Central Bank Digital Currencies (CBDCs):
Public Enslavement through Personal Monetary Control
Last Update: 25 January, 2024
Topic: What is this Issue Concerning?
This is concerning a programmable digital money system based which is under the centralized control of banks especially central banks.
It is prophesied in the Bible.
Definitions We'll Use in Discussing this Issue:
What other topics are Related to this Issue?
Is this issue for real?
Unfortunately yes. Although the details are unclear, Governmnents and/or their central banks have made no secret in their development and experimenting with CBDCs, if not outright intent to force them on the Public:
Is this Issue a Threat or Benefit and Why?
This is a huge threat to human rights. Here are the parts to the problem of this issue:
Digital currency makes the national money system entirely vulnerable to a cybert-attack
August 14, 2018: Central bankers warn of chaos in a cashless society
The central authority can limit what you may spend the money on.
What this means: Since the transactions must be cleared by the central authority controlling the currency, they can arbitrarily deny clearance for any reason or no reason. When we say that they can 'limit' what you spend it on, we mean that they can effectively dictate what you spend your money on, and not by discussion, but by setting the paramters on your money at their end.
The transactions are bearer-identifiable and traceable, but by the central authority (not by you).
What this means:
Why this is a problem: The Government would know at least as much about your revenue and spending as you do. Since this information is usable by them, but not by you, it is more likely to be used for their purposeses than yours, including against you. For example, it already happened in Canada in early 2022 that anyone who donated money to the Trucker Convoy protests was punished with having their bank account frozen. This would have been much easier to implement and much more thoroough a punishment with CBDCs.
Digital infrastructure dependency.
What this means: The digital money system would depend on multiple computers, their software, and the internet being operational.
Why this is a problem: It's not uncommon for the digital infrastructure to be interrupted, especially in regions without reliable electricity. Even where such systems are usually reliable, the more reliable they are they less prepared people tend to be for those rare times they don't work. It could happen when you need it the most, and there would be no backup payment method (today if your bank card system goes down you can pay cash).
Negative Interest Rates
What this means: Central banks will have the ability to impose negative interest rates, ie. a decay of your money, as a monetary policy tool. No longer will 0% or near-zero interest rates be the lower limit.
Why this is a problem: Do you really want money which decays? It certainly wouldn't be a good store of value.
The central authority can set an expiry on the money.
What this means: The money you have can be expired at any time by the central authority, or for everyone by a certain date.
Why this is a problem: It can make saving money difficult or impossible, and be an extra tool used to punish activists.
The central authority can take money from people arbitrarily, prevent them from saving, or entirely switch off the money of anyone who displeases them.
What this means: Individual monetary policy: direct Government control of your individual spending.
Why this is a problem: Most people disagree with at least one Government policy. Under a CBDC system, that one disagreement would be enough to switch off your money. If you object, we already saw services and employment denied to those who protested COVID-19 mandates in Ottawa, Canada in early 2022 had their bank accounts frozen; how much easier this would be with CBDCs to freeze all of their money.
CBDCs may support the introduction of even more freedom and privacy destroying systems, such as RFID chipping of humans.
What this means: It's all too easy to link CBDCs together with technologies such as facial recognition, RFID microchip implants, artificial intelligence, biometrics, location tracking, bodily movement tracking, and even thought tracking for an unprecedented and extreme level of centralized surviellance and control over each person individually.
Why this is a problem:
How do or will the Establishment get the Public to go along with this?
Presumably CBDCs will be presented as a good thing, to protect the global economy, and any privacy forfeitures portrayed as worthwhile because illicit transactions will be exposed. Examples of this thinking:
A manufactured crisis might be used to entice adoption for a quick solution. There is a theory that the Establishment has a secret plan to allow (or perhaps even drive) the banking system to go into crisis, creating a general financial monetary freeze or collapse, and therefore critical social need, for which the CBDC will be presented as the solution, to encourage rapid mass adoptation of the new system. References:
The allegation does seem to match what at least some central banks are saying about CBDCs, for example, the Bank of Canada's official website on this page says (as of this writing):
We are building the capability to issue a digital version of the Canadian dollar—known as a central bank digital currency (CBDC)—that Canadians can trust and rely on so we can be ready should the need arise. Currently, we do not have plans to issue a digital currency. Ultimately, Parliament and the Government of Canada will determine if or when to issue a CBDC.
The above seems to say that the Bank of Canada is developing a CBDC system to roll out if and when Parliament and the Government of Canada determine that the need for it has arisen. Doesn't that basically match the rumour?
Adoption might be pressured or forced by other artificial means. At least one Government has shown a disturbing willingness to artificially pressure compliance with the new CBDC system. CBDCs were rolled out in Nigeria, and the People mostly rejected it, the Government severely limited cash withdrawals to leave people without enough money to live unless they used the CBDC system. The strategy got the CBDC from almost complete rejection into majority acceptance at the cost of pushing the People to starvation, which is apparently a cost the Government was willing to impose:
Interestingly, if these households had reserves of cash and food, they could have withstood this a lot better.
Most nations will likely be moved to adopt CBDCs at the same time, presumably to minimize ability to escape to non-CBDC forms of money.
CBDC | "CBDC Is Likely to Get Implemented Pretty Much Every Country Around the World." - James Wallis (Ripple VP, Bank Engagements & CBDCs) | The Great Reset Attack On Our Wealth, Health & The TRUTH with Doctor Sherwood
How we know the Establishment Intentions cannot be for the Public Good:
If Government cared so much about tracking payments to prevent terrorism, before they implement some new system ont he People, they could start with tracing the money under their control going awry, such as trillions of dollars are unaccounted for at the Pentagon and that up to 70% of arms sent to Ukraine are not making it to the front lines but widely reported to be showing up in black markets.
If Government wanted to curb inflation they could shrink money supply morally by demanding that banks increase their reserve ratios. Fractional reserve banking is unfair in that it allows private banks to effectively create money by loaning out multiples of their deposits. No one but the Government should hae power to create money, for the People's benefit. At least the Government could demand the private banks increase their reserves towards 100% of deposits.
CONCLUSION on the overall threat or benefit of this issue:
The CBDC system represents no advantages for individuals over current digital money systems. Rather, CBDCs are a system of total Government surveillance and control over each individual person's financial wealth and transactions. The ability and incentive to use it against the Public good are strong. Even with the best intentions, the deep financial surveillance alone represents a human rights infringement.