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This is paywalled at Forbes, but here is a copy. So even a total capitalist tool like Forbes is against CBDC. Must be really, really bad.
Forbes: No to CBDC Communist Chinese Financial Control System, Central Bank Digital Currency is NOT a “Currency”
(CoronaNews Editor Note: The first mistake is calling Central Bank Digital Currency a “currency.” A currency is yours once you earn it, to spend or save in any way you wish. A CBDC is really a credit at the Federal Reserve, where your account can be programmed to enforce desired social behaviors. For example, your money can be shut off if you have not shown up for your latest “booster” shot. Or for posting what technocrats have deemed to be “misinformation” on your social media. In this CBDC most resembles the financial grid used to control the population in China)
TOPSHOT – A protester walks in front of parked trucks as demonstrators continue to protest the …
It took Canadian Prime Minister Justin Trudeau less than one week to reverse his decision to invoke the Emergencies Act. Trudeau had used that authority to quash the Freedom Convoy protestors in Ottawa, freezing the bank accounts of individual protestors, crowdfunding platforms, and their payment service providers, but civil liberties groups maintain that the Emergencies Act should not have been used to quell nonviolent protests.
Perhaps Trudeau did overreach, but Americans should be under no illusion: The very same principles that enabled Trudeau to freeze Canadians’ bank accounts are engrained in U.S. law and regulation.
In fact, the United States has spent decades leading most developed nations down the same path, discounting fundamental principles in the name of preventing money laundering, tax evasion, and terrorist financing. Central bank digital currencies (CBDCs) could very well end up the crowning achievement of those efforts, but regulators already have enormous discretion and leverage over banks and other financial institutions.
The most recent display of this kind of power in the United States was Operation Chokepoint, when a group of bureaucrats from several independent federal agencies (including the Federal Deposit Insurance Corporation) started shutting legal businesses out of the banking system. It primarily targeted small dollar lenders, firearms dealers, and several other politically disfavored industries.
Although it may be surprising, federal banking regulators were not guilty of anything illegal in Operation Chokepoint....
Forbes: No to CBDC Communist Chinese Financial Control System, Central Bank Digital Currency is NOT a “Currency”
(CoronaNews Editor Note: The first mistake is calling Central Bank Digital Currency a “currency.” A currency is yours once you earn it, to spend or save in any way you wish. A CBDC is really a credit at the Federal Reserve, where your account can be programmed to enforce desired social behaviors. For example, your money can be shut off if you have not shown up for your latest “booster” shot. Or for posting what technocrats have deemed to be “misinformation” on your social media. In this CBDC most resembles the financial grid used to control the population in China)
The U.S. Should Disavow CBDCs And Set The Standard For Protecting Financial Privacy (Forbes Magazine)
By Norbert Michel, March 2, 2022 Original Article
TOPSHOT – A protester walks in front of parked trucks as demonstrators continue to protest the …
It took Canadian Prime Minister Justin Trudeau less than one week to reverse his decision to invoke the Emergencies Act. Trudeau had used that authority to quash the Freedom Convoy protestors in Ottawa, freezing the bank accounts of individual protestors, crowdfunding platforms, and their payment service providers, but civil liberties groups maintain that the Emergencies Act should not have been used to quell nonviolent protests.
Perhaps Trudeau did overreach, but Americans should be under no illusion: The very same principles that enabled Trudeau to freeze Canadians’ bank accounts are engrained in U.S. law and regulation.
In fact, the United States has spent decades leading most developed nations down the same path, discounting fundamental principles in the name of preventing money laundering, tax evasion, and terrorist financing. Central bank digital currencies (CBDCs) could very well end up the crowning achievement of those efforts, but regulators already have enormous discretion and leverage over banks and other financial institutions.
The most recent display of this kind of power in the United States was Operation Chokepoint, when a group of bureaucrats from several independent federal agencies (including the Federal Deposit Insurance Corporation) started shutting legal businesses out of the banking system. It primarily targeted small dollar lenders, firearms dealers, and several other politically disfavored industries.
Although it may be surprising, federal banking regulators were not guilty of anything illegal in Operation Chokepoint....
