Digital currency has already arrived in the form of \u2064Bitcoin. However, governments are concerned about the\u200c untraceable nature of cryptocurrency transactions, which could facilitate criminal activities. As a result, they see an\u200b opportunity to exert control beyond what is possible with cash \u2063by introducing a Central \u2064Bank Digital Currency\u2062 (CBDC).<\/p>\n

President Joe Biden’s March 9,\u200d 2022, executive order \u2062on\u2062 digital currency<\/a> reveals the left’s intentions. The order states \u200bthat digital currency has “profound implications for… the ability to exercise human\u200b rights; financial inclusion and equity; and energy demand and climate change.” \u2064This \u200dis a lofty expectation for a\u2063 medium of exchange, and it is likely that the left’s plans for a CBDC will be even more\u200d ambitious.<\/p>\n

Fear of an intrusive CBDC is why Florida Gov. Ron DeSantis signed two\u200d bills in May\u2064 to prohibit the use of CBDCs in the Sunshine State<\/a>.<\/p>\n

However, CBDCs do offer\u200c advantages, such as improving the\u2062 efficiency of the financial system. This is why China \u2064and its BRICS allies are \u200cmoving forward with the development of CBDCs.<\/p>\n

In China’s case, the appeal of a centrally controlled digital currency<\/a> goes beyond\u200b being a first mover. It also \u200dpresents an\u2062 opportunity for absolute control, with China’s emerging social credit system potentially \u2063expanding<\/a> from regional to national and even international levels.<\/p>\n

