{"id":2022998,"date":"2023-09-06T03:25:02","date_gmt":"2023-09-06T07:25:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-will-america-be-like-under-bidens-digital-dollar-look-at-communist-china\/"},"modified":"2023-09-06T03:29:01","modified_gmt":"2023-09-06T07:29:01","slug":"what-will-america-be-like-under-bidens-digital-dollar-look-at-communist-china","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-will-america-be-like-under-bidens-digital-dollar-look-at-communist-china\/","title":{"rendered":"How will America change with Biden&#8217;s Digital Dollar? A glimpse at Communist China."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Fwhat-will-america-be-like-under-bidens-digital-dollar-look-at-communist-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=2022998&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 class=\"article-content\">\n<h2>President Joe Biden&#8217;s Executive Order on Central Bank Digital Currency<\/h2>\n<p>President Joe Biden issued a \u2063sweeping <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2022\/03\/09\/executive-order-on-ensuring-responsible-development-of-digital-assets\/\" target=\"_blank\" rel=\"noreferrer noopener\">executive<\/a> order last year on Central Bank Digital Currency (CBDC), which \u201cplaces the highest urgency on research and development efforts into the potential design and deployment options of a United\u2064 States CBDC.\u201d<\/p>\n<p>The Biden administration and its corporate media echo chamber <a href=\"https:\/\/www.nbcnews.com\/tech\/crypto\/us-government-digital-currency-rcna19248\" target=\"_blank\" rel=\"noreferrer noopener\">want<\/a> Americans to focus only on CBDC\u2019s many benefits. But experiences in China, a nation that <a href=\"https:\/\/fortune.com\/2020\/08\/15\/china-digital-currency-yuan-renminbi-trial-cities\/\" target=\"_blank\" rel=\"noreferrer noopener\">launched<\/a> a digital currency in 2020, have shown that a CBDC \u200dconsiderably expands government power at the expense\u2063 of individual freedom.<\/p>\n<blockquote>\n<p>China\u2019s digital currency, e-CNY, differs\u2063 significantly from cryptocurrencies like Bitcoin. For \u200cinstance, neither central banks nor governments have the power to program or manage Bitcoin. The total amount of Bitcoin was capped at 21 million by its mysterious creator. Such a finite supply gives Bitcoin its anti-inflation property. While Bitcoin transactions are transparent for\u200c all to see, users remain anonymous.<\/p>\n<\/blockquote>\n<p>China\u2019s \u2063central bank, however, controls\u2064 the supply of its digital yuan \u2062and can dictate when and how people spend\u200c it. According to The <a href=\"https:\/\/www.wsj.com\/articles\/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118\" target=\"_blank\" rel=\"noreferrer noopener\">Wall Street<\/a> Journal, the Chinese digital yuan is programmable, and \u201cBeijing has tested expiration dates to encourage users to spend it\u2064 quickly, for times\u200d when the economy needs a jump \u200cstart.\u201d<\/p>\n<p>Users of the digital \u2064yuan do not have the benefit of anonymity, so \u200bthey are traceable, and the government \u2063knows precisely when\u200c each person spends money and what they spend it \u200con. The digital yuan gives \u2062China\u2019s authoritarian regime another powerful surveillance tool \u200bto control the Chinese people.<\/p>\n<h3>China&#8217;s Intrusive Social Credit System<\/h3>\n<p>China\u2019s <a href=\"https:\/\/thefederalist.com\/2018\/11\/05\/china-rolling-massive-population-surveillance-system-world\/\" target=\"_blank\" rel=\"noreferrer noopener\">intrusive <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/from-impeaching-incitement-to-canceling-conservatism\/\" title=\"From Impeaching Incitement to Canceling Conservatism\">social credit system<\/a><\/a> already monitors 1.4 billion Chinese \u2063people, and it subjects their behaviors\u2063 to various\u200c rewards\u200d and punishments. Beijing has a broad definition\u200b of \u200b\u201cbad \u2064behavior,\u201d ranging from running\u2062 a red light to being critical of the Chinese \u200dgovernment\u2019s policies. Even \u2063before the digital yuan\u2019s issuance, those\u200b Chinese\u200b citizens who <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-will-america-be-like-under-bidens-digital-dollar-look-at-communist-china\/\" title=\"How will America change with Biden's Digital Dollar? A glimpse at Communist China.