They can do the same to your paper money.
And most people’s wealth is already held “digitally”.
How do they control your paper money? Come take it out of your pocket?
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I realize I wasn’t quite clear.
The paper money you have in your pocket… Unless you’re shoving it under your mattress… Represents a fraction of your actual wealth at any given moment.
Stop and take a minute and think of what would happen to your wealth if something erased all electronic records.
OK thanks
Give me a microchip to replace cash, passport, driving license etc and I will be happy.
Indeed. Some is on record with corporations I have stock in. Some is recorded at mutual funds. Some is recorded in the banking system. Some is recorded at the treasury (notes and savings bonds).
I gathered this proposal was to put all of your “cash” under the control of the government whether you wanted to or not.
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It would seem, if taken to completion, the Treasury Department would replace the Banks, Investment firms, brokerage firms and the federal reserve. The IRS would see every transaction immediately. The underground economy would become almost impossible. The treasury would simply adjust its own balance sheet and government would have the power to seize funds immediately. What could possibly go wrong?
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Oh, apparently China’s digital currency is programmed with an expiration date. If you don’t spend it by a certain date, it disappears from your account forever.
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All the more reason why it’s bad idea.
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The Revelation to John has something to say about that.
I was neither praising nor condemning the idea of a CBDC.
Only saying these things could be done now.
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You got everything right except for the underground economy. Black markets invent their own currency all the time.
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No thanks. It itches.
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Drugs, food, flesh… Not a good look.
Yeah…until you want to go to or have a garage sale, give a few buck to your kid, or buy a little weed…
OR…want to make a purchase the wokie in charge says the new flavor of the week banned purchase is not allowed…
I have been to a growing number of garage sales where the homeowners will accept digital payments such as paypal etc.
My kids and grandkids get money all the time digitally.
Lol i do love the weed comment, as if recreational drug use is only something libz indulge in.
I can see Big Food and Big Pharma capitalizing on this as well.
You choose to eat low-carb? Now you have a limit on meat and you are forced to buy “healthy” grains.
You choose not to go on the statins because your doctor recommends it? Well, now you either follow you “caring” doctor’s advice or lose a portion of your monthly credits.
It will create a hell of a black market and barter economy I guess.
I decided to resurrect this thread after seeing another news piece on this subject. Yes, the left is going to try to force this on us. It’s all about CONTROL.
They want to use this to set up as chinese style social credit system. The US will become the worst dictatorship on earth if this becomes a reality, because YOU, and YOU, and YOU, and YOU and YOU will be monitored 24/7 every action, every word, every place you go - EVERYTHING.
Don’t attempt to say the dems don’t want this:
What Will a U.S. Central Bank Digital Currency Look Like?.
Disadvantages
However, a U.S. CBDC could affect the current financial structure of the U.S. and alter the duties and responsibilities of the private sector and the central bank.
The safety and stability of the financial system could be compromised during the conversion process from another form of money to a CBDC, which could trigger runs on financial institutions.
The effectiveness of the nation’s monetary policy implementation could be lessened and distort the supply of reserves in the banking system without control over interest rates.
Privacy and data protection issues and financial crimes could threaten consumers’ privacy rights and result in the loss of assets.
Operational resilience and cybersecurity could pose a problem, as a CBDC is prone to the same threats as existing payment services
Dictatorship will begin with total control of everything you own.
