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Beware of Digital Tyranny: The Government's Push for a Digital Currency

'The greatest tyrannies are always perpetrated in the name of the noblest causes.'—Thomas Paine

The government desires your funds.

It will beg, steal, or borrow your money if necessary, but it wants it any way it can get it.

The government's schemes to swindle, cheat, scam, and otherwise defraud taxpayers of their hard-earned money have ranged from wasteful pork barrel legislation, cronyism, and graft to asset forfeiture, costly stimulus packages, and a national security complex that continues to undermine our freedoms while not making us any safer.

Americans have also been made to pay through the nose for the government's never-ending wars, foreign aid, military empire, welfare state, roads to nowhere, bloated workforce, secret agencies, fusion centers, private prisons, biometric databases, invasive technologies, arsenal of weapons, and every other budgetary line item that contributes to the corporate elite's fast-growing wealth at the expense of those who are barely making ends meet—that I

This is what those $1.5 trillion spending packages result in: someone has to foot the cost.

Because the government's voracious thirst for money, power, and control has gotten out of control, its agents have invented new ways to fund its excesses and increase its generosity, including taxes disguised as fines, fees, and tolls, tickets, and penalties.

Because no amount of money collected by the government is ever enough, the government has devised a new strategy to make it even easier for its agents to take Americans' bank accounts.

Prepare to make way for the digital dollar.

President Biden requested that the federal government examine developing a "U.S. Central Bank Digital Currency (CBDC)" in an Executive Order issued on March 9, 2022.

CBDCs, like cryptocurrencies like Bitcoin, are a type of digital money, but the similarities end there. CBDCs would be issued by the Federal Reserve, the United States' central banking system, if they were adopted. A CBDC digital dollar is worth the same as a physical dollar. And, like the physical dollar, which was no longer backed by gold more than 50 years ago, the CBDC is a government-issued fiat currency backed by the strength and credit of the United States government. (Of course, it's not saying much given that the US government runs a deficit most of the time.)

Although government agencies have six months to weigh in on the benefits and drawbacks of a centralized digital currency, it's all but certain.

For example, three weeks before the Biden Administration made headlines with its support for a government-issued digital currency, the FBI and Justice Department quietly moved forward with plans for a cryptocurrency enforcement team (aka digital money cops), a virtual asset exploitation unit tasked with investigating crypto crimes and seizing virtual assets, and a crypto czar to oversee it all.

Of course, there are no surprises here.

This is how the government works: by providing us with tools to make our lives "easier" while also making it simpler for the government to track, control, and punish citizens.

This shift to digital currency is, in fact, a global trend.

Over a hundred additional countries are considering launching their own digital currencies.

China has already implemented a government-issued digital currency, which not only allows it to monitor and confiscate people's financial activities, but can also be used in conjunction with its social credit score system to punish individuals for moral lapses and social violations (and reward them for adhering to government-sanctioned behavior). "With digital yuan, the CCP [Chinese Communist Party] will have direct control over and access to the financial life of individuals, without the need to strong-arm intermediary financial entities," China analyst Akram Keram wrote for The Washington Post. In a digital-yuan-consuming culture, the authorities might quickly ban dissidents' and human rights advocates' digital wallets."

Where China goes, the US will inevitably follow.

A digital money will inevitably become a part of our economy and a key component of the government's monitoring activities.

When you combine that with ESG (Environmental, Social, and Governance) programs that are essentially social media credit scores for corporations, you'll see that we're on the same path as China toward digital totalitarianism. According to journalist Jon Brookin, "central bank-issued digital currency can be utilized as a weapon for government surveillance of citizens and control over their financial transactions."

As a result, digital currency gives the government and its business allies with a method of commerce that can be readily monitored, followed, tabulated, data mined, hacked, hijacked, and confiscated when convenient.

This campaign for a digital money coincides with the government's long-running battle on cash. This so-called "war on cash," like the wars on drugs and terror, has been presented to the public as a way of combating terrorists, drug dealers, tax evaders, and, more recently, COVID-19 pathogens.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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