“More than half of the world’s central banks are exploring or developing digital currencies,” says the International Monetary Fund (IMF.org) in a post entitled “THE ASCENT OF CBDCs” that IMF post said: “Central bank digital currencies (CBDCs) are digital versions of cash that are issued and regulated by central banks. As such, they are more secure and inherently not volatile, unlike crypto assets.” Without weighing in for or against crypto currencies like Bitcoin, Ethereum, Tether, or Dogecoin, anyone with objectivity knows that central bank currencies in the U.S. or abroad know that inflation has revealed the fallacy of the claim that they are “more secure and inherently not volatile…” Indeed, the U.S. Federal Reserve has indicated that their are potential risks in their own posted remarks on CBDCs. “While the Federal Reserve has made no decisions on whether to pursue or implement a central bank digital currency, or CBDC, we have been exploring the potential benefits and risks of CBDCs from a variety of angles, including through technological research and experimentation.” MHProNews decided to explore what others are saying about the risks of what this report will reveal to be a proposal fraught with reasonable concerns that could erode your privacy and impact your financial and personal independence. Even a brief look into the pros and cons of CBDCs will reflect the point that governments and large corporate interests could gain a chokehold over your business, finances, political, religious, and free speech rights in a way that traditional currency doesn’t give government and banks as readily.
Left-leaning McKinsey and Company in a post by Shobhit Seth updated April 18, 2023 said the following. “What Is a Central Bank Digital Currency (CBDC)?
Central bank digital currencies (CBDCs) are a form of digital currency issued by a country’s central bank. They are similar to cryptocurrencies, except that their value is fixed by the central bank and equivalent to the country’s fiat currency.1”
McKinsey linked Investopedia, which had the following to say.
Many countries are developing CBDCs, and some have even implemented them. Because so many countries are researching ways to transition to digital currencies, it’s important to understand what they are and what they mean for society.
KEY TAKEAWAYS
A central bank digital currency (CBDC) is the digital form of a country’s fiat currency.
A nation’s monetary authority, or central bank, issues a CBDC, which promotes financial inclusion and simplifies implementing monetary and fiscal policy.
Many countries are exploring how CBDCs may affect their economies, financial networks, and stability.
Understanding Central Bank Digital Currencies (CBDCs)
Fiat money is a government-issued currency that has no backing from a physical commodity like gold or silver. It is considered a form of legal tender that can be used to exchange for goods and services. Traditionally, fiat money came as banknotes and coins, but technology has allowed governments and financial institutions to supplement physical fiat money with a credit-based model that records balances and transactions digitally.
Physical currency is still widely exchanged and accepted; however, some developed countries have experienced a drop in its use, and that trend accelerated during the [declared COVID19] pandemic.
Forbes and Cato
In an article on Forbes dated May 31, 2023 “The new survey shows that twice as many Americans—34%—oppose, rather than favor, adopting a CBDC.”
The survey Forbes referred to is by the Cato Institute.
Per Cato’s headline: “New Poll: Only 16% of Americans Support the U.S. Adopting a Central Bank Digital Currency, 68% Would Oppose if Gov’t Could See What You Buy.” That article is also dated 5.31.2023.
Washington, D.C.– Only 16% of Americans support the U.S. government adopting a Central Bank Digital Currency or “CBDC,” according to the new Cato Institute 2023 CBDC National Survey Report. The national survey of 2,000 Americans conducted by YouGov found that twice as many Americans—34%—oppose adopting a CBDC, while 49% don’t yet have an opinion. Nevertheless, the survey finds that Americans are more concerned about a CBDC’s risks than they are enthusiastic about its benefits.”
Also per Cato was the following.
CBDCs and Government
68% of Americans Would Oppose a CBDC If the Government Could Monitor What People Buy
The survey investigated how Americans navigate potential costs and benefits associated with the United States adopting a central bank digital currency. Overwhelming majorities would oppose the adoption of a CBDC if it meant that the government could control what people spend their money on (74%), that the government could monitor their spending (68%), that a CBDC would abolish all U.S. cash (68%), that a CBDC would attract cyberattacks (65%), that the government could charge a tax on those who don’t spend money during recessions (64%), or that the government could freeze the digital bank accounts of political protesters (59%). Americans were marginally opposed (52%) if a CBDC could cause some people to stop using private banks, resulting in some banks going out of business.”
