{"id":1600287,"date":"2022-08-11T07:21:30","date_gmt":"2022-08-11T11:21:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1600287"},"modified":"2022-08-11T07:21:43","modified_gmt":"2022-08-11T11:21:43","slug":"why-are-lawmakers-continuing-to-push-for-a-digital-dollar-look-to-china","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-are-lawmakers-continuing-to-push-for-a-digital-dollar-look-to-china\/","title":{"rendered":"Why Are Lawmakers Continuing To Push For A Digital Dollar? Look To China"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhy-are-lawmakers-continuing-to-push-for-a-digital-dollar-look-to-china%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1600287&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>Amidst record inflation, global economic instability, and large portions of <a href=\"https:\/\/thepoliticalinsider.com\/university-of-chicago-poll-shows-americans-distrust-of-their-own-government-extremely-high\/\" target=\"_blank\" rel=\"noopener\">Americans reporting<\/a> that they deeply distrust their government, some lawmakers are taking advantage of this opportunity to pounce and seize more control of our day to day lives.<\/p>\n<p>One particularly insidious idea gaining steam is the completely digital dollar.<\/p>\n<p>According to an exclusive interview with <a href=\"https:\/\/www.wsj.com\/articles\/u-s-lawmakers-look-to-digital-dollar-to-compete-with-china-11659925037\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal<\/a>, a bipartisan group of legislators led by Rep. Maxine Waters (D-CA) (yes, her) are continuing to lobby the Federal Reserve to advocate for the creation of a digital dollar in order to compete with China\u2019s digital yuan, which they claim will threaten the dollar\u2019s standing as the global reserve currency.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Does the U.S. need a digital dollar? Some lawmakers say the government needs to move quickly to create its own digital currency. <a href=\"https:\/\/t.co\/t0A9nLijt4\">https:\/\/t.co\/t0A9nLijt4<\/a><\/p>\n<p>\u2014 The Wall Street Journal (@WSJ) <a href=\"https:\/\/twitter.com\/WSJ\/status\/1556618796961611776?ref_src=twsrc%5Etfw\">August 8, 2022<\/a><\/p>\n<\/blockquote>\n<p>Waters, who currently chairs the House Financial Services Committee, has gone on the record stating that central bank digital currencies (CBDCs) are part of the new \u201cdigital assets space race.\u201d\u00a0<\/p>\n<p>Rep. French Hill (R-AR) is one of the token Republicans siding with Waters on this subject, asserting that China\u2019s creation of their digital yuan several years ago means that U.S. dominance globally is threatened. Hill told the Journal that \u201cWe should be concerned about China\u2019s predatory practices.\u201d<\/p>\n<h3>An Eye on Every Transaction You Make<\/h3>\n<p>While the Federal Reserve <a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/money-and-payments-20220120.pdf\" target=\"_blank\" rel=\"noopener\">has and does<\/a> still continue to look into the potential of a CBDC, Chairman Jerome Powell does not see fast tracking an appeal to lawmakers as a priority, especially given the dysfunctional state of our monetary system since 2020. The same could be said of President Joe Biden, who ordered a study of CBDCs to be conducted but hasn\u2019t come out for or against.<\/p>\n<p><strong>RELATED:\u00a0<a href=\"https:\/\/thepoliticalinsider.com\/support-grows-for-new-currency-giving-feds-full-control-of-all-transactions\/\" target=\"_blank\" rel=\"noopener\">Support Grows For New Currency Giving Feds \u2018Full Control\u2019 Of All Transactions<\/a><\/strong><\/p>\n<div id=\"subscribe\" class=\"email-signup inarticle\">\n<h4>Support Conservative Voices!<\/h4>\n<h5><strong>Sign up to receive the latest<\/strong> political news, insight, and commentary delivered directly to your inbox.<\/h5>\n<\/div>\n<p>If a CBDC were to be created here in the U.S., don\u2019t expect it to run and operate like cryptocurrencies such as Bitcoin and the many others out there online. A digital dollar would be entirely backed and managed by the Federal Reserve, and would also eliminate third party payment processing services already used by consumers, such as Apple Pay.<\/p>\n<p>While the thought of lower transaction fees and universal adaptation might make some people think this would be a positive development, understand that this would mean that the U.S. government would now have an exact ledger of where you shop, where you eat, where you\u2019ve been, who you\u2019ve donated money to, and all privacy you think you have would immediately vanish.<\/p>\n<h3>A Power Grab Like No Other<\/h3>\n<p>Norbert Michel, Vice President and Director of the Cato Institute\u2019s Center for Monetary and Financial Alternatives, has raised the red flag regarding the threat that a government controlled dollar could be to the average American. In a piece written by Michel back in April for <a href=\"https:\/\/www.forbes.com\/sites\/norbertmichel\/2022\/04\/12\/central-bank-digital-currencies-are-about-control--they-should-be-stopped\/?sh=71ce0ff16999\" target=\"_blank\" rel=\"noopener\"><em>Forbes<\/em><\/a>, he noted that a \u201cCBDC itself is mainly the government\u2019s attempt to protect its privileged position and exert more control over money.\u201d<\/p>\n<p>\u201cThe problem is that there is no limit to the level of control that the government could exert over people if money is purely electronic and provided directly by the government,\u201d said Michel. \u201cA CBDC would give federal officials full control over the money going into\u2013 and coming out of\u2013 every person\u2019s account.