The pressure is on for a central bank digital currency. Increasingly, venues are denying cash and allowing electronic transactions only.
Some say this is good because it will end the theft of currency and the underground sale of drugs and other things. Others believe this will lead to ultimate control of what you buy, how much you buy, where you buy and if you buy.
Joining Jim to look at this trend and where we currently stand was Robert Knight. Robert is a former Los Angeles Times news editor and columnist for the Washington Times and contributes to other publications as well. Robert has held senior positions in a number of pro-family organizations. He has written several books including The Coming Communist Wave: What Happens If the Left Captures All Three Branches of Government, Liberty on the Brink and Crooked: What Really Happened in the 2020 Election and How to Stop the Fraud. His latest column is titled, Digital Currencies and the Fight for Freedom.
Jim opened this broadcast by quoting from a Reuters report from the end of June in which they indicated that according to research by the U.S. based Atlantic Council, a total of 130 countries representing 98% of the global economy are now exploring digital versions of their currencies with almost half in advanced development, pilot or launch stages.
Robert responded by indicating we have to be alert in American and not let this happen here. He expressed his appreciation for Senator Ted Cruz and Representative Tom Emmer in the House who are sponsoring bills to keep us from heading in that direction because the Biden administration seems to be in favor of us going that route. As proof he cited President Biden’s signing of an executive order ordering research and development of centralized bank digital currencies.
Robert has seen the order and he noted that it communicates that the system could aid “equitable financial access.” He believes that when you see words like “equitable” it means they want to redistribute income, reward interest groups and punish others. It also referred to reducing negative climate impacts. In other words, don’t invest in oil, gas or coal which are the great strengths of America.
How does the Federal Reserve feel about this? They haven’t made any decisions yet, “…but they’re exploring the potential benefits and risks from a variety of angles, including through technological research and experimentation.” Robert sees this as chilling because it means they’re putting the machinery in place to do this if they can get away with it.
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