Is a central bank digital currency actually viable? In reality no, but that won’t stop the central planners from trying it.
They have the means, even now, to monitor your payments and to shut down access to your accounts via their supervision of banks.
As many of those who donated to the Freedom Convoy are well aware of.
But FedCoin would take it to the next level.
FedCoin will be the next degradation of the monetary system. It will be a leap downward into a coercive mechanism to feed the growing maw of government spending. People will fork over their savings to a central bank in order that the central bank give it to the government, to spend. Because this is less unsafe than depositing it in a bank.
The real question is what will the black market currency be? It doesn’t matter how tightly governments try to control the currency, a black market ALWAYS results. So will it be gold, silver or lead?
” . . . will it be gold, silver or lead?”
Yes. Plus copper and zinc. The brass has to come from somewhere.
Bottlecaps as per Fallout 4
A CBDC will incorporate the worst possible features of a digital currency while forcing the population to use it.
Expect the Central banks to roll it out to people who can’t afford to say no. People on fixed incomes and welfare.
After a while, they’ll try and force it on the rest of us by only offering our tax refunds and any grants or program monies in the new digital CanuckBuck.
Eventually the only way to avoid it will be to live outside the established banking/CBDC world by taking only cash or a public crypto.
Tax revenues will plummet but it won’t matter because “the budget will balance itself” or some other such sage wisdom.
All you doubters can bury your heads in the sand as long as you want but eventually, you’ll be on the side of the road, waiting for your government sanctioned ride home and the “service” you use won’t accept anything other than CanuckBucks and you’ll be walking.
I’m afraid that time will not prove me wrong
People will go financially/economically schizophrenic like they did in the USSR. Keep a certain amount in CanuckBucks or WEFbucks for those transactions they can’t make any other way, and another amount in whatever black market currency is the going thing. And there WILL be one or three.
WEFcoin
In the long run, fractional reserve banking isn’t viable nor is any fiat currency. CBDCs are just another way of playing the governmental Ponzi scheme. It could be a way of defaulting rather than inflating away the debt. They just expire the old fiat currency and related debt and mandate the use of their new one. Gold, Silver, and to a lessor extent, Copper have held their value for the last 5000 years or so. Don’t think of them as an investment, they are a store of wealth and can be used as medium of exchange with anonymity. They are easily hidden. People to this day are digging up caches of hidden Gold of the Romans from when they too were disintegrating as a civilization.
I am doing some prep work for a bible study. Read about good old Dionysius 1 of Syracuse. He confiscated all the coinage about 400 BC, reworked it and said the same coin, by weight of silver or gold, was now worth 2 drachmae instead of 1. Widespread inflation incurred. At least that is what all knowing Wikipedia said.
One problem with that at least in the US, is what FDR did with the help of the USSC, seizing gold, and giving out fiat currency, and that was even before the government left the gold standard.
After the gold seizure the “Gold Standard” only applied to foreign central banks.
Load ammo. Stack coins. Drink booze.
Shrug. Practically everyone under 45 thinks it’s a great idea; and practically everyone over 45 either has no opinion, or has one, but will go along for the ride instead of speaking out.
Such was proven during Covid
I like it.
After throwing some chain over the transmission lines..Then tell all holders of this ‘electronic wealth’ that the power outage cleaned out their bank account..
For this is the joke..
The same wits who seek to impose electronic money upon us are doing everything humanly possible to make the electrical grid unstable and unreliable.
If you cannot afford electricity,you have no wealth.
If you cannot perform any transactions,cause ‘no power’ you have nothing.
The non-tool users have declared war..Upon the producers.
Yes.
They really are this stupid.
Plan accordingly.
Some of us may have seen this..
Power goes out,in large public building..
Roaming from receptacle to receptacle is young geniuses,looking for “One that works”.
Yes..they are made stupid..but stupid they be.
And you can’t cure stupid.
These “electronic currencies” are the same as “Government makes wealth”.
And we are going to have no electricity,more often than when we do have ..
How is your magnificent digital world gonna work?
Whether through stupidity or malice,the idiots have made their world.
Saving a technological civil society requires that we ban them from our presence.
For they are too stupidly destructive to share space with.
They have chosen to discard civility.
Correct. I think I mentioned that a while ago.
The bigger problem with the Fed seizing the electronic assets of people they don’t like, is what happens when people stop using them, and switch to other media of exchange? There are literally thousands of things that have been used as currency throughout history.
There goes the tax base, at that point.