Other graphical details by political party affiliation regarding CBDCs is linked here.
A Real-World Preview of CBDCs? Why MHVille Pros Should Be Leary or Opposed
Mercola is a medical, health, and nutrition focused website that has weighed in on broader political controversies. Dr. Joseph Mercola is said to be among the wealthier doctors in the U.S.A. So, Dr. Mercola has apparently benefited from the free enterprise system. Mercola was targeted by the Biden Administration for not carrying their talking points during the declared COVID19 pandemic, when Mercola took an evidence-based stance against the mRNA treatments dubbed as vaccinees. Despite the point that Mercola cited research, quoted medical authorities, and explained the evidence for his views, Mercola was apparently among those that Biden Administration officials worked with social media and big tech to ‘censor.’
Mercola recently said he, his business interests, and some of his employees were singled out by Chase to have their accounts closed.
Chase bank has shut down our business bank accounts along with the accounts of my CEO and CFO, as well as their family members (including spouse and child). They’ve refused to provide any reason for doing so, the oldest account has been active for 18 years.…
Chase’s annual conference directs all the money behind Pharma and healthcare. In 2023, the FDA head was the keynote speaker.
This brilliant piece explains why Chase banned Dr. Mercola, his employees and their families—and what we all need to do about it.https://t.co/wJNmaeR7R4
Be a person in agreement, disagreement, or meh about views regarding Big Pharma, the handling of COVID19, or “the jab” – people of good will ought to be able to recognize that in a society with God-given and Constitutionally protected by the First Amendment rights, Mercola had the right to his views. The fact that his thinking was evidence-based and that he laid those facts out so that people could ‘take charge’ of their own health should make his stance all the more palatable, again, regardless, if someone agrees or disagrees with him.
Per Mercola, here was his snapshot of the Chase event, and what he thinks it has to do with CBDCs.
STORY AT-A-GLANCE
July 13, 2023, JP Morgan Chase Bank informed me they are closing all of my business accounts, along with the personal accounts of my CEO, my CFO and their respective spouses and children
My CEO was informed his young children also will never be allowed to bank with Chase in the future
No reason for the decision was given, other than there was “unexpected activity” on an unspecified account
This is what the new social credit system looks like, and what every soul on the planet can expect from the central bank digital currencies (CBDCs) that are being rolled out. Go against the prevailing narrative of the day, and your financial life will be deleted
It’s difficult enough trying to navigate this hurdle today. Once everything is digitized, cash eradicated and the social credit system completely integrated and automated, this kind of retaliatory action for wrongthink could be a death sentence for some people
The PDF of Mercola’s full view of this experience is linked here.
Applying the Chase-Mercola Experience to CBDCs and Manufactured Housing
It is troubling to think that people have to think about what they may want to express for fear that they may be retaliated against them for cultural, political, religious, personal, or other views. As Mercola’s summary stated: “This is what the new social credit system looks like, and what every soul on the planet can expect from the central bank digital currencies (CBDCs) that are being rolled out. Go against the prevailing narrative of the day, and your financial life will be deleted.”
Mercola has a sobering point.
In an era when hundreds of millions post on social media, you or someone you know could be ‘targeted’ for this type of financial control. If your belief doesn’t align with the powers that be, you could be de-banked. Or in a system based upon a CBDC – a central bank digital currency – you or anyone could potentially be cut off from your own money all together.
According to Cato’s survey, referenced above.
Both Democrats and Republicans Fear Government Turning Off Their Money
Strong majorities of Democrats (71%) and Republicans (82%) would oppose a CBDC if the government could control what people spend their money on and when. Majorities of Democrats (61%) and Republicans (82%) would also oppose a CBDC if the government could see what people buy with the digital currency. Notably, however, Democrats make a stronger distinction between the government monitoring what people buy (61% opposed) and the government having the ability to control it (71% opposed). …
Nearly two‐thirds of Democrats would oppose a CBDC if it meant abolishing cash (62%) or if it attracted cyberattacks by accumulating large amounts of data in one database (62%).
Republicans’ most cited concerns include the government controlling people’s spending (82%), monitoring people’s spending (82%), or abolishing cash (80%). Nevertheless, they were more likely than Democrats to express concern about cyberattacks (75% versus 62%) and abolishing cash (80% versus 62%) even though those concerns were not in their top three.
