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The War on Cash

 


Our Masters don't want us to be able to buy and sell to each other without everything showing up in official centralized ledgers.

They don't like cash. They don't like cryptocurrencies either, but they have learned from them.

The new step in the War on Cash is the central bank digital currency (CBDC). This simulates a cryptocurrency, but of course the decentralized feature that has long been part of its appeal is gone.

As James Rickards wrote recently on Zero Hedge,  

"[A] CBDC is not a new currency. It's just a new payment channel. A digital dollar is still a dollar. A digital euro is still a euro. It’s just that the currency never exists in physical form. It is always digital, and ownership is recorded on a ledger maintained by the central bank."

You might well say: so what? a lot of dollar transactions are already digital in one way or another. I use a plastic card to change the digits in various databases. By swiping the card, an account that indicates my debt to a credit card company is larger, or maybe an account that shows my dollar holdings in a commercial bank is smaller. And I become the owner of a new pair of socks. 

But the problem is this: with the advent of a CBDC run out of the Federal Reserve the central bankers will have disintermediated the whole of the banking and credit card industries. Everything will be run through the Fed with a single account for payments and receipts.   

The surveillance state wins. That is "so what." 



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