‘Simply A Bad Idea’: Ted Cruz Introduces
Bill To Stop Creation Of A ‘Central
Bank Digital Currency’
Daily Wire,
by
Ben Zeisloft
Original Article
Posted By: Imright,
3/22/2023 11:26:58 AM
Sen. Ted Cruz (R-TX) introduced a bill on Tuesday that would prevent the Federal Reserve and the Biden administration from establishing a central bank digital currency.
Opponents of a potential central bank digital currency observe that the asset, which would be managed by the Federal Reserve and tethered to the value of the dollar, may increase government surveillance and control of private citizens. The legislation submitted by Cruz, as well as Sen. Mike Braun (R-IN) and Sen. Chuck Grassley (R-IA), would ban monetary policymakers from implementing the technology.
Reply 1 - Posted by:
cgood 3/22/2023 11:41:00 AM (No. 1430983)
How did the unthinkable become just another daily revelation of threats to our country and way of life? It has to stop.
22 people like this.
Reply 2 - Posted by:
LC Chihuahua 3/22/2023 12:02:38 PM (No. 1431007)
I don't know how a digital currency would work. Would they convert our savings into digital currency? Would someone decide how much we have? Would someone decide how much we are supposed to spend. A digital currency sounds like a controlled currency.
20 people like this.
Reply 3 - Posted by:
Mizz Fixxit 3/22/2023 12:07:17 PM (No. 1431010)
FTA: President Joe Biden has supported the study of a possible central bank digital currency and launched a “whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”
Interpretation, the Biden “study” has a predetermined outcome in favor of digital currency. Democrats are predictable. They should not be so predictable.
11 people like this.
Reply 4 - Posted by:
jalo1951 3/22/2023 12:29:57 PM (No. 1431037)
Covid didn't work so let's try using your money against you. And don't think we can't.
16 people like this.
Reply 5 - Posted by:
davew 3/22/2023 12:59:15 PM (No. 1431058)
The objections to a CBDC are mostly from large credit corporations like Visa, MC, Discover, PayPal, and their underlying banks. These people also lobby Congress heavily and want to kill the CBDC baby in the crib because it will cost them a lot of money and they like money.
From an economic standpoint it makes excellent sense. Currently there are about 9 intermediate hands that any payment or wire transfer has to go through to get from the payor to the payee. All these intermediaries have to get paid which is why merchant fees, bank account fees, and credit card rates are so steep and account interest is so low. It also makes micropayments (fractions of a penny) uneconomical for in app purchases and other small transactions.
A digital currency based on centralized (Proof of Stake) blockchain technology like a CBDC reduces the intermediate steps to just 3 hands. This is not popular with the middlemen stakeholders, but it makes for nearly frictionless cash transactions at a fraction of the cost of the current system which benefits consumers. Blockchain makes the transactions anonymous and secure to anyone except the key holders. The central bank would have the legal right and means to reverse transactions that were deemed illegal or fraudulent but that's a protection for consumers, not an invasion of privacy.
Untethered digital currency like Bitcoin fluctuates with a speculative market and is not stable enough to predict future payments for things like payrolls or mortgages. Stablecoins like CBDC pegged to the value of the dollar would fluctuate relative to foreign currencies but would be stable for payments in the US like taxes, houses, autos, food, and domestic goods and services.
The Fed already creates the US currency through its monetary policies based on the dollar. All that CDBC does is allow people to pay with their phone or other token from their cash account. If you don't have cash, you can still use a credit card, but you'll have to pay your bill is dollars eventually. CBDC is just another name for a wire transfer but at a much lower cost.
2 people like this.
Reply 6 - Posted by:
crashnburn 3/22/2023 1:03:02 PM (No. 1431060)
I support Ted Cruz 100% on his bill. The DemoniKKKRats are just, and only, about absolute control.
There's already too much centralization of money. The cash I have on hand is a pimple on a pimple on a pimple on an elephant's butt compared to my liquid assets.
I don't want the government to have any more control over my assets than it does now!
11 people like this.
Reply 7 - Posted by:
EJKrausJr 3/22/2023 1:11:58 PM (No. 1431069)
No digital currency, period, no joke. We are not Chinese. We are not Chicoms. Digital currency only means total control - horizontal, vertical, diagonal, complete. Next the Joey Baby administration will be issuing QR codes to every individual (illegals excepted) in America. The Chicoms use QR codes to control social behavior, access to your digital currency and the capability to exist (eg. not starve to death by not able to buy food).
10 people like this.
Reply 8 - Posted by:
DVC 3/22/2023 1:12:46 PM (No. 1431071)
Let's hope that this will pass.
6 people like this.
Reply 9 - Posted by:
Starboard_side 3/22/2023 4:20:15 PM (No. 1431188)
Read an article from an industry person who had to return to China for family emergency. It had been 3 years, since the pandemic, obviously, and his report was of how much things had changed.
Everyone uses their phone for payments, and few credit cards are accepted any longer. No cash either.
Also, remember government requires money to fund it's operations, and they see the CBDC as a means to increase taxable sales. Think of the people who have mostly cash business, no longer if this is enacted. Again, in China they found a large number of businesses who "suddenly" had 3 or 4 times the sales they had previously been reporting based on this new system.
Yup, government wants more of everyone's money. They think you're cheating THEM, and they could be much larger if they had more of that money.
Lastly, they can also shut you down, if they want, much easier, which they now see who was willing to comply quickly, and report on their neighbors during the pandemic. In China you have a social score, which sounds like something many Progressive Democrats envy.
3 people like this.
Reply 10 - Posted by:
hoosierblue 3/22/2023 4:38:41 PM (No. 1431201)
It is about time that someone in our legislatures did something to try and stop this Orwellian takeover and control of our money.
4 people like this.
Reply 11 - Posted by:
MickTurn 3/23/2023 10:02:14 AM (No. 1431642)
Ted realizes that with Digital Currency there IS NO National Debt, the Gooberment can create as much fake money as they want and destroy our great country...How about we just Hang all those that support this as TRAITORS?
0 people like this.
Below, you will find ...
Most Recent Articles posted by "Imright"
and
Most Active Articles (last 48 hours)