Biden’s Central Bank Digital Currencies: The Most Dramatic Expansion of Federal Powers Ever Made

“Too many Americans don’t have access to easy payments systems and banking accounts, and I think this is something that a digital dollar, a central bank digital currency, could help with.” – Treasury Secretary Janet Yellen

“We are looking carefully, very carefully, at the question of whether we should issue a digital dollar.” – Federal Reserve Chair Jerome Powell, February, 2021.

As we have reported the Biden agenda has a single goal – to increase the power of the federal government at the expense of the freedoms enjoyed by we the people.

Over time we have seen the healthcare industry, major corporations and the legacy and social media submit to the mandates of the federal government. The federal government has been complicit in spying on presidents and the American people.

Under the current administration there is a new and more dangerous threat looming – Central Bank Digital Currencies (CBDC).

On March 9th, 2022 Biden signed the “Executive Order on Ensuring Responsible Development of Digital Assets” which states:

My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.

The Hill published an article titled “Biden is planning a new digital currency. Here’s why you should be very worried” in which the Director of the Socialism Research Center at The Heartland Institute Justin Haskins warns:

Whenever the White House says it is working on a plan that would transform a vital part of the U.S. economy, and that the administration is doing so with the “highest urgency,” it should go without saying that the press should pay close attention to what’s going on.

[ … ]

If the United States were to adopt a digital currency like the one discussed in Biden’s executive order, it would be one of the most dramatic expansions of federal power ever made, one that could put individuals and businesses in grave danger of losing their social and economic freedoms. [Emphasis added]

Read the full article.

Why the “urgent need” for Federal CBDCs?

Haskins states:

It is important to understand that the digital dollar would not be similar to cryptocurrencies like bitcoin. Cryptocurrencies operate on blockchain technology, which is decentralized by design. No group or individual can truly control cryptocurrencies once they are launched.

Digital dollars, on the other hand, would be traceable and programmable. The Federal Reserve (or some other designated entity) would have the ability to create more digital dollars whenever it sees fit, and, depending on how the legislation is written setting up the currency, the dollars could be formulated to have various rules and restrictions built into their design.

For example, a digital dollar could be crafted to restrict fossil-fuel use, to give bonuses to people for spending at particular businesses, to enact de facto price controls by disallowing users from spending too much on particular products, or even to redistribute wealth.

So, there you have it. CBDCs can redistribute wealth willy nilly, whether you like it or not.

But even Karl Marx believed that the redistribution of wealth was “vulgar socialism” and “obsolete verbal rubbish.”

In a February 15th, 2016 article on redistribution of wealth Alan Reynolds wrote:

In this famous “Critique of the Gotha Program,” Marx was highly critical of “vulgar socialism” and considered the whole notion of “fair distribution” to be “obsolete verbal rubbish.” In response to the Gotha’s program claim that society’s production should be equally distributed to all, Marx asked,

To those who do not work as well? … But one man is superior to another physically or mentally and so supplies more labor in the same time, or can labor for a longer time. … This equal right is an unequal right for unequal labor… It is, therefore, a right to inequality.

The Bottom Line

Alan Reynolds wrote in 2016:

The reason governments cannot simply take money from some people according to how able they are, and give it to others according to how needy they are, is because people who were aware of that plan would not be foolish enough to accurately reveal their abilities and needs.

Actual taxes and transfer payment distort behavior in ways that undermine economic progress and commonly produce results (such as trapping people in poverty) that are the opposite of their stated intent. [Emphasis added]

If Biden’s Central Bank Digital Currencies become a reality then the federal government can easily take money from some people and digitally transfer it to others according to their needs because the Fed would know, in real time, your financial abilities and needs.

If Biden is successful in replacing the U.S. dollar with Central Bank Digital Currencies then the federal government can give and take away everything you have.

Federal bureaucrats will be able to monitor your every purchase and by doing so literally reward you when you purchase an all electric vehicle or punish you when you buy an internal combustion engine car, truck or SUV.

Big brother (a.k.a. Federal Reserve) could literally redistribute your earnings and savings to invoke social justice without your approval with the click of a mouse.

Justin Haskins concludes, “It’s clear that the Biden administration and Fed are working together to create a controllable, traceable, programmable digital currency. And if they are successful, life in America might never be the same.”

Welcome to the brave new world of CBDCs.

Whose looking at the CBCSs on your smart phone?

EDITORS NOTE: Justin Haskins (Jhaskins@heartland.org) is the director of the Socialism Research Center at The Heartland Institute and the co-author of the New York Times bestselling book “The Great Reset: Joe Biden and the Rise of Twenty-First Century Fascism.” Alan Reynolds is one of the original supply-side economists. He is Senior Fellow at the Cato Institute and was formerly Director of Economic Research at the Hudson Institute.

©Dr. Rich Swier. All rights reserved.

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