The fact that Biden is planning a new digital currency is no secret. There are several reasons why you should be very worried about this as it is suspected that such a new proposal will provide the federal government authority over large portions of society and the economy.
When the White House announces it is developing a strategy to alter a critical portion of the US economy with “highest urgency,” it ought to go without explanation that the media should really be paying close attention.
Much more crucial, the media should gladly and thoroughly notify the public on the possible dangers of such a proposition.
Regrettably, such is not the case now, and the consequences of the media’s indifference could last for decades.
The Biden administration issued an executive order (EO) on March 9 asking a broad range of federal agencies to investigate digital assets and submit a number of studies and ideas to govern them. The executive order devotes a lot of time discussing about cryptocurrencies like bitcoin and ethereum, which are based on blockchain technology and have grown in popularity amongst investors and consumers over recent times.
But there is a component of the EO that is perhaps more significant: President Biden has directed the federal government and the Federal Reserve to build the basis for a possible new US currency, the digital dollar.
If the US adopts a digital currency similar to the ones mentioned in Biden’s executive order, it would be among the most significant extensions of federal power ever, putting people and corporations in great jeopardy of losing their social and economic liberties.
Several federal departments, such as the Treasury Department, are directed to research the development of a new central bank digital currency (CBDC) and publish a report within 180 days of the EO outlining the possible dangers and advantages of a digital dollar, among other things.
The order also instructs the Treasury Department, Attorney General’s Office, and Federal Reserve to collaborate on a “legislative proposal” to develop a digital currency within 210 days, or nearly seven months.
A digital dollar would not only be a digital duplicate of the present US dollar, but an altogether new currency that would coexist with the current currency, at least at first. The CBDC, like currency, would be used to charge for products and services and would most probably be controlled by the Federal Reserve, the US central bank.
A central bank digital money, unlike the existing dollar, just wouldn’t exist in physical format, therefore you would not be able to withdraw it from a bank or ATM.
It is critical to recognize that the digital dollar will not be the same as cryptocurrencies such as bitcoin. Cryptocurrencies are based on blockchain infrastructure, which is designed to be autonomous. Once cryptocurrencies are introduced, no organisation or entity can genuinely govern them.
On the other hand, digital currencies would be trackable and programmable. The Federal Reserve (or another designated body) would be able to issue additional digital dollars anytime it deemed appropriate, and the dollars might be designed to have various regulations and constraints incorporated into their architecture, based on how the law establishing the currency is worded.
A digital dollar, for instance, might be designed to limit fossil-fuel usage, reward individuals for spending at specific businesses, establish de facto price controls by prohibiting consumers from spending excessively on specific things, or even redistribute wealth.
The Federal Reserve listed a few possible “design choices” for a digital dollar in a paper (read below) published in January about the establishment of a central bank digital currency, including “a central bank might limit the amount of CBDC an end user could hold.”
There are numerous grounds to suspect that Biden’s proposal for a digital dollar includes a framework that will provide the federal government and/or the Federal Reserve authority over large portions of society and the economy.
The CBDC, as well as other policies governing digital assets, must prevent “climate change and pollution” and encourage “financial inclusion and equity.” according to Biden’s executive order.
In Biden’s order, the words “financial inclusion” emerges five times, while “equity” and “climate change” appear four times apiece.
In a background call with reporters about the executive order, a “senior administration official” (whose name was oddly omitted from the White House transcript) pledged that the Biden government would “continue to partner with all stakeholders – including industry, labor, consumer, and environmental groups, international allies and partners.” in developing a new digital currency.
Why would labor unions, industrial groups, and environmental organizations be engaged in the construction of a novel currency unless there is a strategy to design the currency to further numerous causes that special-interest groups care about?
Even more astonishing, David Andolfatto, a senior vice president and economist in the St. Louis Fed’s Research Division, in a 2021 question-and-answer session about the development of a digital dollar, was asked whether the Fed could “assure us [the public] that these digital currencies won’t ever be used to tell us when, how or where our money can be spent?”
“In life one can’t give absolute assurances of anything,” Andolfatto responded before suggesting that “the best we can hope for” is for Congress to “respond to the electorate’s concerns” about privacy.
Andolfatto’s reply was odd, to say the very least, if the Fed has had no plans to utilize a future central bank digital money to regulate Americans’ behavior.
It is apparent that the Biden administration and the Federal Reserve are collaborating to develop a programmable, traceable, and controllable digital currency. And if they succeed, American life may never be the same again.
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