American Conservative Newsletter 6/1/2023 about CBDC

EXTRA,   EXTRA     6/1/23 READ ALL  ABOUT IT

CBDC – What is it?  – Central Bank Digital Currency. It is a form of digital currency issued by a Federal Central Bank whose currency value is fixed by the central bank and is equivalent to the country’s fiat currency.

So what is the fiat currency?  Fiat currency is a government issued currency that is not backed by a physical commodity such as gold or silver.  It is backed by the government that issued it. 

Today, most fiat currencies such as the US dollar are fiat currencies.  The danger of fiat money is that the government can print as much as they want and the value continues to decline.

Because fiat money is not linked to physical reserves, it risks losing value due to inflation or even becoming worthless in the event of hyperinflation.  We are headed there now.  

The game plan is to make us a cash-less society.  Most of the smaller banks will be gone.  The main bank will be the Federal Reserve.  This centralization will allow the Federal Government access to all your information.  It will allow them to see what car you want to buy, if you purchase a gun, what groceries you buy – everything you purchase will be known to the government.  We will be on a Social Credit system, not a free American system.

Biden thinks that CBDC is a good idea and somehow thinks that it will protect consumers, investors and the environment.  It will do just the opposite and bankrupt America.  And that is what he and the socialist democrats actually want.

Additionally, a federally sanctioned CBDC as proposed by the Biden administration would diminish the role of community banks and credit unions in our financial system as CBDC currency would be a direct liability of the Federal Government rather than of a chartered financial institution.

Governor DeSantis has proposed legislation that would prohibit the use of CBDC as money within Florida’s Universal Commercial Code.  Where is our Governor?