\">received \u200dlower social credit scores due<\/a> to \u2062\u201cbad behaviors\u201d\u202f<a href=\"https:\/\/www.businessinsider.com\/china-social-credit-system-punishments-and-rewards-explained-2018-4\" target=\"_blank\" rel=\"noreferrer noopener\">struggled<\/a>\u202fto live an everyday life. Many \u200bcouldn\u2019t travel because they were unable to buy plane\u200b or train tickets, some were denied school \u200dor employment opportunities, and\u2063 some pet owners even had their pets confiscated.<\/p>\n<blockquote>\n<p>The digital yuan has enabled the\u200d Chinese government to reprimand human rights activists, religious practitioners,\u200c and government critics in new and terrifying ways: \u2064by instantly deducting fines from their bank accounts, confiscating their wealth, or banishing them from\u2063 China\u2019s digital payment system completely. Knowing they won\u2019t be\u200d able to survive for a day\u200d in a cashless society is frightening enough to silence most dissenting voices.<\/p>\n<\/blockquote>\n<p>A young \u2062Chinese woman\u2019s <a href=\"https:\/\/twitter.com\/DavidWolfe\/status\/1694056523415036167\" target=\"_blank\" rel=\"noreferrer noopener\">viral video<\/a> demonstrates what life\u2063 in\u2064 China was like\u2063 when shut out of the nation\u2019s digital payment\u2064 system \u2014 what she called a \u201cglobal social monetary control information system.\u201d No matter how much \u200bpaper currency she was willing to pay in a cashless city like Shanghai,\u200c she couldn\u2019t buy anything, not even a pork bun. Frustrated and hungry, she complained, \u201cHow horrible China has become.\u201d<\/p>\n<p>Anyone who assumes the U.S. and other \u200ddemocracies will not abuse CBDCs like China has done is delusional. \u200dThe Covid-19 pandemic revealed how quickly democratically elected governments in the West expanded their powers and intruded on citizens\u2019 economic and political freedom in the name of public health.<\/p>\n<p>The most notorious example was when Canadian \u2063Prime Minister Justin Trudeau <a href=\"https:\/\/www.bbc.com\/news\/world-us-canada-60383385\" target=\"_blank\" rel=\"noreferrer noopener\">invoked<\/a>\u202fthe\u2064 Emergencies Act to\u2063 crack down on truckers who \u2062protested peacefully against the government\u2019s vaccine mandate. Without a court order, he <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/official-its-possible-canada-froze-bank-accounts-of-freedom-convoy-supporters\/\" title=\"Official: It's 'Possible' Canada Froze Bank Accounts of Freedom Convoy Supporters\">froze bank accounts<\/a> and suspended vehicle insurance for anyone linked to the protests.<\/p>\n<h3>The Concerns with the Digital Dollar<\/h3>\n<p>Before pushing for the digital\u2063 dollar, the Biden administration had \u2062already looked\u2064 for other\u200d ways \u200dto\u200b track Americans\u2019 personal finances. It <a href=\"https:\/\/www.yahoo.com\/video\/irs-track-bank-transactions-over-140000522.html\" target=\"_blank\" rel=\"noreferrer noopener\">proposed<\/a> to compel U.S. \u2062financial institutions to report all transactions from accounts holding more than\u200d $600 to the IRS, hoping to catch so-called \u201ctax cheats\u201d to help\u2062 pay for \u200bthe administration\u2019s massive spending increases on left-wing causes, such as climate \u2062change.<\/p>\n<p>Many critics warned \u2063that such a move would invade Americans\u2019 privacy and put more personal financial data at risk. After much public outcry, the Biden \u2064administration <a href=\"https:\/\/abcnews.go.com\/Politics\/biden-admin-backs-tracking-bank-accounts-600-annual\/story?id=80665505\" target=\"_blank\" rel=\"noreferrer noopener\">backed down<\/a> and recommended raising the threshold to accounts with more than $10,000 in annual transactions.<\/p>\n<p>The digital dollar is Biden and his Democrat \u2064allies\u2019 renewed and barely disguised effort to track \u200dAmerican transactions and collect financial data. Given\u2063 how often foreign adversaries have hacked various government agencies\u2019 databases, Americans already have little faith in the\u2063 U.S. government\u2019s ability to\u2062 protect Americans\u2019 privacy.\u200c Why should we be coerced to\u200b hand over even more personal financial data to the government by using a CBDC?<\/p>\n<p>Another troubling aspect of the digital dollar\u2063 is that, once implemented, government officials can hardly resist\u2062 the temptation\u2063 to impose politically or\u2062 ideologically driven limitations on \u2063spending. Biden\u2019s\u2064 executive\u2063 order \u200bgave the \u200dgame \u200caway by stating that a U.S. CBDC must ensure \u201cfinancial inclusion and equity\u201d and monitor or mitigate \u201cclimate change and pollution.