\u201d<\/p>\n<p>Essentially, this level of encroachment would become an existential threat to every American citizen. If you thought that vaccine passports were bad, wait until they have direct access to every financial decision you make.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Norbert Michel participates in the event, \u201cForum: US CBDC \u2014 A\u00a0Disaster in the making?,\u201d hosted by Sustany Capital <a href=\"https:\/\/t.co\/lsrnBm4GP8\">https:\/\/t.co\/lsrnBm4GP8<\/a> via <a href=\"https:\/\/twitter.com\/CatoInstitute?ref_src=twsrc%5Etfw\">@CatoInstitute<\/a><\/p>\n<p>\u2014 kameir (@kameir) <a href=\"https:\/\/twitter.com\/kameir\/status\/1516573936204476419?ref_src=twsrc%5Etfw\">April 20, 2022<\/a><\/p>\n<\/blockquote>\n<p><strong>RELATED:\u00a0<a href=\"https:\/\/thepoliticalinsider.com\/democrats-inflation-reduction-act-is-going-to-unleash-an-army-of-80000-new-irs-agents\/\" target=\"_blank\" rel=\"noopener\">Democrats\u2019 Inflation Reduction Act Is Going To Unleash An Army Of 80,000 New IRS Agents<\/a><\/strong><\/p>\n<h3>One Only Need Look at China<\/h3>\n<p>The R Street Institute\u2019s Alex Pollack last year <a href=\"https:\/\/www.rstreet.org\/2021\/07\/22\/why-a-fed-digital-dollar-is-a-bad-idea\/\" target=\"_blank\" rel=\"noopener\">published a piece<\/a> pointing out why China developed a CBDC in the first place.<\/p>\n<p>The first goal of the CCP was to exert even more control over the citizenry. \u201cIf the digital yuan became ubiquitous, the Chinese government would have instant knowledge and control over its citizens\u2019 money,\u201d Pollack writes, \u201cpotentially allowing it, for example, to confiscate the funds of political dissidents or block their payments and receipts.\u201d<\/p>\n<p>\u201cThe second goal is to challenge the dominance of the U.S. dollar in international transactions,\u201d making it particularly preferable to nations impacted by U.S. sanctions, further pushing them into the arms of China. While this point may coincide with the worries of politicians like Waters and French, Pollack stands by that the creation of a CBDC my play a role in fighting international monetary rivalries while at the same time creating an even larger threat to domestic liberty.<\/p>\n<p>\u201cA CBDC would make it easier for the central bank to expropriate the people\u2019s savings through negative interest rates. For those reasons, a CBDC may fit an authoritarian country like China, but not the United States.\u201d<\/p>\n<h3>The Far Away Problem is Now Next Door<\/h3>\n<p>Since 2021, we have witnessed governments around the world through their own powers and through the weaponization of private companies cut people off from their own money without even being charged with a crime.<\/p>\n<p>One only needs look to what the Canadian government government <a href=\"https:\/\/thepoliticalinsider.com\/support-grows-for-new-currency-giving-feds-full-control-of-all-transactions\/\" target=\"_blank\" rel=\"noopener\">did to the protesting truckers<\/a> earlier in 2022 when they completely cut them off from their own bank accounts and even froze Bitcoin donations.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As Trudeau has gone full dictator in Canada and stealing Canadian\u2019s Crypto wallets, Democrats and Big Banks are lining up to take their cut of <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#Crypto<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&#038;ref_src=twsrc%5Etfw\">#blockchain<\/a>.<\/p>\n<p>Joe \u201cthe big guy\u201d Biden always gets his cut.<\/p>\n<p>Protect Crypto currency owner\u2019s rights.<\/p>\n<p>\u2014 Rep. Marjorie Taylor Greene\ud83c\uddfa\ud83c\uddf8 (@RepMTG) <a href=\"https:\/\/twitter.com\/RepMTG\/status\/1494441205861699586?ref_src=twsrc%5Etfw\">February 17, 2022<\/a><\/p>\n<\/blockquote>\n<p>There\u2019s a reason why the U.S. government has decided to unleash an army of <a href=\"https:\/\/thepoliticalinsider.com\/democrats-inflation-reduction-act-is-going-to-unleash-an-army-of-80000-new-irs-agents\/\" target=\"_blank\" rel=\"noopener\">80,000 new IRS agents<\/a> and why they\u2019d even continue to persecute a popular former president who may decide to run again and put an end to this madness; This doesn\u2019t really have to do with competing with China, this has everything to do with obtaining more control over you.<\/p>\n<div>\n<p><strong>Now is the time to support and share the sources you trust.<\/strong><br \/>The Political Insider ranks #3 on <a href=\"https:\/\/blog.feedspot.com\/political_blogs\/\">Feedspot\u2019s<\/a> \u201c100 Best Political Blogs and Websites.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amidst record inflation, global economic instability, and large portions of Americans reporting that they deeply distrust their government, some lawmakers are taking advantage of this opportunity to pounce and seize<\/p>\n","protected":false},"author":1,"featured_media":1600473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1600287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1600287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1600287"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1600287\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1600473"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1600287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1600287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1600287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}