Biden administration is quietly planning for a future where you don’t own money
In Biden’s future, you will not own CBDC money, and you’ll have no privacy either

https://www.foxnews.com/opinio...e-you-dont-own-money


Under the leadership of President Joe Biden, the White House and the Federal Reserve have started to lay the groundwork for a programmable, trackable, easily manipulated digital currency. It might sound like something from a dystopian science-fiction novel, but it’s all too real, and it could soon change life in America forever.

In March 2022, the Biden administration released a sweeping executive order that directed numerous federal agencies to crack down on digital assets, including on popular cryptocurrencies, as well as to study the potential development of a central bank digital currency (CBDC).

A CBDC would not be a digital version of the existing paper-based dollar, but rather an entirely new currency that would exist exclusively in a digital (meaning an electronic, non-physical) form.
President Joe Biden

In September 2022, the White House announced the completion of the CBDC reports. Although the administration did not officially propose a CBDC following the release of the reports, it did announce that it had developed "policy objectives" for a U.S. CBDC system.

Biden also directed the leadership of the National Economic Council, National Security Council, Office of Science and Technology Policy and the Treasury Department to "meet regularly" with the Federal Reserve to further design a potential CBDC.

Since the flurry of action in September, the administration has worked tirelessly – and quietly – to advance the creation of a CBDC, through various working groups, speeches and coordinated efforts with non-government groups.

Under the various CBDC proposals floated by the Biden administration and Federal Reserve, a U.S. CBDC would be programmable, traceable and designed to promote various left-wing social goals, such as improving "financial inclusion" and "equity." It would also be designed to help with "transitioning to a net-zero emissions economy and improving environmental justice."
Jerome Powell


Unlike with decentralized cryptocurrencies, such as Bitcoin, every transaction made using a CBDC could be easily traced to individual users by financial institutions, government agents and/or the Federal Reserve (depending on the details of the final design).

Additionally, because a CBDC would be digital and programmable, rules could be imposed that limit spending on approved activities. So, if the federal government or Federal Reserve were to determine that Americans are buying too much gasoline, for example, it could stop people from using CBDCs at gas stations with a few clicks on a computer.

Perhaps most disturbing of all, however, is that under most of the CBDC designs discussed by the Biden administration and Federal Reserve, nearly all forms of ownership of CBDC money would also be strictly limited. Only large institutions such as banks, the federal government, and/or the Federal Reserve would actually have ownership of CBDCs. Everyone else would be prevented from having absolute control over their digital money.
The Federal Reserve needs to 'stop playing God': Stanford business professor Video

That means in Biden’s future, you will not own CBDC money, and you’ll have no privacy either.

How, exactly, would the Biden administration prevent most forms of private ownership of digital money? To best understand the answer to that question, you first need to know important details about the existing banking system.

Currently, when you go to the bank and deposit money into a checking or savings account, you immediately cease to own the money. The cash becomes the property of the bank. In most situations, the bank is required to return the money you provided to it at your request, but the cash ultimately belongs to the bank until you remove the money from your deposit account.

Under the current system, there is a way to regain control of your money, by withdrawing cash from a deposit account, and privacy laws prevent banks in many situations from giving away details about your financial accounts to third parties, including the government.
How will the government regulate cryptocurrency? Video

But because CBDCs would only exist in digital form in a deposit account, and because they would be programmed to feed data to government, there would be no way for you to physically take CBDCs out of a depository account, store them privately, own them directly, or use them without being surveilled by a large institution.

The Biden administration has directly acknowledged that a future where you don’t own CBDCs is exactly what it and the Federal Reserve are now considering. For example, in a 2022 report about CBDCs, the Treasury Department stated, "There are two general architectures for CBDC intermediation: (1) a single-tier (i.e., direct) CBDC with the central bank, and (2) a two-tier CBDC where intermediaries (potentially banks or nonbank financial intermediaries) would onboard and manage payments while the central bank records account balances."
placeholder

In other words, there’s no scenario in which you would be able to store your digital money in a local hard drive or private storage account. All of your money would be kept by a bank or the Federal Reserve directly, which means they would own all of your CBDC money.

Regardless of where your CBDCs are held, it’s likely the federal government would have access to data about your purchases and other information – a design choice CBDC supporters say is necessary so that officials can limit criminal activity. The only significant privacy questions that remain in the minds of those who support CBDCs are about the extent of the data collection.

For example, Biden’s under secretary for domestic finance, Nellie Liang, explained in a March 2022 speech about CBDCs that "one way of reconciling privacy with illicit finance concerns in a retail CBDC might be to have a tiered structure in which less data are collected for small dollar transactions or small volume accounts."

