by Nick Giambruno, International Man:
There’s an excellent chance governments worldwide will soon force their citizens to use central bank digital currencies (CBDCs).
CBDCs enable all sorts of horrible, totalitarian things.
They allow governments to track and control every penny you earn, save, and spend. They are a powerful tool for politicians to confiscate and redistribute wealth as they see fit.
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CBDCs will make it possible for central banks to impose deeply negative interest rates, which are really just a euphemism for a tax on saving money.
Governments could program CBDCs to have an expiration date—like some airline frequent flyer miles—forcing people to spend them, for example, before the end of the month when they’d become worthless.
CBDCs will enable devious social engineering by allowing governments to punish and reward people in ways they previously couldn’t.
Suppose governments impose lockdowns again for flu season, so-called “climate change,” or whatever pretext they find convenient. CBDCs could be programmed to only work in a geographic area. For example, your payments could be denied if you travel more than a mile from your home during a lockdown.
Suppose the people in charge want to encourage people to take a pharmaceutical product. With CBDCs, they could easily deposit money into the accounts of those who complied and deduct it from those who didn’t.
Undoubtedly, CBDCs will be paired with a sort of social credit system. Such a system is already in place in China today. In the West, it’s likely to come in a different flavor. Perhaps CBDCs will be paired with an ESG score.
Did you commit a thought crime on social media? Or perhaps you read too many politically incorrect articles online? Did you exceed your monthly meat consumption allowance? Then expect some financial punishment thanks to the CBDCs.
CBDCs are, without a doubt, an instrument of enslavement. They represent a quantum leap backward in human freedom.
Unfortunately, they’re coming soon.
Governments will probably mandate CBDCs as a “solution” when the next real or contrived crisis hits—which is likely not far off.
That’s the bad news.
The good news is that CBDCs are destined to fail.
Despite all the hype, CBDCs are nothing but the same fiat currency scam on steroids.
It’s doubtful CBDCs can save otherwise fundamentally unsound currencies—as I believe all fiat currencies are.
If the current fiat system is not viable, then CBDCs are even less viable as they enable the government to engage in even more currency debasement.
Would a CBDC have saved the Zimbabwe dollar, the Venezuelan bolivar, the Argentine peso, or the Lebanese lira?
I don’t think so. And a CBDC won’t save the US dollar or the euro either.
But that doesn’t mean governments won’t try implementing CBDCs… with immensely destructive consequences for many people.
While I believe CBDCs will inevitably self-destruct, nobody knows how long it will take for that to happen. Communism was also destined to self-destruct, but it took generations. I don’t think it will take nearly that long for CBDCs to fail, but that’s just my guess.
Therefore, the big question everyone should be asking is this…
What will you do when the government forces everyone to use CBDCs?
I believe it’s incumbent on free individuals to reject CBDCs. It will be challenging, but the reward—maintaining your sovereignty—will be priceless.
Below I discuss five ways you can do just that.
It’s important to remember the wise words of Ron Paul:
“What none of them (politicians) will admit is that the market is more powerful than the central banks and all the economic planners put together. Although it may take time, the market always wins.”
No matter what edicts, decrees, or laws that politicians pass, they will never be able to fully extinguish the desire of people to use alternatives to CBDCs. That cracks the door open to other options.
For example, consider that Venezuela, Zimbabwe, Argentina, Lebanon, and many other countries restrict the use of US dollars today. However, all that does is create a thriving black market—or, more accurately, a free market—for US dollars and a parallel financial system.
We can expect the same kind of dynamic if governments impose CBDCs. I have no doubt significant parallel systems and underground markets will naturally emerge.
Anyone who wants to avoid CBDC enslavement must learn to swim in those waters.
Below are five steps anyone can take to opt out of this dystopia.
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