by Jim Rickards, Daily Reckoning:
Where were you on March 9, 2022, when President Biden signed the death warrant on American freedom?
On that day, in a hushed ceremony at the White House without the approval of Congress, the states or the American people, Biden signed into law Executive Order 14067.
Buried in his order are a few paragraphs, titled Section 4. The language in Section 4 makes Order 14067 the most treacherous act by a sitting president in the history of our republic.
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That’s because Section 4 sets the stage for legal government surveillance of all U.S. citizens, total control over your bank accounts and purchases and the ability to silence all dissenting voices for good.
In this new war on freedom, they aren’t coming for your guns. No, they’re thinking much bigger than that.
They’re coming for your money.
And it’s already started. These efforts are stepping up and taking on a nefarious tone that also involves surveillance and loss of our freedoms under the guise of central bank digital currencies (CBDCs), or Biden Bucks as I call them.
If you had asked me about this two years ago, I would have said the U.S. is taking a rather studious approach to it. It was too important to not be involved in, but the U.S. did not seem to be in any hurry to actually implement it.
There were studies, and I would have said my estimate at the time would have been, “OK, China has it. Europe, maybe another year. The U.S. might be three or four years down the road because the dollar’s too important. They don’t want to race into it. They want to get it right. There are a lot of ways to mess it up.”
But that’s changed under Joe Biden.
Biden has now fast-tracked this thing. We’ve moved pretty quickly from what I would call a research phase to an implementation phase. So I give it the name Biden Bucks, because Joe Biden will prove to have been responsible for actually implementing this at a very quick tempo in the United States.
NOT Cryptocurrencies
CBDCs are digital money, not cryptocurrencies. The differences between CBDCs and crypto are important.
Cryptocurrencies are recorded on a blockchain, which is a particular type of ledger that shows every transaction ever made in each currency.
Cryptos also claim to offer anonymity and decentralization, which are said to be virtues but are actually fatal flaws because the “anonymity” is a greater cover for crime and fraud.
I worked with the U.S. Strategic Command to unravel crypto ownership when Isis was using digital tokens to finance its caliphate in 2015–2016. It’s not easy to pierce the veil, but it can be done.
By contrast, CBDCs do not use blockchain; they have a digital ledger accounting system, but it’s not a blockchain. They’re the opposite of decentralized; they are highly centralized under the control of a single issuer, usually a central bank.
There’s no anonymity. The issuer knows every account holder and every transaction — that’s the whole idea.
CBDCs are promoted on the idea that transactions are faster, cheaper and more secure when all money is digital and controlled by a government.
Compared with credit cards, debit cards, wire transfers, Venmo and PayPal, that may be true. Those systems have multiple intermediaries and layers of fees, so CBDCs may actually be able to streamline payments and make the payment system more efficient.
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