Note that Liang says "less data" "might" be collected for small dollar accounts. She doesn’t say no data will be collected.

If a programmable CBDC is rolled out in the near future, you won’t own money and you’ll have very little privacy, if any at all. That’s great news for those who advocate for bigger government and want more power for large financial institutions, but it could prove to be a catastrophic loss of freedom for the rest of us.

"a design choice CBDC supporters say is necessary so that officials can limit criminal activity"

Queue the "don't do anything illegal and you won't have to worry" retorts....

How about, you don't monitor my stuff until you work to find evidence of something illegal, then get a warrant...


This is the future, debit cards, digital balances on an app, use your phone/watch to pay and all your transactions will be recorded at the Federal government. You'll agree to them monitoring your activity simply by having CBDC deposits.

You'll need to own Gold, Silver to be free...

Barter systems will prevail..

These assholes want to track and tax (more than once) every penny Americans have. Let’s see how his sycophantic, socialism living supporters feel when having a D next to their political affiliation afford them no protection from government raiders taxing them to death like everyone else.

Great way to create a currency black market where cash (or the equivalent) will be sold and redeemed by cash dealers in ways comparable to how drug dealing is done. I am sure organized crime is loving this development as it will bring strong cash flows to their pockets by facilitating the human desire/need to actually own something. Think an unholy marriage of criminal enterprise, politicians, and financial institutions backed by military force. Yet another way to degrade civilization and society.

So if this is implemented -

Let’s presume that the fed. Govt. gets what they want and they have access to ALL information- local, state, private individuals, businesses, EVERYTHING. If it is on computer they can access it in real time. They have it NOW.

Now let’s presume Joe has 2 tickets for driving under the influence. He goes into a liquor store to buy beer. This attempted purchase flags a govt. computer (artificial intelligence will manage it all) and the computer flags the liquor store and refuses the sale.
“Sorry Joe, your card has been refused, you can’t buy here”.
Joe: “OK,I’ll pay cash”.
“Sorry Joe, we don’t take cash”.

Now apply the same scenario to purchasing a firearm -

Purchasing an antique, gas engine car that will do 150mph -

Purchasing a history book printed at the time of the event, but not “in line” with the current history as portrayed by current administration -

They will be able to select EVERYTHING you are allowed to buy, refuse a sale of anything they think you don’t need - or shouldn’t have.

Don’t think this is the plan? This is EXACTLY the plan.

You can vote your way into socialism, but you ALWAYS have to shoot your way out.

CBDC is enslavement, plain and simple. I see cryptocurrency being derided on this forum a lot but if CBDC gets implemented, the “old” cryptos (BTC, ETH, etc) would jump drastically in popularity since you could continue to transact without big brother getting into your business.

The purpose of "money" was originally to facilitate commerce. To free us of the limitations of barter economies.

In the leftists' world the purpose of "money" is to facilitate control--their control. (Pretty much the end-goal of anything they do, really. Which is why I keep harping on the fact they're not fracking liberals.)

Here's how this is (not) going to work, using the Biden Admin's recent moves on Venmo, et al, as an example: Last year I put together a cellular Internet connection and WiFi coverage for my buddy's cabin in the north woods.

Since I was doing all the design, testing, configuration, etc., it made more sense for me to order the hardware, pay for it, and for him to pay me back. The easiest way for him to pay me back, for both of us, really, was for him to Venmo me what he owed me.

If we did that now it would trigger additional paperwork for me at tax time.

Nope.

So, when I go to install a similar system for a nephew of his (also for no charge, because he's "family,"), either he'll order the stuff and have it shipped to me, which will incur a hassle if I find I need to return anything, or I'll buy the stuff, as before, and he'll have to reimburse me in cash.

Either way: More hassle for us, less business for Venmo. (In fact: I'm now going out of my way to avoid using Venmo or PayPal, in order to stay well under the $600 threshold.)

See how that works, leftist control freaks?

Even worse, say or do something they don't like and 'click' - you're frozen out of all access to your money.
Like they did to the truckers in Canada, but this will be more intrusive.
It will give them the total control they crave.

quote:

Originally posted by HRK:

<snip>

Sounds a lot like the present to me. The denomination is still Dollars, but almost everything I do is done electronically. I bet a majority of people are very similar. The feds don't collect all the transaction information at present. But the banks have it. It's available to the government by subpoena if they want to get it. I don't think that will change.

quote:

This is the future, debit cards, digital balances on an app, use your phone/watch to pay and all your transactions will be recorded at the Federal government. You'll agree to them monitoring your activity simply by having CBDC deposits.