\u201d<\/p>\n<p>Based on the Biden administration\u2019s\u202ftrack \u2062record, it is likely to use the digital dollar to enforce \u2063a version \u200dof communist China\u2019s social credit system. The administration will\u202fdivert\u202fgovernment resources to advance left-wing causes, such as\u2062 climate\u2064 change, without congressional oversight, while restricting government payments in areas such as oil and \u200bgas production \u2064or \u200dfirearm manufacturing and trading. No wonder Florida Gov. Ron DeSantis <a href=\"https:\/\/www.richardcyoung.com\/cashless-society\/desantis-calls-cbdc-central-authority-an-obvious-wolf\/#:~:text=In%20a%20recent%20interview%20with%20John%20Stossel%2C%20Gov.,%E2%80%9CThis%20is%20a%20wolf%20coming%20as%20a%20wolf.%E2%80%9D\" target=\"_blank\" rel=\"noreferrer noopener\">called<\/a> Biden\u2019s digital currency proposal \u201ca wolf coming \u2064as a wolf.\u201d<\/p>\n<p>Early \u2062this year, Sen. Ted Cruz, R-Texas, introduced\u2064 <a href=\"https:\/\/www.cruz.senate.gov\/newsroom\/press-releases\/sen-cruz-introduces-legislation-to-prohibit-the-fed-from-establishing-a-central-bank-digital-currency\" target=\"_blank\" rel=\"noreferrer noopener\">legislation<\/a> to \u201cprohibit the Federal Reserve from developing a \u200bdirect-to-consumer central bank\u200d digital currency\u200d which could be used\u200c as a\u2063 financial\u2064 surveillance tool by the federal government.\u201d<\/p>\n<p>Sen.\u2063 Chuck Grassley, R-Iowa, a co-sponsor of the bill, said:\u202f\u201dThe American people ought to be able\u2062 to spend their money how they choose without the possibility that every transaction could be tracked by the government. Policy this impactful should be made by Congress, not government bureaucrats.\u201d<\/p>\n<p>Two months later,\u202fRep. Alex Mooney, R-W.Va.,<strong> <\/strong>introduced his own <a href=\"https:\/\/mooney.house.gov\/congressman-mooney-introduces-the-digital-dollar-pilot-prevention-act\/\" target=\"_blank\" rel=\"noreferrer noopener\">bill<\/a> to<strong>\u202f<\/strong>close the Federal Reserve\u2019s CBDC pilot \u200cprogram loophole.\u202fUnfortunately, unless the GOP wins\u200d back the White House next year, none of these bills are likely to become laws.<\/p>\n<p>Meanwhile, the Biden administration \u2062and the Federal Reserve continue\u2064 to make progress in their quest for the digital dollar. In\u200c July,\u200c the Federal Reserve launched <a href=\"https:\/\/www.frbservices.org\/financial-services\/fednow\/about.html\" target=\"_blank\" rel=\"noreferrer noopener\">FedNow<\/a>, allowing businesses and individuals to \u201csend and receive instant payments in real-time, around the clock, every day of the year.\u201d Some experts <a href=\"https:\/\/www.coindesk.com\/business\/2023\/07\/21\/federal-reserves-fednow-launch-triggers-fresh-speculation-over-digital-dollar\/\" target=\"_blank\" rel=\"noreferrer noopener\">warned that FedNow<\/a> could \u201clay the groundwork for the infrastructure needed for a \u200bpotential <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-inches-closer-to-developing-central-bank-digital-currency\/\" title=\"Fed Inches Closer to Developing Central Bank Digital Currency\">central bank digital currency<\/a> \u200cin the U.S.\u201d<\/p>\n<p>The\u2062 Biden administration\u200d has placed\u2063 \u201cthe highest urgency\u201d on the development of the digital dollar, so all Americans who cherish \u2063liberty and want to protect their\u200b privacy must clearly, \u2063loudly voice their \u2064opposition to \u2062a CBDC. Public resistance may be our only way to prevent the U.S. from \u200bbecoming a digital dystopia like communist China.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s executive order prioritized research and development for a United States CBDC. The administration and corporate media emphasize solely on CBDC&#8217;s, urging Americans to concentrate on this digital currency.<\/p>\n","protected":false},"author":536,"featured_media":2022999,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[],"class_list":["post-2022998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022998","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\/536"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2022998"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022998\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2022999"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2022998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2022998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2022998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}