Under the guise of a rapidly expanding pilot program, Chinese citizens will soon no longer have the choice of whether or not to use the digital yuan. Once it is fully implemented, it would allow Chinese officials to surveil and manipulate the financial activity of not only its citizens but also any foreign individual or firm that does business with China. CBDCs are not about innovation—they are about control.
- Congressman Alexander X. Mooney of West Virginia’s 2nd District.
Mooney has recently introduced H.R. 3712. Unfortunately the text of the bill is not yet available, but the purported title is the Digital Dollar Pilot Prevention Act, which apparently would prevent the Federal Reserve from implementing a pilot program in the United States to test a Central Bank Digital Currency. If that all turns out to be true, then this legislation should be enthusiastically supported. As is made clear from Mooney’s statement above, the Chinese Communist Party has de facto implemented a CBDC in China through a “pilot program”. The Federal Reserve could accomplish the same thing in the U.S. despite the lack of enabling legislation.
Other pending bills which deserve support are:
H.R. 2435, The Gold Standard Restoration Act, also introduced by Mooney, to back the dollar by a specific weight of gold, and to make Federal Reserve notes redeemable in gold.
H.R. 1122, The CBDC Anti-Surveillance State Act, introduced by Representative Tom Emmer of Minnesota’s 6th District. This act prevents the Federal Reserve from holding accounts directly for consumers, whether individuals or businesses, and from using any CBDC to effect monetary policy.
Gold and silver are money. They can be used privately and anonymously and outside of the control of government and, most importantly, banks. Any currency should be based upon something like gold that cannot be easily manipulated and centrally controlled.
Central Bank Digital Currency is NOT money - it is a control system that is centralized and programmable. It is not private and not anonymous. The issuing authority, the Federal Reserve or the Bank for International Settlements (BIS), will know when and where you spend your tokens, and will have the power to control that spending in terms of when you spend, where you spend, what you can buy and what you cannot, and can even confiscate your tokens if you “misbehave”.
And if you are emitting too much carbon dioxide, they could effectively throttle an entire population. Given that the banksters and their cohorts, over the course of history, have shown no reluctance to kill millions of people, and given their repeated declarations that the world population must be reduced by about 90%, this is not a remote possibility but a likelihood.
Pretty scary stuff. People need to get a clue that The Authority is NOT their friend.