Inflation reached 7.9 percent last month. Gas prices have passed the recession threshold of $130 per barrel. So, what is President Biden’s newest plan to fix the mess that the Federal Reserve’s “New Normal” of printing $120 billion in quantitative easing every month? A national digital currency, to inflate, manipulate, or confiscate whenever the state so wishes. On Wednesday, Biden signed the “Executive Order on Ensuring Responsible Development of Digital Assets,” to explore the use of digital ledger technology to increase “financial inclusion and equity” and decrease “energy demand and climate change.” But why are over 100 countries developing and implementing centralized digital currencies?
This initiative had its genesis in the UK Parliament. After cash payments were banned by many businesses during the pandemic, Chancellor Rishi Sunak has spearheaded the “‘biggest upheaval in the monetary system for centuries”: the G7 adopting Central Bank Digital Currencies (CBDCs). Dubbed “Britcoin,” this digital financial infrastructure would be a combination of blockchain currency and non-fungible tokens (NFTs), which are programmable by employers or governments to be restricted to being spent on specific approved goods or services. Bank of England director Tom Mutton suggested governments “could introduce programmability,” with built-in smart contracts ensuring that “restrictions” could be placed on where and how currencies are spent, ensuring “socially beneficial outcomes” are produced.
But what would those outcomes be?
Like the concordance between neocon RINOs and the Democrat establishment, the UK’s socialist Labour opposition party and ruling so-called Conservatives have formed an indistinguishable uni-party, in lockstep on everything from climate change to COVID lockdowns. On this year’s International Women’s Day, Labour MP Dawn Butler reposted a speech in which she urged the government to convert the “career ladder” into a “career escalator” for women and ethnic minorities. To ensure proportional representation on corporate boards, the Labour party proposes a government certification system, grading businesses on their corporate commitments to diversity and inclusion.
Not only could you be censored by Silicon Valley for your wrong-think but a partnership between international unelected bodies and corporate monopolies also could unperson you from buying food, fuel. and property.
This would constitute an adoption of the World Economic Forum’s (WEF) proposed Environmental, Social, and Governance (ESG) Scores for businesses. To access the potential investment from the numerous holding firms partnered with the WEF, businesses must donate profits and tailor operating policies toward efforts like lowering carbon emission and promoting gender and racial parity within their boardrooms.
This constitutes a movement from the existing model of shareholder profits toward the WEF’s conception of “stakeholder capitalism”: where businesses work in concert with governments, NGOs, and international organizations to end world hunger, gender inequality, and climate change.
To prove compliance with these targets, businesses must produce ESG reports, quantifying steps taken to meet ESG metrics. This involves gathering data on not only employees but also their customers. This means that any dissident working or purchasing from a business eager to earn WEF investment is at risk of being deplatformed from purchasing vital goods and services. If your social media posts are a stain on an otherwise spotless ESG record, then businesses may block the use of your allotted digital currency.
Legislative efforts like the UK’s Online Safety Bill and the EU’s European Digital Identity will erase online anonymity and require verification with state-issued documents to access social media. This is conducted under the auspices of claims like “the kind of unbridled free speech that we have seen online is a threat to democracy.” Identical language has been used by the January 6th Committee and in condemnations of Canada’s freedom convoy. These protests resulted in indefinite detentions and the confiscation of bank accounts.
Not only could you be censored by Silicon Valley for your wrong-think but a partnership between international unelected bodies and corporate monopolies also could unperson you from buying food, fuel. and property for expressing views as incontrovertible as “there are two genders.” Soon, you could have to visit grocery speakeasies — like in Lithuania, where people not vaccinated against COVID were banned from supermarkets and pharmacies.
Biden’s revived and increasing “Social Cost of Carbon” would be another predicate for restrictions. The UK’s Green Party endorses enforcing personal carbon purchasing budgets. As I wrote for The American Spectator last November, Mastercard and the WEF have partnered to cap consumers’ spending to their carbon footprints. Inflation hits? Too bad. Time to choose between heating and eating this week. (READ MORE: Will More Eco-Authoritarianism Come From COP26?)
So are non-state-affiliated cryptocurrencies the solution?
Well, Treasury Secretary Janet Yellen wants to confiscate “unrealized capital gains” via a tax on assets calculated between the value when sold and its peak potential value. Thus far, Yellen pledges to only target billionaires. But when those cash cows board their private jets and fly overseas to tax havens, taking their wealth with them, the government will begin to expand the tax brackets to encompass more of the population. This policy would become a war on investing in parallel economy technologies like cryptocurrencies, making holding and selling assets a financially inviable prospect for the working class.
CBDCs are the government monopolizing a promising technology, then pulling the ladder of financial mobility up behind them. Nothing will be exempt from taxation, and nothing you say or do will be excluded from scrutiny by the state’s obsession of diversity, equity, and inclusion.
CBDCs may be marketable as fool-proof against fraud and criminal laundering. They may be able to run entirely on renewables, thus eliminating air pollution from the financial sector. But with a government’s finger on the off-switch, your right to free exchange is held to ransom by ideologues — elected or otherwise.
Fight back against scrapping cash. Do not trade your freedom for convenience.