by Patricia Anthone, America Outloud:
Does Central Bank Digital Currency pose a threat to our economic liberty?
Many $billions are transacted digitally every day. Considering the terrific extent to which our dollar is already represented in digital terms, how can doing away with the physical currency altogether present danger not already present in the modern economy?
It’s a worthy question and one that needs to be answered if we’re to marshal sufficient political push-back on the drive toward CBDC Central Bank Digital Currency. The answer turns not so much on the technology, (as used in cryptocurrencies) but on the control yielded to “the Central Bank.”
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Who is the Central Banker in this scenario?
The US Federal Government.
Economic activity today is processed digitally, but it’s NOT controlled by a central, federal authority. Payments are made to and through different payment processors, banks, and other institutions, none of which, (at least not until very recently) attempted to govern a customer’s business practices, income sources, spending choices, or other economic activity.
Those who express views that dissent from those promoted by the Party in Power can still use their money.
Americans can disagree with the Marxists and still purchase food, housing, fuel, airline tickets, etc. The dollars in one’s account cannot be “deactivated” relative to transactions of which the Party disapproves. This remains the case because, even when represented, managed, processed, and accounted for in the digital form, the dollar itself remains a dollar without respect to who holds or uses it for payment.
The “programmable money” to which the term CBDC refers is fundamentally different.
Alexander Lee of the Federal Reserve defines programmability as a “mechanism for specifying the automated behavior of the money through a computer program.” Let that sink in a moment. “…specifying the behavior of the money…” The Central Bank can program the money in your account to, say, de-activate relative to unapproved purchases.
Prohibiting the purchase of guns and ammo by Conservatives via passed law is so cumbersome! What if it could be accomplished by simply “de-activating” Conservatives’ ability to use money for such purchases? No wonder the Marxist totalitarians are salivating at the prospect.
The term, “programmable money” should be recognized as an oxymoron.
Money, even if represented by a fiat currency, functions as a representation and store of value.
To provide a trustworthy medium of exchange, it must do so uniformly, without respect to the holder of the money or the transactions for which it’s used. Programmability and government (Party) control of the money held by specific persons necessarily transforms a uniform unit of exchange into a CCP-style measure of Party allegiance; a social credit score.
Proponents of CBDC minimize the significance of replacing the US dollar.But if, as they suggest, the transition to CBDC represents only a modest change to the way business is conducted presently, why the push to abolish cash and replace the US dollar?
The answer, many fear with very good reason, is that if a fully programmable unit of exchange becomes the only legal tender, totalitarian control by the party becomes virtually inescapable.
The fascist inclination to project Partisan ideology throughout society has been well and recently demonstrated.
MyPillow has had its bank accounts canceled over political speech with which the Minnesota Bank executives disagree. Conservative writers, such as Pete D’Abrosca and Lauren Witzke, have had their bank accounts canceled by Wells Fargo. Payment processors, Paypal, and GoFundMe prohibit fundraising by conservative Americans while welcoming those who seek to free the militant rioters for Marxists’ causes no matter the damage done or the lives ruined at the hands of these violent terrorists. Television shows that fail to affirm the Marxists’ narratives about race, gender, and climate “crisis” are being canceled.
An American worldview is being effectively maligned.
But at least so far, holding and expressing an American worldview is not ILLEGAL. A “woke” bank may cancel the accounts of a person or entity over his, her, or its expressed dissent from the Party narratives. So far, the dollars in the accounts cannot be legally deleted by the bank. So people and organizations that are canceled by Marxist-controlled institutions remain free to find American financial institutions with which to engage.
Payment processors like Align-Pay and WinRed have been developed by conservatives to replace services denied to conservatives by the likes of PayPal. Shows that are canceled by Marxist-controlled networks can still legally find American-friendly outlets. In other words, it is still possible, albeit increasingly difficult, to “take our business elsewhere.”
That’s a problem for those with totalitarian intent. The ideological net with which they have surrounded American society and economy still contains holes through which Americans are escaping.