whom?
Other lame reasons for adopting digital currencies are simplicity – there will be no need for a "complex financial system;" cross-border transaction costs would be eliminated; and illegals would not incur money transfer costs.
The government wants to make sure that all earned and transferred cash must be taxed and not earned under the table in cash
After Covid-19, the proponents of CBDC argue, people were not using cash anyway for fear of contamination. Proponents also argue that CBDC is good for people who do not have access to banks (5% of adults do not have a bank account). Could it be possible that it is their choice not to have a bank account?
Proponents of CBDC also argue that 13% of adults with bank accounts use services like money orders, payday loans, and check-cashing services which the government deems 'expensive.' The real issue here is that such money is usually untaxed. The government wants to make sure that all earned and transferred cash must be taxed and not earned under the table in cash.
"A CBDC also provides a country's central bank with the means to implement monetary policies to provide stability, control growth, and influence inflation." This is not true. Each country has a central bank already which is engaged in monetary policy, controlling the money supply, and the interest rates. Government activity, direct and indirect, actually causes inflation through its out of control spending and printing of money without any backing of goods and services. To say that a digital currency would actually curtail government spending is ridiculous.
Proponents of digital currencies argue that such a digital currency would avoid the volatility in the market, another false statement. During a financial crisis, there will not be enough bank liquidity to facilitate withdrawals when most customers would need their money.
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To say that all this was not carefully orchestrated, it would be an understatement
Proponents of CBDC admit that privacyis an issue with digital currencies because authorities [read government] would have total power to monitor all transactions for financial crimes, social crimes, money laundering, and financing terrorism. Additionally, hackers and thieves will have a centralized hub to steal from, a much easier job.
It is not comforting to see what third world countries have adopted the CBDC system: the Bahamas, Antigua and Barbuda, St. Kitts and Nevis, Monserrat, Dominica, Saint Lucia, St. Vincent and the Grenadines, Grenada, and Nigeria. India's central bank announced that it would introduce a digital rupee by the end of 2023. Sweden, with its 9 million citizens, experienced a reduction in the use of cash so it is developing an e-krona. What Is a Central Bank Digital Currency (CBDC)? (investopedia.com)
The Chinese are already offering discounts to their own citizens if payments are made in their country's central bank digital currency (CBDC). One example, if passengers on buses, subway, and rail services pay fares from a digital yuan mobile wallet issued by the Industrial and Commercial Bank of China, they pay as little as 0.01 yuan for their trip. It is safe to say that a Chinese national is totally controlled by the CCP from cradle to grave.
To say that all this was not carefully orchestrated, it would be an understatement. During the Covid-19 lockdowns in 2020, the use of cash and coins was discouraged everywhere under the pretext of shortage. Signs appeared by cash registers everywhere, "does not take cash," and to this day the signs are still up.
As the dollar continues its downward spiral
When Elon Musk bought Twitter, many thought that he bought it because he loved freedom of speech and he proceeded to clean house and release documents that the American citizens were eager to see. But that was not the reason he bought Twitter. He wants to make it into a hub for everything, including financial transactions. If he succeeds, his company will be the sole purveyor of the government's digital currency, health care, food, education, entertainment, travel, and everything else highly controlled humans will do.
As the dollar continues its downward spiral due to high inflation caused mainly by government destruction of our fossil fuel energy industry, its green energy, build back better plans, the out-of-control money printing and government spending of trillions of dollars we do not have and are not backed by any goods and services, the petrodollar just took a huge hit.
The Saudi Minister of Finance, Mohammed Al-Jadaan, told Bloomberg TV during a World Economic Forum (WEF) interview that the Saudis "will gladly accept all currencies for settling oil transactions."
For a long time the United States had agreed to protect the Saudi Kingdom in exchange for the Saudis demanding U.S. dollars for all oil transaction settlements. This allowed the U.S. dollar to have currency dominance and to export inflation to the world. This arrangement is ending, and few will understand what happens next.
We are at the crossroads of the dollar losing its prominence and value in the world and the danger of accepting a digital currency controlled by an all-powerful globalist government in exchange for an empty promise of "convenience."
Dr. Ileana Johnson Paugh, Ileana Writes is a freelance writer, author, radio commentator, and speaker. Her books, “Echoes of Communism”, “Liberty on Life Support” and “U.N. Agenda 21: Environmental Piracy,” “Communism 2.0: 25 Years Later” are available at Amazon in paperback and Kindle.