Even if the government doesn't ban their use, the vast majority of parties you'll need pay won't take it. If you work for someone, they're not going to pay you in it. If you have to pay any business of any significant size (think banks, utilities, insurance companies, etc.), they won't take it. They'll pay the government's game. Retailers won't take it. They'd probably be happy to be done with case. It's robbery bait, and a PITA to deal with.

So you really won't have an alternative.

quote:

You'll need to own Gold, Silver to be free...

For the reasons stated above, except maybe on a micro scale, no they won't.

quote:

Barter systems will prevail..

Even the banks do not want o deal with money.
A couple of weeks ago I went to my bank to cash a check for $1K ~ buddy wanted to sell some of his guns - need the cash.
Ended up the deal did not go through.
Went back to the bank to redeposit the cash.
IT WAS MORE OF A HASSLE TO DEPOSIT THE CASH THAN IT WAS TO CASH THE CHECK!
They wanted ID, had to be a signer, blah, blah.
It was only a thousand bucks for Christ's sake.
Somebody from Wells Fargo called me after I gave a bad review from an email link and said "oh well, dems da rules".

quote:

Originally posted by WaterburyBob:
Even worse, say or do something they don't like and 'click' - you're frozen out of all access to your money.
Like they did to the truckers in Canada, but this will be more intrusive.
It will give them the total control they crave.

This is to me the greatest danger here. With a throw of the switch they can isolate you in a short period of time. Think mortgage companies can be trusted? Or the electric company?

Getting a modest solar array on the roof is more and more interesting to me.

Just another way this administration is welcoming the beast. It is amazingly scary the things this admin. is trying to accomplish and are getting away with it.

I read that one of the main goals of a CBDC is to also make your money have an expiration date. There would be no more concept of saving for the future because all the government would need to do is set it to expire and it would be "use or lose".

That is the most evil thing to me of the whole concept.

quote:

Originally posted by patw:
Just another way this administration is welcoming the beast. It is amazingly scary the things this admin. is trying to accomplish and are getting away with it.

Yeah, this does not surprise me. It's in The Bible.

Revelation 13:17
... so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.

People used to call us 'religious' people crazy for believing this could ever happen. Heck, they still do.

quote:

Originally posted by WaterburyBob:
Even worse, say or do something they don't like and 'click' - you're frozen out of all access to your money.
Like they did to the truckers in Canada, but this will be more intrusive.
It will give them the total control they crave.

This. Exactly this. No need to waste time analyzing the lefts motive any further on this issue. They want that degree of control.

quote:

Originally posted by BBMW:
Sounds a lot like the present to me. The denomination is still Dollars, but almost everything I do is done electronically. I bet a majority of people are very similar. The feds don't collect all the transaction information at present. But the banks have it. It's available to the government by subpoena if they want to get it. I don't think that will change.

Right now we hold deposits in your bank, these and the transactions are not directly recorded by the federal banking system.
For now you can pull out your deposits into cash, under the new plan, you can't do that, and if you want to park your money, before moving it to another facility, you cannot.

The key word in there is subpoena, note that the Federal Government will run the system backbone that holds all transaction data. They already have it, and guarantee laws will be written to watch for "suspicious transactions" which are those transactions on a list, like buying a rifle, or 1000 rounds of ammo.

quote:

Even if the government doesn't ban their use, the vast majority of parties you'll need pay won't take it. If you work for someone, they're not going to pay you in it. If you have to pay any business of any significant size (think banks, utilities, insurance companies, etc.), they won't take it. They'll pay the government's game. Retailers won't take it. They'd probably be happy to be done with case. It's robbery bait, and a PITA to deal with.
So you really won't have an alternative.

Yes that is the plan, eliminate our ability to maintain cash, gold, silver, any currency that the feds don't have access to and to eliminate all hidden cash based transactions in order to gain taxable revenue for the government.

They estimate that the Feds miss out on $600 billion in tax revenue, per year. This is why they want your transactions all digital, all reported to the feds.

Link

quote:

Originally posted by smschulz:

Wells Fargo

I think I see your problem.

quote:

Originally posted by Snapping Twig:
You can vote your way into socialism, but you ALWAYS have to shoot your way out.

True. I believe the leftists are blind to what they are bringing on.

[/QUOTE]
They estimate that the Feds miss out on $600 billion in tax revenue, per year. This is why they want your transactions all digital, all reported to the feds.

[/QUOTE]

They can print $600 billion in the blink of an eye. In fact, they have already done that many times over. This is about control, not a money grab.