Central Bank Digital Currency Fight Heats Up

July 18, 2023 in News by RBN Staff

source:  newswithviews

By: Devvy Kidd

July 17, 2023

Central Bank Digital Currency (CBDC) remains a hot topic as the push for CBDC is accelerating.  I’m speculating way more than half the adult population in America have zero knowledge of what CBDC is other than “bank business”.  Or, they’ve heard it’s a new, wonderful way to instantly make your transactions.  Hooray!  With CBDC one doesn’t even need a bank! (Good-bye bank jobs over time.) It is not money you touch or hold.  Didn’t sit well with the people in Nigeria who said, stick it (good for them):

Nigerians’ Rejection of Their CBDC Is a Cautionary Tale for Other Countries, March 6, 2023 – “In Nigeria, citizens have taken to the streets to protest the nation’s cash shortage, further objecting to their government’s implementation of a central bank digital currency (CBDC). The shortage came about due to cash restrictions aimed at pushing the country into a 100% cashless economy. Yet, instead of adopting the CBDC, Nigerian protesters are demanding paper money be restored.

“The country’s experience strongly suggests the average citizen understands that CBDCs present a substantial risk to financial freedom while providing no unique benefit…Further, CBDCs really don’t add anything novel to the market in terms of benefits for consumers. To the extent people want it, many currencies are available in digital forms through debit cards, payment apps and even prepaid cards. That much should be clear from the abysmal adoption rate in Nigeria, where less than 0.5 % of Nigerians have used the CBDC.”

Back on March 23, 2020, a bill was introduced in the U.S. Senate, S. 3571, titled Banking for All Act.  It did not pass but defined digital “dollars”:

  • – Digital dollars: The term digital dollars means dollar balances consisting of digital ledger entries recorded as liabilities in the accounts of any Federal reserve bank.

In March 2023, “FED” Chairman, Jerome Powell told Congress retail digital currency must be authorized by Congress but, here’s where it gets a bit murky: wholesale digital currency between financial institutions and the “FED”.  Still in the testing stages.  Sounds like those COVID-19 experimental gene therapy injections passed off as vaccines.

History and warning – The Federal Reserve Banking Act of 1913

New York City, December 17, 1913: “My Dear Senator Weeks:

“Throughout my public life I have supported all measures designed to take the Government out of the banking business.  This bill puts the Government into the banking business as  never before in our history…The powers vested in the Federal Reserve Board seem to me highly dangerous especially where there is political control of the Board.  I should be sorry to hold stock in a bank subject to such dominations.

“The bill as it stands seems to me to open the way to a vast inflation of the currency.  I had hoped to support this bill, but I cannot vote for it because it seems to me to contain features and to rest upon principles in the highest degree menacing to our prosperity, to stability in business, and to the general welfare of the people of the United States.”  Very truly yours, Henry Cabot Lodge.

The Federal Reserve Banking Act of 1913 passed on December 23, 1913.  It was and is UNCONSTITUTIONAL.  In 1971, Richard Nixon took us off the gold standard.  Where was his authority to do this?  Certainly not Art. 11, Section 2 or 3 of the U.S. Constitution.  Well, don’t let a pesky thing like the Constitution stand in your way.  Nor did Tricky Dickie use the Executive Order bypass the Constitution route.  He simply directed then Treasury Secretary John Connelly to suspend convertibility of the dollar into gold.  His action became known as the ‘Nixon Shock’.

February 24, 1972.  Richard Nixon met with Chou En-Lai in Shanghai to “cement a new world order”.  America crawled into bed with the commies. The same communists who were holding our POW/MIAs from the Korean and Viet Nam “conflicts.” Those butchers of Beijing had them at the same time Nixon was over there kissing En-Lai’s backside and toasting champagne.

Now we have the illegitimate usurper “president” career crook and China’s pimp, Joe Biden, kissing Chinese president, Xi Jinping’s backside while selling out America.  China is the model for what’s called social credit.  Central Bank Digital Currency is the trap for the American people to get sucked into the social credit nightmare.

This is an action item that allows you to blast to your U.S. House member quickly:  Stop Digital Currency Tyranny — Enact H.R. 1122 – here’s the bill in full.  It’s still rotting in the House Committee on Financial Services since February 2023.  Ted Cruz has introduced a bill in the Senate.  Of course, the CURE is never even whispered:  Abolish the unconstitutional “Federal” Reserve Banking Act of 1913, which former congressman, Ron Paul, attempted to do in 2007.  His bill had ZERO cosponsors.

Those crooks in Congress continue to allow We the People be raped to the tune of HUNDREDS OF BILLIONS OF DOLLARS IN INTEREST EVERY YEAR to the “FED.  Those crooks in the Outlaw Congress need the “FED” to keep borrowing to fund all the unconstitutional cabinets and agencies to the tune of TRILLIONS of borrowed “dollars” every year.  Stealing the fruits of YOUR labor to enrich the banking cartels.  Think about that during the primaries in 2024.

