Are you ready for digital slavery?
“This dystopian world is closer than you think. Central bank digital currencies, or CBDCs, could make it a reality. CBDCs are an attempt to duct-tape the failing monetary system back together, and in the process provide the State with nearly unlimited control over the financial system, and thus our spending habits and the way we lead our lives.”
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For thousands of years, mankind has converged to gold and silver as the dominant form of money. Only for the past
100 or so years have we diverged from this historic trend. And the results have been disastrous.”
“The situation looks strikingly similar all around the world: money supplies inflating, purchasing power steadily declining, debt levels ballooning. The outcomes are the same, because the cause is the same: monetary systems based on currencies that can be printed at will are failing.”
“In terms of the store-of-value function of money, CBDCs would be worse than anything before, allowing the central bank to digitally “print” money at a pace previously unimaginable, depositing it straight into people’s accounts, and possibly even implementing an expiration date to the currency units.”
“If money is under the full control of the State, then the State in turn gains control of almost everything that goes on in that society….But CBDCs are meant as a full-fledged replacement of cash, and with the penetration of smartphones
over 80% in developed countries, a fully-cashless society running solely on a State-managed CBDC is in sight.”
“If CBDCs work as envisioned, a single entity — the central bank — would have full control over the national payment system, potentially allowing for simple interventions in terms of blocking the payments of anyone, realizing a totalitarian’s dream.”
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No Bullshit Bitcoin, 130 countries representing 98% of global GDP are currently pursuing a CBDC program.”