The COVID-19 pandemic brought most freedom-loving Americans to the edge of their seats.
Many pushed back on unconstitutional edicts and some warned of more overreach on the horizon.
Now the Federal Reserve has devised a new scheme that threatens the financial privacy of every American.
Central Bank Digital Currencies are already being tested
Federal governments around the world have been working together on what will soon be the most controversial scheme in world history.
Central Bank Digital Currencies (CBDCs) will change the way we participate in commerce and could have major consequences, experts warn.
Recently, the Federal Reserve Bank of New York continued their work on CBDCs by launching “Project Cedar.”
They say that it is a “wholesale” digital dollar meant to facilitate cross-border payments for banks and corporations.
Though the project’s intended target is for major organizations and businesses – this isn’t the only reason for the development of CBDCs.
It’s only the next step in the process.
“Project Hamilton” preceded cedar with a focus on the retail space and consumer transactions.
This phase saw a beta test on retail use of CBDCs and was conducted by the Boston Fed in early 2022.
The unveiling of “Project Cedar” was eclipsed by the fallout of the FTX scandal that rocked the cryptocurrency industry shortly after election day 2022.
Fed says CBDCs will make things “safer”, but critics disagree
The Fed says that these initiatives would help make payments more secure and faster.
“Project Cedar showed that blockchain-enabled cross-border payments can be faster, simultaneous, and safer,” according to a statement issued by America’s secretive central bank.
Critics aren’t as optimistic about their goals with the project.
An analyst for CATO Institute, Nicholas Anthony has warned against the institution of CBDCs.
He warns, “the launch of a CBDC would most likely be the single largest assault to financial privacy since the creation of the Bank Secrecy Act and the establishment of the third-party doctrine.”
CBDCs would be issued by the US Government and potentially provide them with unlimited access to Americans’ finances and spending habits.
According to Anthony, this could be a very dangerous situation leading to clear violations of the Constitution.
“At its core, financial privacy is important because the information it can reveal” he argued, citing concerns over people’s “relationships, profession, religion, political leanings, location” and more.
Biden has placed the “highest urgency” on deploying CBDCs in America
Biden has been a strong advocate for CBDCs and even issued an executive order to speed up the process of implementing them in the United States.
He believes they will help prevent crime, address inequity, and even fight climate change.
Biden’s order reads, “my administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.”
He has since tasked several agencies with developing the digital dollar.
It might be valuable to stopping crime, addressing inequity, and stopping climate change.
But that isn’t where it started from.
Central bankers want “absolute control”
Agustin Carstens is the General Manager for the Bank of International settlements.
He’s been advocating for CBDCs for several years now.
In 2020, Carstens explained that they want to know more about who is holding currencies around the world.
“We don’t know who is using a $100 bill today, we don’t know who’s using a 1,000-peso bill today. The key difference with a CBDC is the central bank will have absolute control . . .”
These currencies are coming and it’s hard to say at this point what will stop them unless people speak out.
Patriot Political will keep you up-to-date on any developments to this ongoing story.