Notably, Democrats are far less concerned than Republicans of a CBDC causing private banks to go out of business. Only 40% of Democrats would oppose a CBDC in this case, compared to 74% of Republicans—a 34 percentage point difference.”
Legislation is pending on the topic of CBDCs being pushed by Republicans in the U.S. House. Among the bills are the following.
H.R.1122 – CBDC Anti-Surveillance State Act
According to the Congress.gov summary:
Introduced in House (02/21/2023)
CBDC Anti-Surveillance State Act
This bill limits the ability of the Federal Reserve to (1) provide direct services to individuals, and (2) use a central bank digital currency. A central bank digital currency is a digital currency (e.g., Bitcoin or Ether) issued by a government-backed central bank.
Specifically, the bill prohibits the Federal Reserve and the Federal Open Market Committee from using any central bank digital currency to implement monetary policy. In addition, a Federal Reserve bank is prohibited from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency directly to an individual.
The Federal Reserve must (1) consult with each Federal Reserve bank with respect to any central bank digital currency study or pilot program, and (2) issue quarterly reports on the findings and determinations of any such study or program.” Per Congress.gov on this date (7.31.2023) there are 46 GOP co-sponsors of the bill.
Senator Ted Cruz (TX-R) office issued the following press release on 03.21.2023.
SEN. CRUZ INTRODUCES LEGISLATION TO PROHIBIT THE FED FROM ESTABLISHING A CENTRAL BANK DIGITAL CURRENCY
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), Ranking Member of the Senate Committee on Commerce, Science, and Transportation, today introduced legislation to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency which could be used as a financial surveillance tool by the federal government. Sen. Cruz’s bill was cosponsored by Sens. Braun (R-Ind.) and Grassley (R-Iowa).
As countries like China develop CBDCs that omit the benefits and protections of cash, as well as the control and security of many existing digital cryptocurrencies, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation. CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely. It is important to note that while the Fed does not, and should not, have the authority to offer retail bank accounts, it is already looking into what establishing a digital currency would look like.
Unlike decentralized digital currencies like Bitcoin, CBDCs are issued and backed by a government entity and transact on a centralized, permissioned blockchain. Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, it could be used as direct surveillance tool into the private transactions of Americans.
Upon introducing the legislation, Sen. Cruz said:
“The federal government has no authority to unilaterally establish a central bank currency. This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom—not stifling it.
Sen. Braun said:
“Allowing the government to centralize Americans’ financial information and increase surveillance of Americans’ financial activity is simply a bad idea. The federal government should not have even more control over your own money. I support this legislation to allow entrepreneurship to prosper and keep the federal government from further encroaching on your privacy rights.”
Sen. Grassley said:
“The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government. Policy this impactful should be made by Congress, not government bureaucrats, and our bill would ensure that no one is snooping on the finances of hardworking Americans. Every American deserves that peace of mind.”
Adam Brandon, president and CEO of FreedomWorks, said:
“The Federal Reserve’s exploration into Central Bank Digital Currency raises serious questions regarding the continued development of the digital economy, consumer privacy, and the eventual transition to a cashless system of payments. One of the most significant features that draw people to digital assets is decentralization, and there is no central authority that manages the supply and value of most digital assets. The United States must not follow countries like China down the path of digital authoritarianism but instead preserve a payment system that promotes consumer privacy and security.”
Sen. Cruz previously introduced this bill in 2022. ###
While these legislative efforts are currently being backed by Republicans, per the CATO research, once Democrats and Independents understand the risks, they are nearly as opposed to the use of CBDCs are Republicans are. But as was noted at the top, not nearly enough Americans realize what CBDCs are, much less, what the risks are.
MHProNews plans on a follow up to this topic, which may be published on this site and/or on MHLivingNews. It will likely be in the near term. It will focus on possible steps individuals can take, beyond contacting their lawmakers to oppose CBDCs. The working plan is also to provide more information on the CBDC controversy. Stay tuned. ##
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Our son has grown quite a bit since this 12.2019 photo. All on Capitol Hill were welcoming and interested in our manufactured housing industry related concerns. But Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included the Constitution of the United States, bottled water, and other goodies.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing.
For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.
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