North Carolina joins FL, SD against digital dollar as states becomes key CBDC battleground, May 4, 2023 – “North Carolina’s House of Representatives voted unanimously to ban the state’s agencies and institutions from accepting any payments in central bank digital currency (CBDC) on Wednesday. With this action, the state joins Florida and South Dakota in opposition to a digital dollar as states’ Universal Commercial Code legislation emerges as a key battleground in the fight over the future of the greenback.

“North Carolina Representatives voted 118-0 in favor of the second reading of the state bill, which is designed to prevent any state entity from accepting a Federal Reserve-issued digital currency. The bill also bans the state from participating in any CBDC development activities, including tests and pilot programs such as Project Cedar, the New York Fed’s CBDC pilot which recently moved from the research to the development phase.

State-level CBDC pushback

“Desantis announced the proposal on March 20 while standing in front of a podium that read “Big Brother’s Digital Dollar.” He claimed that any U.S. CBDC would be a tool of surveillance and control.

“[A CBDC] provides the government with a direct view of all consumer activities,” said the Florida governor. “Any way they can get into society to exercise their agenda, they will do it. So, what the central bank digital currency is all about is surveilling Americans and controlling [the] behavior of Americans.”

“Florida’s legislative proposal is even more far-reaching than the South Carolina bill, and it shows that individual states’ Uniform Commercial Code (UCC) legislation will be critical in determining the viability of the digital dollar project.

“The proposal seeks to block any potential growth of the digital dollar by “Expressly prohibiting the use of a federally adopted Central Bank Digital Currency as money within Florida’s Uniform Commercial Code (UCC); instituting protections against a central global currency by prohibiting any CBDC issued by a foreign reserve or foreign sanctioned central bank; and calling on like-minded states to join Florida in adopting similar prohibitions within their respective Commercial Codes to fight back against this concept nationwide.”

“The DeSantis proposal also cited concerns about the impact that a digital dollar would have on commercial banks, saying that it could “diminish the role of community banks and credit unions in our financial system as CBDC currency would be a direct liability of the Federal government, rather than of a chartered financial institution, shrinking market lending power.”

Texas May Launch Its Own Gold-backed Digital Currency, April 8, 2023.  Senate Bill 2334 introduced March 10, 2023.  DOA.  On the House side, House Bill 4903 introduced March 10, 2023.  Also, dead even though it had quite a large number of sponsors from both parties.  Our legislature is now out of session until January 2025.  Our RINO Speaker of the House, Dade Phelan, wasted weeks before he appointed committee chairs in January (4 to Democrats), closed up shop for several 5-day weekends and made eliminating sales tax on tampons a priority.  He’s been in bed with Democrats in our GOP controlled legislature the last two sessions which only last 140 days every other odd year.

It is imperative states outlaw Central Bank Digital Currency.  This will only happen with boots on the ground whether your state is in session or not.  Have you called your state rep or senator to find out if there is any legislative effort to stop CBDC in your state?

Likely you can write off big commie states like California, Oregon, Wisconsin, Minnesota and NY.  But this needs to be addressed now.  It’s also likely to create a big mess if you have say, half the states banning it and half using it.

I know this is a lot of reading but the economy is a big worry for tens and tens of millions of Americans.  Money is the engine that runs the economy.

The other massive big issue is cyber security which we know is a daily occurrence.  Cyber thieves are very good at hacking whether it’s U.S. government agencies, city governments, credit card companies.  Just imagine the nightmare on that front because it’s REAL.

These are but a few I consider essential to understand just how dangerous the CBDC is and why it must fail here in the U.S.

2023: The ABC’s of CBDC, the Great Reset(s) & MORE Centralized Control, Jan. 4, 2023 – “By forcing citizens into a CBDC system, banks like the Fed can “efficiently and quickly” impose negative rates (i.e., where you pay banks to hold your money rather than receive positive interest for your deposits). This already happened in Europe.

“Furthermore, given that all major nations are suffering debt to GDP ratios well past the fatal 100% level, with capital to asset levels surpassing the 200:1 mark, it’s now patently obvious in a rising rate and declining tax-revenue environment that nations like the U.S. can’t afford to pay even the interest on their unprecedented debt piles.  In this sickening backdrop, CBDC systems allow indebted nations to better control, and hence steal from, their citizens…

“Stated bluntly, CBDC is not about freedom, individual rights or privacy. It is pure control masquerading as a safer payment system and faster trans-national currency settlements.  But which would you prefer? What is more important– personal liberty or “efficient payment systems”?

The Dangers Posed by State-Controlled Digital Currency

THE DANGER OF CENTRAL BANKING DIGITAL CURRENCIES – U.S. House Republican Policy Committee – “The risks far outweigh the alleged benefits of CBDCs.”

Last but NOT least, this web site is a must visit and read on constitutional money:  Fact, Fiction or Fraud?