A Possible Solution<\/h2>\n
The challenge in addressing the CBDC threat is that you can’t combat something with nothing.<\/p>\n
<\/div>\n
This is\u200c where best-selling author Kevin Freeman \u2064comes in with his latest book, Pirate Money: Discovering the\u200d Founders’ Hidden Plan for Economic Justice and Defeating the Great \u200bReset<\/em><\/a>. In this book, Freeman proposes the creation of a digital currency\u200d backed by bullion and supported by states as legal tender.<\/p>\n
Why “pirate money”? Because\u200c pirates of the past considered gold and silver as real money, although it is inconvenient to\u2063 carry around in today’s world.<\/p>\n
Freeman begins his argument\u200d by highlighting that the value of the dollar has declined by 87 percent since President Richard Nixon\u2062 removed America from the gold standard in 1971. This means\u200c that what costs a\u200b dollar today could have been purchased for 12.5 cents 52 years ago. This is because the dollar is\u200b essentially unbacked “fiat” money.<\/p>\n
When it comes to \u200cCBDCs, Freeman explains how they could be misused by the federal \u2062government, resembling something out of George Orwell’s dystopian world. In China’s case, a CBDC would grant the Chinese Communist Party (CCP) the power to exercise\u200d control over personal spending, issuing fines or rewards at will.<\/p>\n
<\/div>\n
Recognizing the flaws of the digital dollar,\u2063 Freeman suggests an alternative:<\/p>\n
\n
The ideal \u2063money today would be based on gold and silver,\u2062 held and protected by a sovereign state, and available electronically. … If that gold were stored in \u2064a Texas vault, for \u2062example, and the state\u200b kept precise records of your holdings down to minute fractions of an ounce, \u2063and facilitated payments to whomever you directed, it would be the perfect form of money.<\/p>\n<\/blockquote>\n
Freeman points out that a similar method of exchange already exists in the form \u200bof Glint. This app allows users to buy gold and \u2062store it in a vault in Switzerland. Additionally, they can use their phones to make \u200beveryday purchases, just like with a credit\u2062 card.<\/p>\n
However, there are\u200c a couple of drawbacks. Firstly, since it is not legal tender, the Internal\u2062 Revenue Service requires \u2062the reporting \u200cof transactions, and any \u200bearnings are subject to taxation. Secondly, the \u2064gold is located in Switzerland, and while it is insured, there\u200c is always a\u200d concern about its\u200b security\u200b and availability.<\/p>\n
To \u2062overcome the IRS reporting requirement, the bullion-backed\u2062 method of exchange would need to be \u200brecognized as legal tender. For example, it could\u200c be based on the gold \u2062deposits of the state \u2063of Texas in its own Texas Bullion Depository, established in 2018.<\/p>\n
Unsustainable Debt and China Competition<\/h2>\n
With his concept \u2063outlined, Freeman \u2064issues two warnings.<\/p>\n
Firstly, the national debt is on an unsustainable path, and rising interest rates could overwhelm the federal government’s ability\u2062 to repay. He refers to this as “The Coming Storm and the Great Reset.”<\/p>\n
Secondly, China will attempt to exploit this \u200cimpending crisis to challenge the dollar’s status as the world’s reserve currency.<\/p>\n
However, the second\u200c scenario is unlikely without the\u200d first. China also faces \u2062significant economic challenges, exacerbated by the Chinese Communist Party’s relentless \u2064pursuit\u2062 of total control. While the United States has its financial problems, at least they are transparent, and our political class is less capable of engaging in\u200d currency manipulation compared to the CCP.<\/p>\n
Nevertheless, Freeman’s suggestion that \u200dstates, led by Texas,\u2063 develop their own gold- and silver-backed legal tender, as permitted by Article I, Section 10 of the Constitution, seems \u2064like a prudent backup plan in the event of a dollar collapse. Having such a backup in\u200c place would likely strengthen the dollar and reduce the effectiveness of China’s monetary meddling\u2063 as a weapon.<\/p>\n
I make\u200b a similar case in a paper titled “Texas Defense<\/a>,” released\u200d by the \u2063Texas Public \u200dPolicy Foundation on\u200b September 12.<\/p>\n
Drawbacks of Gold and Silver<\/h2>\n
Lastly, like many advocates of\u2064 bullion, Freeman does not address certain aspects of gold\u200c and \u2064silver that diminish their appeal.<\/p>\n
Firstly, gold and silver,\u2062 like any commodity, are subject to the\u200c laws \u2062of supply and\u200d demand. Following the Spanish empire’s conquest of the \u2062Americas, the influx of silver led to inflation not only in Spain but also in the rest of Europe. From 1500 to 1600, prices increased 2.5 times<\/a>. This was due to the relatively stagnant productivity growth compared to the increase in \u200cthe money \u2062supply (although by\u2062 modern\u200c standards, inflation was relatively low\u200d at around 1 to 1.5 percent per year).<\/p>\n
Additionally, a significant \u2062portion of gold<\/a> and silver<\/a> is used for jewelry and industrial purposes, rather than being stored in central bank vaults.<\/p>\n
Nevertheless, as Freeman points out, “throughout history, gold and silver have never been worth zero,” which is more than can be said for paper money.<\/p>\n
The main value of Freeman’s Pirate Money<\/em> lies not only in raising awareness about the weakening dollar and the potential dangers of CBDCs but\u2062 also in offering a practical and constitutional\u200c pathway for\u200b states to establish an alternative exchange\u200c system. This system could \u2063ensure the functioning of the economy in the event\u200d of a dollar crisis and prevent the creation of a federal Central Bank Digital Currency.<\/p>\n
<\/div>\n
\t\t\t\t\t \t\t\t\t\t\t\t\t\t<\/div>\n
rnrn <\/p>\n
Why did Florida Governor Ron DeSantis prohibit the use of CBDCs in the state and what \u200dare his concerns regarding\u2062 government surveillance of \u200cpersonal finances? How\u200c do these \u200bconcerns reflect the fear of an intrusive CBDC<\/h2>\n
Digital Currency and the Role of Central Bank Digital Currency (CBDC)<\/p>\n
Digital currency has already made its mark with the emergence of Bitcoin.\u2064 However, concerns have arisen about the untraceable nature of cryptocurrency transactions and the potential \u2062facilitation of criminal activities. In response, governments \u2063are exploring \u2062the idea of introducing a Central Bank Digital \u2063Currency (CBDC) as a means to exert control beyond what is possible with traditional cash.<\/p>\n
A recent executive order signed by President Joe Biden \u2062on March 9, 2022, sheds\u200d light\u200b on the left’s intentions regarding digital currency. The \u2062order emphasizes \u200cthat digital\u2063 currency has “profound implications for…\u200c the\u2062 ability to exercise human rights; financial inclusion and equity; and\u2064 energy demand \u2064and climate change.” Such lofty expectations for a medium of exchange hint at the\u200c left’s ambitious plans for\u2064 a CBDC.<\/p>\n
This fear of an intrusive CBDC is precisely \u200dwhy Florida Governor Ron DeSantis took action by signing two bills in\u200b May to prohibit the use of CBDCs in the Sunshine State, citing concerns \u2062about \u2064government surveillance of personal finances.<\/p>\n
However, despite these concerns, CBDCs do offer certain\u2063 advantages, such as improving the efficiency of the financial system. This is why China, along with its BRICS allies, is pushing forward with the development of CBDCs. For China, the appeal goes beyond being a first mover in \u2063the space.\u2062 It presents an\u2062 opportunity for\u200d absolute control, with the potential expansion of its emerging social\u2064 credit system from regional\u200d to national and even international \u200blevels.<\/p>\n
Addressing the\u200b potential \u2063threat of CBDCs is not a straightforward\u2064 task. \u2062Merely resisting them without offering alternative solutions is not enough. This is where best-selling author Kevin Freeman comes in with his latest book, “Pirate Money: Discovering the Founders’ Hidden Plan for Economic Justice and Defeating the Great Reset.” <\/p>\n
In his book, Freeman proposes \u2063the creation of a digital currency \u200bbacked by bullion and\u2062 supported by states as \u200dlegal tender. This concept, coined as “pirate money,” \u2063derives its name from the historical perception of pirates valuing gold and silver as\u2062 real\u2064 money, albeit\u2062 inconvenient\u200b to carry around in today’s \u200cworld.<\/p>\n
Freeman argues that the value of the\u200b dollar \u200dis at risk\u2063 due\u200c to the erosion of \u200ctrust\u200d in fiat currencies and the potential consequences of an unchecked CBDC. He proposes that a digital currency backed<\/a> by tangible assets, such as gold or silver, would provide a more stable store of \u2064value and safeguard against potential abuses of power.<\/p>\n
As different countries and governments venture into the realm \u200bof CBDCs, it is crucial to thoroughly consider the implications and potential risks associated with centralized control. Alternative solutions, like Freeman’s proposal of a bullion-backed digital currency, offer an interesting perspective \u200dthat seeks to strike a balance\u200b between the advantages of digital currencies and the preservation of individual liberties. Only time will tell how nations choose to navigate this rapidly evolving \u2064digital landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"
Digital currency, like Bitcoin, is already present. Governments dislike its untraceable transactions, which can aid criminal activities. They view the establishment of a Central Bank Digital Currency (CBDC) as an opportunity to extend control beyond cash. President Joe Biden’s March actions suggest a potential move towards this direction.<\/p>\n","protected":false},"author":563,"featured_media":2032734,"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-2032733","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\/2032733","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\/563"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2032733"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2032733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2032734"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2032733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2032733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2032733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}